CUSHING ASSET MANAGEMENT LP dba NXG INVESTMENT MANAGEMENT lowered its holdings in shares of Nextracker Inc. (NASDAQ:NXT - Free Report) by 50.0% in the 3rd quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The fund owned 22,000 shares of the company's stock after selling 22,000 shares during the quarter. CUSHING ASSET MANAGEMENT LP dba NXG INVESTMENT MANAGEMENT's holdings in Nextracker were worth $825,000 as of its most recent filing with the Securities & Exchange Commission.
Several other hedge funds and other institutional investors have also recently made changes to their positions in NXT. Wellington Management Group LLP purchased a new stake in Nextracker in the 4th quarter worth approximately $2,775,000. Vanguard Group Inc. increased its holdings in Nextracker by 4.8% in the 4th quarter. Vanguard Group Inc. now owns 4,710,158 shares of the company's stock worth $220,671,000 after acquiring an additional 216,674 shares in the last quarter. PNC Financial Services Group Inc. purchased a new stake in Nextracker in the 4th quarter worth approximately $183,000. Park Avenue Securities LLC purchased a new stake in Nextracker in the 1st quarter worth approximately $268,000. Finally, Gateway Investment Advisers LLC bought a new position in Nextracker in the 1st quarter worth approximately $432,000. Hedge funds and other institutional investors own 67.41% of the company's stock.
Nextracker Stock Down 1.7 %
Shares of Nextracker stock traded down $0.55 during trading on Tuesday, hitting $32.05. 2,520,204 shares of the stock traded hands, compared to its average volume of 3,741,773. The firm has a market cap of $4.65 billion, a P/E ratio of 9.54 and a beta of 2.47. The company has a current ratio of 2.11, a quick ratio of 1.91 and a debt-to-equity ratio of 0.13. Nextracker Inc. has a 52-week low of $31.79 and a 52-week high of $62.31. The stock's fifty day simple moving average is $37.18 and its 200 day simple moving average is $44.51.
Nextracker (NASDAQ:NXT - Get Free Report) last issued its quarterly earnings data 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 negative return on equity of 36.33% and a net margin of 14.87%. The company had revenue of $719.92 million for the quarter, compared to the consensus estimate of $616.71 million. During the same quarter last year, the company earned $0.48 earnings per share. The firm's revenue for the quarter was up 50.1% compared to the same quarter last year. On average, equities analysts predict that Nextracker Inc. will post 2.52 earnings per share for the current fiscal year.
Analyst Ratings Changes
Several research analysts have weighed in on the company. JPMorgan Chase & Co. dropped their price target on Nextracker from $62.00 to $58.00 and set an "overweight" rating for the company in a research note on Thursday, October 17th. Guggenheim lowered their target price on Nextracker from $60.00 to $55.00 and set a "buy" rating for the company in a research report on Friday, August 16th. Jefferies Financial Group initiated coverage on Nextracker in a research report on Wednesday, September 4th. They set a "hold" rating and a $46.00 target price for the company. Cantor Fitzgerald reiterated an "overweight" rating and set a $55.00 target price on shares of Nextracker in a research report on Friday, August 2nd. Finally, Truist Financial lowered their target price on Nextracker from $65.00 to $50.00 and set a "buy" rating for the company in a research report on Wednesday, October 16th. Five analysts have rated the stock with a hold rating and fifteen have assigned a buy rating to the company's stock. According to MarketBeat, Nextracker currently has a consensus rating of "Moderate Buy" and an average target price of $56.65.
Check Out Our Latest Stock Report on NXT
About Nextracker
(
Free Report)
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.
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