The Manufacturers Life Insurance Company Raises Stock Position in Nextracker Inc. (NASDAQ:NXT)

The Manufacturers Life Insurance Company lifted its holdings in Nextracker Inc. (NASDAQ:NXT - Free Report) by 98.3% in the 2nd quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The institutional investor owned 147,528 shares of the company's stock after purchasing an additional 73,119 shares during the period. The Manufacturers Life Insurance Company owned about 0.10% of Nextracker worth $6,916,000 as of its most recent filing with the Securities & Exchange Commission.

A number of other large investors also recently bought and sold shares of the business. Decade Renewable Partners LP purchased a new stake in Nextracker in the 2nd quarter worth $9,941,000. Diker Management LLC purchased a new stake in shares of Nextracker during the second quarter worth about $1,125,000. Encompass Capital Advisors LLC raised its position in shares of Nextracker by 98.0% during the 2nd quarter. Encompass Capital Advisors LLC now owns 890,962 shares of the company's stock worth $41,768,000 after purchasing an additional 440,962 shares during the last quarter. AQR Capital Management LLC lifted its stake in Nextracker by 20.6% in the 2nd quarter. AQR Capital Management LLC now owns 50,090 shares of the company's stock valued at $2,348,000 after buying an additional 8,547 shares in the last quarter. Finally, Point72 Europe London LLP acquired a new stake in Nextracker in the 2nd quarter worth about $4,984,000. Institutional investors and hedge funds own 67.41% of the company's stock.

Nextracker Trading Up 0.6 %

Shares of NASDAQ NXT traded up $0.23 during mid-day trading on Friday, reaching $36.59. 1,974,573 shares of the company's stock were exchanged, compared to its average volume of 3,841,957. The firm has a market capitalization of $5.31 billion, a price-to-earnings ratio of 10.89, a PEG ratio of 5.32 and a beta of 2.47. Nextracker Inc. has a 52-week low of $32.14 and a 52-week high of $62.31. The company's 50-day moving average is $38.99 and its 200-day moving average is $46.23. The company has a debt-to-equity ratio of 0.13, a quick ratio of 1.91 and a current ratio of 2.11.

Nextracker (NASDAQ:NXT - Get Free Report) last announced its quarterly earnings results on Thursday, August 1st. The company reported $0.93 earnings per share for the quarter, beating analysts' consensus estimates of $0.66 by $0.27. Nextracker had a net margin of 14.87% and a negative return on equity of 36.33%. The business had revenue of $719.92 million during the quarter, compared to analysts' expectations of $616.71 million. During the same period last year, the business earned $0.48 earnings per share. The business's revenue for the quarter was up 50.1% on a year-over-year basis. Analysts expect that Nextracker Inc. will post 2.57 EPS for the current fiscal year.

Wall Street Analyst Weigh In

A number of equities analysts have commented on NXT shares. Jefferies Financial Group began coverage on Nextracker in a report on Wednesday, September 4th. They set a "hold" rating and a $46.00 target price for the company. Bank of America raised their price objective on Nextracker from $64.00 to $66.00 and gave the company a "buy" rating in a report on Wednesday, July 17th. Cantor Fitzgerald reaffirmed an "overweight" rating and set a $55.00 target price on shares of Nextracker in a report on Friday, August 2nd. JPMorgan Chase & Co. decreased their price target on shares of Nextracker from $65.00 to $62.00 and set an "overweight" rating on the stock in a research note on Friday, August 2nd. Finally, Susquehanna initiated coverage on shares of Nextracker in a research note on Friday, June 28th. They set a "positive" rating and a $59.00 price objective for the company. Five equities research analysts have rated the stock with a hold rating and sixteen have given a buy rating to the company's stock. Based on data from MarketBeat.com, the stock presently has a consensus rating of "Moderate Buy" and an average target price of $57.90.

Nextracker Company 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.