Nextracker Inc. (NASDAQ:NXT) Stake Increased by Clean Energy Transition LLP

Clean Energy Transition LLP raised its holdings in shares of Nextracker Inc. (NASDAQ:NXT) by 1.5% in the 2nd quarter, Holdings Channel reports. The institutional investor owned 935,646 shares of the company’s stock after purchasing an additional 13,591 shares during the quarter. Nextracker accounts for about 5.1% of Clean Energy Transition LLP’s portfolio, making the stock its 6th largest position. Clean Energy Transition LLP’s holdings in Nextracker were worth $37,248,000 at the end of the most recent quarter.

Other hedge funds have also recently modified their holdings of the company. SG Americas Securities LLC purchased a new position in Nextracker during the 1st quarter valued at $457,000. Virtu Financial LLC bought a new stake in shares of Nextracker during the first quarter worth $200,000. Amalgamated Bank purchased a new stake in shares of Nextracker during the first quarter valued at $154,000. Victory Capital Management Inc. bought a new position in shares of Nextracker in the first quarter worth about $20,059,000. Finally, New York State Common Retirement Fund purchased a new position in Nextracker in the 1st quarter worth about $3,840,000. Institutional investors own 44.28% of the company’s stock.

Nextracker Price Performance

NASDAQ:NXT remained flat at $39.69 during mid-day trading on Tuesday. The company had a trading volume of 108,363 shares, compared to its average volume of 1,533,155. The stock has a fifty day moving average of $37.48 and a two-hundred day moving average of $38.87. Nextracker Inc. has a 12 month low of $28.24 and a 12 month high of $46.55.

Nextracker (NASDAQ:NXT) last issued its quarterly earnings results on Wednesday, October 25th. The company reported $0.55 earnings per share for the quarter, topping analysts’ consensus estimates of $0.30 by $0.25. The business had revenue of $573.36 million for 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%. On average, analysts expect that Nextracker Inc. will post 1.77 EPS for the current year.

Wall Street Analysts Forecast Growth

Several research firms have issued reports on NXT. Northland Securities raised shares of Nextracker from a “market perform” rating to an “outperform” rating and set a $45.00 price objective for the company in a research report on Thursday, October 26th. Mizuho boosted their price target on Nextracker from $45.00 to $50.00 in a report on Thursday, July 27th. Truist Financial raised their price objective on Nextracker from $50.00 to $52.00 and gave the stock a “buy” rating in a report on Friday, October 27th. Janney Montgomery Scott began coverage on Nextracker in a report on Monday, October 16th. They issued a “buy” rating and a $43.00 target price for the company. Finally, Craig Hallum raised their price target on Nextracker from $43.00 to $50.00 and gave the company a “buy” rating in a research note on Thursday, July 27th. Three investment analysts have rated the stock with a hold rating and eighteen have given a buy rating to the stock. Based on data from MarketBeat, the company currently has a consensus rating of “Moderate Buy” and an average price target of $45.95.

About Nextracker

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.