New Mexico Educational Retirement Board Purchases New Stake in Nextracker Inc. (NASDAQ:NXT)

New Mexico Educational Retirement Board acquired a new position in shares of Nextracker Inc. (NASDAQ:NXT) in the 2nd quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The institutional investor acquired 24,900 shares of the company’s stock, valued at approximately $1,167,000.

Several other hedge funds have also recently bought and sold shares of NXT. Baader Bank Aktiengesellschaft bought a new position in shares of Nextracker in the 4th quarter valued at $211,000. Virtu Financial LLC increased its holdings in Nextracker by 228.3% in the first quarter. Virtu Financial LLC now owns 38,393 shares of the company’s stock valued at $2,160,000 after purchasing an additional 26,700 shares during the period. Hsbc Holdings PLC raised its position in shares of Nextracker by 22.7% during the fourth quarter. Hsbc Holdings PLC now owns 290,852 shares of the company’s stock worth $13,503,000 after acquiring an additional 53,904 shares during the last quarter. Graybill Wealth Management LTD. acquired a new stake in Nextracker during the 1st quarter valued at approximately $1,643,000. Finally, Diversify Advisory Services LLC bought a new position in Nextracker during the 2nd quarter worth approximately $1,270,000. 67.41% of the stock is owned by institutional investors.

Wall Street Analysts Forecast Growth

A number of equities research analysts have recently commented on the stock. Guggenheim reduced their price objective on shares of Nextracker from $60.00 to $55.00 and set a “buy” rating on the stock in a research note on Friday, August 16th. Susquehanna initiated coverage on shares of Nextracker in a research report on Friday, June 28th. They set a “positive” rating and a $59.00 price target on the stock. Jefferies Financial Group assumed coverage on Nextracker in a research report on Wednesday. They issued a “hold” rating and a $46.00 price objective for the company. Cantor Fitzgerald reissued an “overweight” rating and issued a $55.00 price objective on shares of Nextracker in a research note on Friday, August 2nd. Finally, JPMorgan Chase & Co. decreased their target price on Nextracker from $65.00 to $62.00 and set an “overweight” rating for the company in a research note on Friday, August 2nd. Five equities research analysts have rated the stock with a hold rating and eighteen have assigned a buy rating to the company. Based on data from MarketBeat, the company has a consensus rating of “Moderate Buy” and an average price target of $57.91.

Nextracker Stock Performance

Shares of NXT stock opened at $34.60 on Friday. The company has a debt-to-equity ratio of 0.13, a current ratio of 2.11 and a quick ratio of 1.91. The firm has a 50-day moving average of $43.43 and a 200-day moving average of $49.32. Nextracker Inc. has a one year low of $32.14 and a one year high of $62.31. The company has a market cap of $5.02 billion, a P/E ratio of 10.30, a P/E/G ratio of 5.87 and a beta of 2.47.

Nextracker (NASDAQ:NXT) last posted its quarterly earnings data on Thursday, August 1st. The company reported $0.93 EPS for the quarter, beating the consensus estimate of $0.66 by $0.27. Nextracker had a net margin of 14.87% and a negative return on equity of 36.33%. The firm had revenue of $719.92 million during the quarter, compared to analyst estimates of $616.71 million. During the same quarter last year, the business posted $0.48 EPS. The company’s revenue for the quarter was up 50.1% on a year-over-year basis. Equities research analysts forecast that Nextracker Inc. will post 2.57 EPS for the current fiscal year.

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.