Nextracker Inc. (NASDAQ:NXT) Shares Acquired by State Street Corp

State Street Corp lifted its holdings in shares of Nextracker Inc. (NASDAQ:NXT) by 15.8% in the third quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The fund owned 5,070,473 shares of the company’s stock after buying an additional 690,343 shares during the period. State Street Corp owned 3.48% of Nextracker worth $190,041,000 at the end of the most recent reporting period.

Several other institutional investors and hedge funds have also recently bought and sold shares of NXT. Victory Capital Management Inc. boosted its stake in Nextracker by 15.4% during the 3rd quarter. Victory Capital Management Inc. now owns 2,367,636 shares of the company’s stock valued at $88,739,000 after purchasing an additional 315,199 shares during the period. Dimensional Fund Advisors LP grew its holdings in Nextracker by 35.3% in the 2nd quarter. Dimensional Fund Advisors LP now owns 1,766,871 shares of the company’s stock worth $82,844,000 after buying an additional 460,739 shares in the last quarter. Handelsbanken Fonder AB increased its position in Nextracker by 5.3% in the 3rd quarter. Handelsbanken Fonder AB now owns 1,675,617 shares of the company’s stock valued at $62,802,000 after acquiring an additional 84,069 shares during the period. Zurcher Kantonalbank Zurich Cantonalbank increased its position in Nextracker by 88.1% in the 3rd quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 1,591,975 shares of the company’s stock valued at $59,667,000 after acquiring an additional 745,665 shares during the period. Finally, Janus Henderson Group PLC raised its stake in Nextracker by 4.5% during the 3rd quarter. Janus Henderson Group PLC now owns 1,529,201 shares of the company’s stock valued at $57,285,000 after acquiring an additional 65,177 shares in the last quarter. Institutional investors and hedge funds own 67.41% of the company’s stock.

Nextracker Price Performance

Shares of Nextracker stock opened at $35.21 on Friday. 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 1-year low of $30.93 and a 1-year high of $62.31. The firm has a fifty day simple moving average of $36.86 and a 200-day simple moving average of $42.35. The stock has a market capitalization of $5.12 billion, a price-to-earnings ratio of 8.78 and a beta of 2.09.

Analyst Ratings Changes

NXT has been the topic of a number of recent analyst reports. Northland Capmk upgraded shares of Nextracker to a “strong-buy” rating in a research report on Tuesday, November 19th. Piper Sandler decreased their target price on Nextracker from $60.00 to $47.00 and set an “overweight” rating for the company in a research note on Friday, November 22nd. Robert W. Baird lowered their target price on Nextracker from $71.00 to $53.00 and set an “outperform” rating on the stock in a report on Thursday, October 31st. JPMorgan Chase & Co. reduced their price objective on shares of Nextracker from $62.00 to $58.00 and set an “overweight” rating for the company in a research report on Thursday, October 17th. Finally, Guggenheim reiterated a “buy” rating and issued a $55.00 target price on shares of Nextracker in a report on Friday, November 22nd. Four research analysts have rated the stock with a hold rating, sixteen have issued a buy rating and one has issued a strong buy rating to the stock. According to data from MarketBeat, the company has a consensus 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.