Royce & Associates LP Acquires New Shares in Nextracker Inc. (NASDAQ:NXT)

Royce & Associates LP purchased a new stake in Nextracker Inc. (NASDAQ:NXT - Free Report) during the 3rd quarter, according to its most recent disclosure with the Securities & Exchange Commission. The firm purchased 88,841 shares of the company's stock, valued at approximately $3,330,000. Royce & Associates LP owned about 0.06% of Nextracker as of its most recent filing with the Securities & Exchange Commission.

A number of other institutional investors have also made changes to their positions in the business. Nicola Wealth Management LTD. increased its position in Nextracker by 30.8% during the third quarter. Nicola Wealth Management LTD. now owns 51,000 shares of the company's stock worth $1,911,000 after acquiring an additional 12,000 shares during the period. KBC Group NV increased its holdings in shares of Nextracker by 7.9% during the 3rd quarter. KBC Group NV now owns 8,472 shares of the company's stock worth $318,000 after purchasing an additional 620 shares during the period. Victory Capital Management Inc. raised its position in shares of Nextracker by 15.4% during the third quarter. Victory Capital Management Inc. now owns 2,367,636 shares of the company's stock valued at $88,739,000 after buying an additional 315,199 shares during the last quarter. Aigen Investment Management LP bought a new stake in shares of Nextracker in the third quarter valued at about $247,000. Finally, Proactive Wealth Strategies LLC bought a new stake in shares of Nextracker in the third quarter valued at about $1,324,000. 67.41% of the stock is currently owned by institutional investors.

Wall Street Analysts Forecast Growth

NXT has been the subject of several research reports. Cantor Fitzgerald reaffirmed an "overweight" rating and issued a $55.00 target price on shares of Nextracker in a research report on Friday, August 2nd. Guggenheim decreased their target price on shares of Nextracker from $60.00 to $55.00 and set a "buy" rating on the stock in a research report on Friday, August 16th. Roth Mkm lowered their target price on shares of Nextracker from $70.00 to $65.00 and set a "buy" rating on the stock in a research note on Friday, August 2nd. JPMorgan Chase & Co. cut their price target on shares of Nextracker from $62.00 to $58.00 and set an "overweight" rating for the company in a research note on Thursday, October 17th. Finally, Bank of America cut their target price on Nextracker from $65.00 to $52.00 and set a "buy" rating for the company in a research report on Thursday, November 7th. Four equities research analysts have rated the stock with a hold rating and sixteen have assigned a buy rating to the stock. According to MarketBeat.com, Nextracker has a consensus rating of "Moderate Buy" and an average price target of $55.15.

Nextracker Trading Down 2.8 %

Nextracker stock traded down $1.03 during trading hours on Tuesday, reaching $36.40. 1,712,609 shares of the company's stock traded hands, compared to its average volume of 3,732,812. Nextracker Inc. has a fifty-two week low of $30.93 and a fifty-two week high of $62.31. The firm's 50 day moving average is $36.44 and its 200-day moving average is $43.22. 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 firm has a market capitalization of $5.30 billion, a price-to-earnings ratio of 9.08 and a beta of 2.32.

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.