Nextracker Inc. (NASDAQ:NXT) Holdings Cut by GAMMA Investing LLC

GAMMA Investing LLC reduced its stake in shares of Nextracker Inc. (NASDAQ:NXT) by 21.9% during the 4th quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The institutional investor owned 944 shares of the company’s stock after selling 265 shares during the period. GAMMA Investing LLC’s holdings in Nextracker were worth $34,000 as of its most recent SEC filing.

Several other institutional investors and hedge funds have also modified their holdings of NXT. Quarry LP increased its position in Nextracker by 61.5% in the 3rd quarter. Quarry LP now owns 1,119 shares of the company’s stock worth $42,000 after purchasing an additional 426 shares during the last quarter. Neo Ivy Capital Management bought a new stake in shares of Nextracker in the 3rd quarter valued at approximately $74,000. Arcadia Investment Management Corp MI acquired a new position in Nextracker in the third quarter worth approximately $75,000. Signaturefd LLC raised its position in Nextracker by 37.8% during the third quarter. Signaturefd LLC now owns 2,043 shares of the company’s stock valued at $77,000 after acquiring an additional 560 shares in the last quarter. Finally, Nomura Asset Management Co. Ltd. bought a new position in Nextracker during the third quarter valued at approximately $112,000. 67.41% of the stock is currently owned by hedge funds and other institutional investors.

Analyst Ratings Changes

A number of equities research analysts recently issued reports on the stock. Susquehanna decreased their price objective on shares of Nextracker from $59.00 to $50.00 and set a “positive” rating for the company in a report on Wednesday, October 16th. Northland Securities reaffirmed an “outperform” rating and issued a $48.00 price target on shares of Nextracker in a research report on Tuesday, November 19th. Citigroup lowered their price objective on Nextracker from $50.00 to $45.00 and set a “neutral” rating on the stock in a report on Wednesday, January 8th. JPMorgan Chase & Co. reduced their target price on Nextracker from $62.00 to $58.00 and set an “overweight” rating for the company in a report on Thursday, October 17th. Finally, TD Cowen initiated coverage on Nextracker in a research report on Thursday, December 19th. They set a “hold” rating and a $41.00 target price for the company. Five investment analysts have rated the stock with a hold rating, sixteen have issued a buy rating and one has assigned a strong buy rating to the company. According to MarketBeat, the company currently has an average rating of “Moderate Buy” and an average price target of $53.10.

Nextracker Stock Performance

Shares of NASDAQ:NXT opened at $42.35 on Wednesday. The firm’s 50 day simple moving average is $38.29 and its 200 day simple moving average is $39.34. Nextracker Inc. has a fifty-two week low of $30.93 and a fifty-two week high of $62.31. The company has a market capitalization of $6.16 billion, a price-to-earnings ratio of 10.56 and a beta of 2.04. The company has a debt-to-equity ratio of 0.11, a current ratio of 2.21 and a quick ratio of 1.99.

Nextracker Company Profile

Nextracker Inc, an energy solutions company, provides solar tracker and software solutions for utility-scale and distributed generation solar projects in the United States and internationally. The company offers tracking solutions, which includes NX Horizon, a solar tracking solution; and NX Horizon-XTR, a terrain-following tracker designed to expand the addressable market for trackers on sites with sloped, uneven, and challenging terrain.