Janus Henderson Group PLC Boosts Stock Position in Nextracker Inc. (NASDAQ:NXT)

Janus Henderson Group PLC lifted its stake in shares of Nextracker Inc. (NASDAQ:NXT - Free Report) by 4.5% during the 3rd quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The fund owned 1,529,201 shares of the company's stock after buying an additional 65,177 shares during the period. Janus Henderson Group PLC owned about 1.05% of Nextracker worth $57,285,000 at the end of the most recent quarter.

Several other hedge funds also recently modified their holdings of NXT. GAMMA Investing LLC boosted its position in shares of 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. TFC Financial Management Inc. purchased a new position in Nextracker in the second quarter worth $32,000. Fifth Third Bancorp boosted its position in Nextracker by 1,602.5% in the second quarter. Fifth Third Bancorp now owns 681 shares of the company's stock worth $32,000 after purchasing an additional 641 shares during the last quarter. Rothschild Investment LLC purchased a new position in Nextracker in the second quarter worth $35,000. Finally, Arcadia Investment Management Corp MI purchased a new position in Nextracker in the third quarter worth $75,000. Hedge funds and other institutional investors own 67.41% of the company's stock.

Analyst Upgrades and Downgrades

Several research firms have weighed in on NXT. Bank of America cut their price objective on Nextracker from $65.00 to $52.00 and set a "buy" rating on the stock in a research report on Thursday, November 7th. JPMorgan Chase & Co. cut their price objective on Nextracker from $62.00 to $58.00 and set an "overweight" rating on the stock in a research report on Thursday, October 17th. Jefferies Financial Group began coverage on Nextracker in a research report on Wednesday, September 4th. They issued a "hold" rating and a $46.00 price objective on the stock. Northland Capmk raised Nextracker to a "strong-buy" rating in a research report on Tuesday, November 19th. Finally, Wells Fargo & Company dropped their price target on 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 given a strong buy rating to the stock. Based on data from MarketBeat.com, the stock presently has an average rating of "Moderate Buy" and a consensus target price of $54.30.

Nextracker Price Performance

NASDAQ NXT traded down $0.13 during trading on Friday, reaching $36.29. The company's stock had a trading volume of 1,517,454 shares, compared to its average volume of 3,636,417. The stock has a market capitalization of $5.28 billion, a PE ratio of 9.05 and a beta of 2.09. The company has a debt-to-equity ratio of 0.11, a current ratio of 2.21 and a quick ratio of 1.99. The firm has a fifty day moving average of $36.91 and a 200 day moving average of $42.78. Nextracker Inc. has a one year low of $30.93 and a one year high of $62.31.

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.