Livforsakringsbolaget Skandia Omsesidigt Boosts Stake in Nextracker Inc. (NASDAQ:NXT)

Livforsakringsbolaget Skandia Omsesidigt raised its holdings in shares of Nextracker Inc. (NASDAQ:NXT) by 23.7% in the 3rd quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The firm owned 33,434 shares of the company’s stock after buying an additional 6,400 shares during the period. Livforsakringsbolaget Skandia Omsesidigt’s holdings in Nextracker were worth $1,252,000 at the end of the most recent reporting period.

A number of other hedge funds have also recently modified their holdings of the business. GAMMA Investing LLC lifted its holdings in Nextracker by 73.2% during the 2nd quarter. GAMMA Investing LLC now owns 660 shares of the company’s stock valued at $31,000 after buying an additional 279 shares in the last quarter. Bruce G. Allen Investments LLC purchased a new stake in shares of Nextracker in the first quarter valued at approximately $37,000. Toth Financial Advisory Corp bought a new position in Nextracker in the first quarter worth approximately $38,000. Fifth Third Bancorp increased its holdings in 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 period. Finally, TFC Financial Management Inc. bought a new stake in Nextracker during the 2nd quarter valued at $32,000. Institutional investors own 67.41% of the company’s stock.

Analyst Ratings Changes

Several brokerages have recently commented on NXT. Guggenheim cut their price target on Nextracker from $60.00 to $55.00 and set a “buy” rating on the stock in a research note on Friday, August 16th. Barclays reduced their price target on shares of Nextracker from $61.00 to $47.00 and set an “equal weight” rating for the company in a report on Thursday, October 3rd. Cantor Fitzgerald reissued an “overweight” rating and set a $55.00 price objective on shares of Nextracker in a report on Friday, August 2nd. Bank of America upped their target price on Nextracker from $64.00 to $66.00 and gave the stock a “buy” rating in a report on Wednesday, July 17th. Finally, JPMorgan Chase & Co. cut their price target on Nextracker from $65.00 to $62.00 and set an “overweight” rating on the stock in a report on Friday, August 2nd. Five equities research analysts have rated the stock with a hold rating and sixteen have assigned a buy rating to the company’s stock. According to data from MarketBeat.com, Nextracker currently has a consensus rating of “Moderate Buy” and a consensus target price of $57.90.

Nextracker Price Performance

NASDAQ NXT opened at $35.64 on Friday. The stock’s fifty day moving average price is $37.87 and its 200 day moving average price is $45.44. Nextracker Inc. has a 1 year low of $32.19 and a 1 year high of $62.31. 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 company has a market cap of $5.17 billion, a price-to-earnings ratio of 10.61, a PEG ratio of 5.19 and a beta of 2.47.

Nextracker (NASDAQ:NXT) last released its earnings results on Thursday, August 1st. The company reported $0.93 EPS 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 36.33% and a net margin of 14.87%. The company’s revenue was up 50.1% compared to the same quarter last year. During the same quarter in the previous year, the company posted $0.48 earnings per share. As a group, equities research analysts forecast that Nextracker Inc. will post 2.52 earnings per share for the current 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.