Erste Asset Management GmbH Purchases New Position in Nextracker Inc. (NASDAQ:NXT)

Erste Asset Management GmbH acquired a new stake in shares of Nextracker Inc. (NASDAQ:NXT - Free Report) during the 3rd quarter, according to its most recent disclosure with the SEC. The fund acquired 862,966 shares of the company's stock, valued at approximately $33,545,000. Erste Asset Management GmbH owned approximately 0.59% of Nextracker as of its most recent filing with the SEC.

Several other institutional investors have also recently made changes to their positions in NXT. GAMMA Investing LLC raised its stake in Nextracker by 73.2% during the second quarter. GAMMA Investing LLC now owns 660 shares of the company's stock valued at $31,000 after buying an additional 279 shares during the last quarter. Hilltop National Bank boosted its stake in Nextracker by 40.6% in the 2nd quarter. Hilltop National Bank now owns 1,187 shares of the company's stock worth $56,000 after purchasing an additional 343 shares in the last quarter. Arizona State Retirement System grew its position in Nextracker by 1.1% during the 2nd quarter. Arizona State Retirement System now owns 34,403 shares of the company's stock valued at $1,613,000 after purchasing an additional 372 shares during the last quarter. Wedbush Securities Inc. increased its stake in Nextracker by 8.2% during the 2nd quarter. Wedbush Securities Inc. now owns 6,080 shares of the company's stock valued at $285,000 after purchasing an additional 461 shares in the last quarter. Finally, Graybill Wealth Management LTD. increased its stake in Nextracker by 1.7% during the 2nd quarter. Graybill Wealth Management LTD. now owns 29,678 shares of the company's stock valued at $1,391,000 after purchasing an additional 483 shares in the last quarter. Institutional investors own 67.41% of the company's stock.

Nextracker Price Performance

Shares of NXT traded down $1.55 during trading hours on Friday, reaching $38.16. 1,483,574 shares of the stock traded hands, compared to its average volume of 2,789,561. The company has a market cap of $5.55 billion, a P/E ratio of 9.52 and a beta of 2.32. The company has a current ratio of 2.21, a quick ratio of 1.99 and a debt-to-equity ratio of 0.11. The company's 50-day moving average price is $36.78 and its two-hundred day moving average price is $42.94. Nextracker Inc. has a 52-week low of $30.93 and a 52-week high of $62.31.

Wall Street Analyst Weigh In

A number of equities research analysts have recently commented on NXT shares. Northland Capmk upgraded shares of Nextracker to a "strong-buy" rating in a report on Tuesday, November 19th. Wells Fargo & Company reduced their target price on Nextracker from $64.00 to $58.00 and set an "overweight" rating for the company in a report on Tuesday, October 29th. Northland Securities restated an "outperform" rating and issued a $48.00 price target on shares of Nextracker in a research note on Tuesday, November 19th. Truist Financial increased their price objective on Nextracker from $50.00 to $54.00 and gave the company a "buy" rating in a research report on Friday, November 1st. Finally, BMO Capital Markets cut their target price on shares of Nextracker from $56.00 to $44.00 and set a "market perform" rating for the company in a research report on Monday, October 14th. Four investment analysts have rated the stock with a hold rating, sixteen have assigned a buy rating and one has assigned a strong buy rating to the company. According to MarketBeat, the stock presently has an average rating of "Moderate Buy" and a consensus target price of $54.30.

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.