AXS Investments LLC purchased a new stake in shares of Nextracker Inc. (NASDAQ:NXT – Free Report) in the 2nd quarter, according to the company in its most recent 13F filing with the SEC. The firm purchased 7,000 shares of the company’s stock, valued at approximately $279,000.
Several other institutional investors have also added to or reduced their stakes in NXT. Russell Investments Group Ltd. boosted its holdings in shares of Nextracker by 4,829.6% in the 2nd quarter. Russell Investments Group Ltd. now owns 6,162 shares of the company’s stock worth $245,000 after purchasing an additional 6,037 shares during the period. US Bancorp DE purchased a new position in shares of Nextracker in the 2nd quarter worth approximately $258,000. Charles Schwab Investment Management Inc. boosted its holdings in shares of Nextracker by 47.2% in the 2nd quarter. Charles Schwab Investment Management Inc. now owns 307,395 shares of the company’s stock worth $12,237,000 after purchasing an additional 98,527 shares during the period. Citigroup Inc. boosted its holdings in shares of Nextracker by 4,145.9% in the 2nd quarter. Citigroup Inc. now owns 17,281 shares of the company’s stock worth $688,000 after purchasing an additional 16,874 shares during the period. Finally, Swiss National Bank purchased a new position in shares of Nextracker in the 2nd quarter worth approximately $2,783,000. Hedge funds and other institutional investors own 44.28% of the company’s stock.
Analyst Upgrades and Downgrades
A number of brokerages have recently commented on NXT. Craig Hallum lifted their target price on Nextracker from $43.00 to $50.00 and gave the stock a “buy” rating in a report on Thursday, July 27th. Cantor Fitzgerald reissued an “overweight” rating and set a $52.00 price target on shares of Nextracker in a research note on Thursday, October 26th. Mizuho raised their price target on Nextracker from $45.00 to $50.00 in a research note on Thursday, July 27th. Wolfe Research began coverage on Nextracker in a research note on Friday, September 22nd. They set an “outperform” rating and a $52.00 price target for the company. Finally, Citigroup raised their price target on Nextracker from $42.00 to $43.00 in a research note on Thursday, July 27th. Three research analysts have rated the stock with a hold rating and eighteen have assigned a buy rating to the company. Based on data from MarketBeat, the company has an average rating of “Moderate Buy” and an average target price of $45.95.
Nextracker Stock Up 1.3 %
Shares of NASDAQ NXT opened at $38.71 on Friday. The business has a fifty day simple moving average of $37.54 and a two-hundred day simple moving average of $38.75. Nextracker Inc. has a twelve month low of $28.24 and a twelve month high of $46.55.
Nextracker (NASDAQ:NXT – Get Free Report) last released its quarterly earnings results on Wednesday, October 25th. The company reported $0.55 EPS for the quarter, topping the consensus estimate of $0.30 by $0.25. The firm had revenue of $573.36 million during the quarter, compared to analyst estimates of $547.24 million. Nextracker had a negative return on equity of 8.13% and a net margin of 4.96%. As a group, sell-side analysts expect that Nextracker Inc. will post 1.77 EPS for the current year.
Nextracker Company Profile
Nextracker Inc, an energy solutions company, provides solar tracker and software solutions for utility-scale and ground-mounted distributed generation solar projects worldwide. The company offers tracking solutions, which includes NX Horizon, a solar tracking solution; NX Gemini, a two-in-portrait format tracker, which holds two rows of solar panels along the central support beam; and NX Horizon-XTR, a terrain-following tracker designed to expand the addressable market for trackers on sites with sloped, uneven, and challenging terrain.
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