Holocene Advisors LP Invests $45.42 Million in Nextracker Inc. (NASDAQ:NXT)

Holocene Advisors LP bought a new stake in shares of Nextracker Inc. (NASDAQ:NXT - Free Report) during the 3rd quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The institutional investor bought 1,211,732 shares of the company's stock, valued at approximately $45,416,000. Holocene Advisors LP owned approximately 0.83% of Nextracker at the end of the most recent quarter.

Several other hedge funds have also recently made changes to their positions in NXT. GAMMA Investing LLC raised its position in Nextracker by 73.2% in the 2nd quarter. GAMMA Investing LLC now owns 660 shares of the company's stock worth $31,000 after purchasing an additional 279 shares during the period. TFC Financial Management Inc. purchased a new stake in Nextracker in the 2nd quarter worth about $32,000. Fifth Third Bancorp raised its position in Nextracker by 1,602.5% in the 2nd quarter. Fifth Third Bancorp now owns 681 shares of the company's stock worth $32,000 after purchasing an additional 641 shares during the period. Rothschild Investment LLC purchased a new stake in Nextracker in the 2nd quarter worth about $35,000. Finally, Hilltop National Bank raised its position 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 during the period. 67.41% of the stock is currently owned by hedge funds and other institutional investors.

Nextracker Stock Performance

Shares of NASDAQ:NXT traded down $0.94 on Tuesday, hitting $38.95. 1,095,641 shares of the company were exchanged, compared to its average volume of 3,652,317. Nextracker Inc. has a 1-year low of $30.93 and a 1-year high of $62.31. The stock's 50 day moving average price is $36.85 and its 200 day moving average price is $42.89. 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 firm has a market capitalization of $5.67 billion, a P/E ratio of 9.95 and a beta of 2.10.

Wall Street Analyst Weigh In

A number of analysts recently weighed in on the stock. Barclays reduced their price objective on shares of Nextracker from $61.00 to $47.00 and set an "equal weight" rating on the stock in a research report on Thursday, October 3rd. Northland Capmk raised shares of Nextracker to a "strong-buy" rating in a research report on Tuesday, November 19th. Guggenheim reaffirmed a "buy" rating and set a $55.00 target price on shares of Nextracker in a research report on Friday, November 22nd. Bank of America reduced their target price on shares of Nextracker from $65.00 to $52.00 and set a "buy" rating on the stock in a research report on Thursday, November 7th. Finally, Wells Fargo & Company reduced their target price on shares of Nextracker from $64.00 to $58.00 and set an "overweight" rating on the stock in a research report on Tuesday, October 29th. Four research 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. Based on data from MarketBeat, Nextracker presently has an average rating of "Moderate Buy" and an average 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.