Reynders McVeigh Capital Management LLC Increases Holdings in Nextracker Inc. (NASDAQ:NXT)

Reynders McVeigh Capital Management LLC lifted its position in shares of Nextracker Inc. (NASDAQ:NXT) by 44.5% during the 3rd quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The institutional investor owned 90,458 shares of the company’s stock after acquiring an additional 27,871 shares during the quarter. Reynders McVeigh Capital Management LLC owned 0.06% of Nextracker worth $3,390,000 at the end of the most recent quarter.

Other institutional investors have also modified their holdings of the company. GAMMA Investing LLC raised its position in shares of Nextracker by 73.2% during the 2nd quarter. GAMMA Investing LLC now owns 660 shares of the company’s stock worth $31,000 after purchasing an additional 279 shares during the last quarter. Fifth Third Bancorp raised its position in shares of Nextracker by 1,602.5% during the 2nd quarter. Fifth Third Bancorp now owns 681 shares of the company’s stock worth $32,000 after purchasing an additional 641 shares during the last quarter. TFC Financial Management Inc. acquired a new position in shares of Nextracker during the 2nd quarter worth approximately $32,000. Rothschild Investment LLC acquired a new position in shares of Nextracker during the 2nd quarter worth approximately $35,000. Finally, Arcadia Investment Management Corp MI acquired a new position in shares of Nextracker during the 3rd quarter worth approximately $75,000. Hedge funds and other institutional investors own 67.41% of the company’s stock.

Nextracker Stock Down 1.9 %

Shares of Nextracker stock opened at $39.14 on Wednesday. The company has a fifty day moving average price of $36.89 and a 200 day moving average price of $42.86. The company has a current ratio of 2.21, a quick ratio of 1.99 and a debt-to-equity ratio of 0.11. Nextracker Inc. has a twelve month low of $30.93 and a twelve month high of $62.31. The stock has a market cap of $5.70 billion, a price-to-earnings ratio of 9.76 and a beta of 2.09.

Wall Street Analyst Weigh In

NXT has been the subject of several research reports. JPMorgan Chase & Co. cut their price objective on Nextracker from $62.00 to $58.00 and set an “overweight” rating for the company in a research report on Thursday, October 17th. Bank of America cut their price target on Nextracker from $65.00 to $52.00 and set a “buy” rating for the company in a report on Thursday, November 7th. Robert W. Baird cut their price target on Nextracker from $71.00 to $53.00 and set an “outperform” rating for the company in a report on Thursday, October 31st. Guggenheim reiterated a “buy” rating and issued a $55.00 price target on shares of Nextracker in a report on Friday, November 22nd. Finally, Susquehanna cut their price target on Nextracker from $59.00 to $50.00 and set a “positive” rating for the company in a report on Wednesday, October 16th. Four 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’s stock. According to MarketBeat.com, the stock currently has an average rating of “Moderate Buy” and a consensus target price of $54.30.

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.