Values First Advisors Inc. Makes New $266,000 Investment in Nextracker Inc. (NASDAQ:NXT)

Values First Advisors Inc. purchased a new stake in Nextracker Inc. (NASDAQ:NXT) in the second quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The fund purchased 5,666 shares of the company’s stock, valued at approximately $266,000.

Other hedge funds and other institutional investors also recently made changes to their positions in the company. Mirae Asset Global Investments Co. Ltd. grew its stake in Nextracker by 19.2% during the fourth quarter. Mirae Asset Global Investments Co. Ltd. now owns 27,832 shares of the company’s stock worth $1,304,000 after buying an additional 4,486 shares in the last quarter. Sumitomo Mitsui Trust Holdings Inc. bought a new position in Nextracker in the fourth quarter valued at approximately $558,000. Strs Ohio raised its position in Nextracker by 107.7% during the fourth quarter. Strs Ohio now owns 5,400 shares of the company’s stock valued at $252,000 after purchasing an additional 2,800 shares in the last quarter. Mackenzie Financial Corp bought a new stake in Nextracker during the fourth quarter worth $232,000. Finally, Flputnam Investment Management Co. bought a new stake in Nextracker during the fourth quarter worth $469,000. 67.41% of the stock is currently owned by institutional investors and hedge funds.

Wall Street Analyst Weigh In

A number of equities analysts have recently commented on NXT shares. BMO Capital Markets lowered their price target on Nextracker from $62.00 to $56.00 and set a “market perform” rating for the company in a report on Wednesday, May 15th. Truist Financial reduced their price target on shares of Nextracker from $70.00 to $65.00 and set a “buy” rating on the stock in a research note on Monday, July 29th. Scotiabank lowered their price objective on shares of Nextracker from $55.00 to $50.00 and set a “sector outperform” rating for the company in a research report on Monday, April 29th. Wells Fargo & Company cut their target price on shares of Nextracker from $68.00 to $64.00 and set an “overweight” rating on the stock in a research report on Wednesday, May 15th. Finally, Barclays lowered their price target on shares of Nextracker from $63.00 to $61.00 and set an “equal weight” rating for the company in a report on Tuesday, July 16th. Four research analysts have rated the stock with a hold rating and eighteen have issued a buy rating to the stock. According to data from MarketBeat, the company currently has an average rating of “Moderate Buy” and an average price target of $58.45.

Nextracker Trading Up 0.1 %

Shares of NXT traded up $0.04 during trading hours on Friday, hitting $38.94. 2,729,760 shares of the stock were exchanged, compared to its average volume of 4,034,151. Nextracker Inc. has a fifty-two week low of $32.14 and a fifty-two week high of $62.31. The business has a 50-day moving average of $48.11 and a 200-day moving average of $51.18. The firm has a market capitalization of $5.65 billion, a P/E ratio of 11.59 and a beta of 2.49. The company has a debt-to-equity ratio of 0.15, a current ratio of 1.98 and a quick ratio of 1.76.

Nextracker (NASDAQ:NXT) last issued its quarterly earnings results on Thursday, August 1st. The company reported $0.93 earnings per share for the quarter, topping analysts’ consensus estimates of $0.66 by $0.27. The firm had revenue of $719.92 million during the quarter, compared to the consensus estimate of $616.71 million. Nextracker had a negative return on equity of 20.75% and a net margin of 14.87%. The business’s revenue was up 50.1% compared to the same quarter last year. During the same period last year, the business posted $0.48 EPS. On average, research analysts expect that Nextracker Inc. will post 2.62 EPS for the current year.

Insiders Place Their Bets

In related news, insider Bruce Ledesma sold 12,135 shares of the stock in a transaction on Monday, May 20th. The shares were sold at an average price of $43.91, for a total transaction of $532,847.85. Following the transaction, the insider now directly owns 17,387 shares of the company’s stock, valued at $763,463.17. The sale was disclosed in a legal filing with the SEC, which can be accessed through this hyperlink. 0.27% of the stock is currently owned by corporate insiders.

About Nextracker

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.