Edgestream Partners L.P. Makes New $1.83 Million Investment in Nextracker Inc. (NASDAQ:NXT)

Edgestream Partners L.P. bought a new stake in Nextracker Inc. (NASDAQ:NXT) during the 3rd quarter, HoldingsChannel.com reports. The firm bought 48,881 shares of the company’s stock, valued at approximately $1,832,000.

Other institutional investors have also recently made changes to their positions in the company. Martingale Asset Management L P acquired a new stake in Nextracker in the 3rd quarter valued at about $209,000. Zurcher Kantonalbank Zurich Cantonalbank increased its holdings in shares of Nextracker by 88.1% in the third quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 1,591,975 shares of the company’s stock valued at $59,667,000 after purchasing an additional 745,665 shares during the last quarter. BBR Partners LLC purchased a new position in Nextracker during the third quarter worth approximately $359,000. MetLife Investment Management LLC boosted its stake in Nextracker by 18.3% during the third quarter. MetLife Investment Management LLC now owns 153,683 shares of the company’s stock worth $5,760,000 after buying an additional 23,825 shares during the last quarter. Finally, Healthcare of Ontario Pension Plan Trust Fund grew its holdings in Nextracker by 2.3% in the 3rd quarter. Healthcare of Ontario Pension Plan Trust Fund now owns 367,895 shares of the company’s stock valued at $13,789,000 after buying an additional 8,220 shares in the last quarter. 67.41% of the stock is owned by institutional investors and hedge funds.

Nextracker Stock Performance

Shares of NXT opened at $39.14 on Wednesday. Nextracker Inc. has a 1 year low of $30.93 and a 1 year high of $62.31. The stock has a market capitalization of $5.70 billion, a PE ratio of 9.76 and a beta of 2.09. The company has a debt-to-equity ratio of 0.11, a quick ratio of 1.99 and a current ratio of 2.21. The stock has a 50-day simple moving average of $36.89 and a 200-day simple moving average of $42.86.

Analyst Ratings Changes

Several research analysts have recently commented on the company. Jefferies Financial Group assumed coverage on shares of Nextracker in a research report on Wednesday, September 4th. They set a “hold” rating and a $46.00 price target on the stock. Barclays decreased their target price on shares of Nextracker from $61.00 to $47.00 and set an “equal weight” rating on the stock in a report on Thursday, October 3rd. Susquehanna cut their price target on shares of Nextracker from $59.00 to $50.00 and set a “positive” rating for the company in a report on Wednesday, October 16th. Northland Capmk upgraded Nextracker to a “strong-buy” rating in a report on Tuesday, November 19th. Finally, JPMorgan Chase & Co. cut their target price on Nextracker from $62.00 to $58.00 and set an “overweight” rating for the company in a research note on Thursday, October 17th. Four analysts have rated the stock with a hold rating, sixteen have assigned a buy rating and one has issued a strong buy rating to the company. Based on data from MarketBeat, the company presently has a consensus rating of “Moderate Buy” and a consensus price target 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.