Nextracker Inc. (NASDAQ:NXT) Stake Raised by DekaBank Deutsche Girozentrale

DekaBank Deutsche Girozentrale boosted its holdings in Nextracker Inc. (NASDAQ:NXT) by 1,356.7% during the 1st quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The institutional investor owned 375,263 shares of the company’s stock after acquiring an additional 349,501 shares during the quarter. DekaBank Deutsche Girozentrale’s holdings in Nextracker were worth $21,769,000 as of its most recent SEC filing.

Several other hedge funds and other institutional investors have also recently bought and sold shares of the business. Boston Partners bought a new stake in Nextracker in the first quarter worth about $14,125,000. Teachers Retirement System of The State of Kentucky acquired a new stake in Nextracker during the 1st quarter worth about $1,821,000. Cetera Advisors LLC acquired a new stake in Nextracker during the 1st quarter worth about $288,000. Virtu Financial LLC raised its holdings in Nextracker by 228.3% during the 1st quarter. Virtu Financial LLC now owns 38,393 shares of the company’s stock worth $2,160,000 after buying an additional 26,700 shares during the period. Finally, Comerica Bank raised its holdings in Nextracker by 40.3% during the 1st quarter. Comerica Bank now owns 92,531 shares of the company’s stock worth $5,207,000 after buying an additional 26,577 shares during the period. 67.41% of the stock is currently owned by institutional investors.

Insiders Place Their Bets

In other Nextracker news, insider Bruce Ledesma sold 12,135 shares of the company’s stock in a transaction that occurred on Monday, May 20th. The stock was sold at an average price of $43.91, for a total transaction of $532,847.85. Following the completion of the sale, the insider now owns 17,387 shares of the company’s stock, valued at $763,463.17. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. Company insiders own 0.27% of the company’s stock.

Wall Street Analysts Forecast Growth

Several analysts have issued reports on NXT shares. Guggenheim cut their price objective on Nextracker from $73.00 to $60.00 and set a “buy” rating on the stock in a report on Tuesday, April 23rd. Scotiabank cut their price objective on Nextracker from $55.00 to $50.00 and set a “sector outperform” rating on the stock in a report on Monday, April 29th. JPMorgan Chase & Co. cut their price objective on Nextracker from $65.00 to $62.00 and set an “overweight” rating on the stock in a report on Friday. Northland Securities downgraded Nextracker from an “outperform” rating to a “market perform” rating and cut their price objective for the stock from $60.00 to $44.00 in a report on Friday, April 26th. Finally, Mizuho lowered their target price on Nextracker from $64.00 to $59.00 and set a “buy” rating on the stock in a research note on Friday, April 19th. Four research analysts have rated the stock with a hold rating and eighteen have assigned a buy rating to the stock. According to data from MarketBeat, Nextracker presently has an average rating of “Moderate Buy” and an average target price of $58.68.

Nextracker Stock Down 10.4 %

Shares of NASDAQ NXT traded down $4.85 during trading hours on Friday, hitting $41.98. The stock had a trading volume of 8,965,076 shares, compared to its average volume of 2,707,945. The company has a market capitalization of $6.09 billion, a P/E ratio of 12.49 and a beta of 2.49. The company has a debt-to-equity ratio of 0.15, a quick ratio of 1.76 and a current ratio of 1.98. The firm’s 50-day moving average price is $51.35 and its two-hundred day moving average price is $51.45. Nextracker Inc. has a 52 week low of $32.14 and a 52 week high of $62.31.

Nextracker (NASDAQ:NXT) last announced its earnings results on Tuesday, May 14th. The company reported $0.85 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.47 by $0.38. The firm had revenue of $736.52 million during the quarter, compared to analysts’ expectations of $681.03 million. Nextracker had a negative return on equity of 20.75% and a net margin of 14.87%. Analysts anticipate that Nextracker Inc. will post 2.62 EPS for the current fiscal 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.