17,311 Shares in Nextracker Inc. (NASDAQ:NXT) Bought by Greystone Financial Group LLC

Greystone Financial Group LLC bought a new position in shares of Nextracker Inc. (NASDAQ:NXT) during the 3rd quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The institutional investor bought 17,311 shares of the company’s stock, valued at approximately $649,000.

Several other institutional investors and hedge funds have also bought and sold shares of the stock. Wellington Management Group LLP purchased a new stake in shares of Nextracker in the fourth quarter valued at about $2,775,000. Vanguard Group Inc. raised its holdings in Nextracker by 4.8% during the 4th quarter. Vanguard Group Inc. now owns 4,710,158 shares of the company’s stock valued at $220,671,000 after acquiring an additional 216,674 shares during the period. PNC Financial Services Group Inc. purchased a new stake in Nextracker during the 4th quarter worth about $183,000. Park Avenue Securities LLC bought a new position in shares of Nextracker in the first quarter valued at approximately $268,000. Finally, Gateway Investment Advisers LLC bought a new stake in Nextracker during the 1st quarter worth approximately $432,000. 67.41% of the stock is owned by institutional investors.

Nextracker Stock Down 2.0 %

NASDAQ:NXT opened at $31.42 on Thursday. The firm has a market cap of $4.57 billion, a P/E ratio of 8.33 and a beta of 2.47. The company has a debt-to-equity ratio of 0.13, a quick ratio of 1.91 and a current ratio of 2.11. Nextracker Inc. has a fifty-two week low of $31.17 and a fifty-two week high of $62.31. The firm has a 50-day simple moving average of $36.90 and a two-hundred day simple moving average of $44.29.

Nextracker (NASDAQ:NXT) last announced its quarterly earnings results on Thursday, August 1st. The company reported $0.93 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.66 by $0.27. The firm had revenue of $719.92 million for the quarter, compared to the consensus estimate of $616.71 million. Nextracker had a net margin of 14.87% and a negative return on equity of 36.33%. The business’s quarterly revenue was up 50.1% compared to the same quarter last year. During the same quarter last year, the firm posted $0.48 EPS. Analysts predict that Nextracker Inc. will post 2.52 earnings per share for the current fiscal year.

Analyst Upgrades and Downgrades

A number of analysts recently weighed in on NXT shares. Truist Financial decreased their target price on shares of Nextracker from $65.00 to $50.00 and set a “buy” rating on the stock in a report on Wednesday, October 16th. JPMorgan Chase & Co. cut their price objective on shares of Nextracker from $62.00 to $58.00 and set an “overweight” rating for the company in a research note on Thursday, October 17th. Cantor Fitzgerald reissued an “overweight” rating and set a $55.00 price target on shares of Nextracker in a research report on Friday, August 2nd. BMO Capital Markets dropped their price target on shares of Nextracker from $56.00 to $44.00 and set a “market perform” rating for the company in a research report on Monday, October 14th. Finally, Guggenheim decreased their price objective on shares of Nextracker from $60.00 to $55.00 and set a “buy” rating for the company in a report on Friday, August 16th. Five research analysts have rated the stock with a hold rating and fifteen have assigned a buy rating to the company. Based on data from MarketBeat, the stock presently has an average rating of “Moderate Buy” and an average target price of $56.65.

Nextracker 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.