Greenwich Wealth Management LLC Makes New Investment in Nextracker Inc. (NASDAQ:NXT)

Greenwich Wealth Management LLC bought a new position in Nextracker Inc. (NASDAQ:NXT) in the 2nd quarter, according to its most recent disclosure with the Securities & Exchange Commission. The firm bought 8,445 shares of the company’s stock, valued at approximately $396,000.

Several other hedge funds and other institutional investors have also recently bought and sold shares of the company. Farmers & Merchants Trust Co of Chambersburg PA acquired a new position in shares of Nextracker in the 1st quarter worth approximately $25,000. Lindbrook Capital LLC bought a new position in shares of Nextracker in the first quarter valued at approximately $34,000. GAMMA Investing LLC boosted its holdings in shares of Nextracker by 73.2% in the 2nd quarter. GAMMA Investing LLC now owns 660 shares of the company’s stock worth $31,000 after acquiring an additional 279 shares in the last quarter. Bruce G. Allen Investments LLC bought a new stake in Nextracker during the 1st quarter worth approximately $37,000. Finally, Toth Financial Advisory Corp acquired a new stake in Nextracker during the 1st quarter valued at $38,000. 67.41% of the stock is owned by institutional investors.

Nextracker Trading Up 5.1 %

NASDAQ:NXT opened at $37.67 on Monday. The company has a market cap of $5.48 billion, a P/E ratio of 11.21, a price-to-earnings-growth ratio of 5.16 and a beta of 2.47. Nextracker Inc. has a twelve month low of $32.14 and a twelve month high of $62.31. The business has a 50 day moving average price of $42.30 and a two-hundred day moving average price of $48.43. The company has a quick ratio of 1.91, a current ratio of 2.11 and a debt-to-equity ratio of 0.13.

Nextracker (NASDAQ:NXT) last announced its earnings results on Thursday, August 1st. The company reported $0.93 EPS for the quarter, topping 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 business had revenue of $719.92 million during the quarter, compared to analysts’ expectations of $616.71 million. During the same quarter in the prior year, the company posted $0.48 earnings per share. The firm’s revenue was up 50.1% on a year-over-year basis. As a group, analysts expect that Nextracker Inc. will post 2.57 EPS for the current fiscal year.

Wall Street Analysts Forecast Growth

NXT has been the topic of several research analyst reports. Guggenheim decreased their target price on Nextracker from $60.00 to $55.00 and set a “buy” rating on the stock in a report on Friday, August 16th. Barclays lowered their price objective on shares of Nextracker from $63.00 to $61.00 and set an “equal weight” rating for the company in a research report on Tuesday, July 16th. Bank of America lifted their price objective on Nextracker from $64.00 to $66.00 and gave the stock a “buy” rating in a research note on Wednesday, July 17th. Susquehanna assumed coverage on Nextracker in a research note on Friday, June 28th. They issued a “positive” rating and a $59.00 target price on the stock. Finally, Jefferies Financial Group began coverage on Nextracker in a report on Wednesday, September 4th. They set a “hold” rating and a $46.00 target price on the stock. Five research analysts have rated the stock with a hold rating and eighteen have given a buy rating to the company. Based on data from MarketBeat.com, Nextracker has a consensus rating of “Moderate Buy” and a consensus price target of $57.91.

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.