Assenagon Asset Management S.A. Purchases 591,488 Shares of Nextracker Inc. (NASDAQ:NXT)

Assenagon Asset Management S.A. lifted its stake in shares of Nextracker Inc. (NASDAQ:NXT - Free Report) by 158.9% during the third quarter, according to its most recent filing with the Securities & Exchange Commission. The firm owned 963,698 shares of the company's stock after acquiring an additional 591,488 shares during the period. Assenagon Asset Management S.A. owned 0.66% of Nextracker worth $36,119,000 at the end of the most recent reporting period.

A number of other institutional investors also recently modified their holdings of the stock. Vanguard Group Inc. raised its holdings in Nextracker by 166.1% during the first quarter. Vanguard Group Inc. now owns 12,531,526 shares of the company's stock worth $705,149,000 after buying an additional 7,821,368 shares during the last quarter. BNP PARIBAS ASSET MANAGEMENT Holding S.A. acquired a new position in Nextracker during the second quarter worth $43,078,000. Earnest Partners LLC acquired a new position in Nextracker during the first quarter worth $46,593,000. Zurcher Kantonalbank Zurich Cantonalbank raised its holdings in Nextracker by 1,800.5% during the second quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 846,310 shares of the company's stock worth $39,675,000 after buying an additional 801,780 shares during the last quarter. Finally, Principal Financial Group Inc. raised its holdings in Nextracker by 2,854.7% during the second quarter. Principal Financial Group Inc. now owns 738,456 shares of the company's stock worth $34,619,000 after buying an additional 713,463 shares during the last quarter. Institutional investors and hedge funds own 67.41% of the company's stock.

Nextracker Stock Performance

NASDAQ:NXT traded up $0.17 on Friday, reaching $31.46. 2,032,444 shares of the company's stock were exchanged, compared to its average volume of 3,721,983. The company has a debt-to-equity ratio of 0.13, a current ratio of 2.11 and a quick ratio of 1.91. The firm has a market cap of $4.57 billion, a price-to-earnings ratio of 8.34 and a beta of 2.47. Nextracker Inc. has a 52 week low of $30.93 and a 52 week high of $62.31. The stock has a fifty day simple moving average of $36.75 and a 200-day simple moving average of $44.20.

Nextracker (NASDAQ:NXT - Get Free Report) last issued its earnings results on Thursday, August 1st. The company reported $0.93 earnings per share for the quarter, topping 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 firm had revenue of $719.92 million during the quarter, compared to analyst estimates of $616.71 million. During the same quarter last year, the business earned $0.48 earnings per share. The company's quarterly revenue was up 50.1% on a year-over-year basis. As a group, sell-side analysts predict that Nextracker Inc. will post 2.52 earnings per share for the current year.

Analyst Upgrades and Downgrades

Several brokerages have recently commented on NXT. Susquehanna lowered their target price on shares of Nextracker from $59.00 to $50.00 and set a "positive" rating for the company in a report on Wednesday, October 16th. Cantor Fitzgerald reiterated an "overweight" rating and issued a $55.00 target price on shares of Nextracker in a report on Friday, August 2nd. Guggenheim lowered their target price on shares of Nextracker from $60.00 to $55.00 and set a "buy" rating for the company in a report on Friday, August 16th. Bank of America increased their target price on shares of Nextracker from $64.00 to $66.00 and gave the company a "buy" rating in a report on Wednesday, July 17th. Finally, Barclays lowered their target price on shares of Nextracker from $61.00 to $47.00 and set an "equal weight" rating for the company in a report on Thursday, October 3rd. Five analysts have rated the stock with a hold rating and fifteen have given a buy rating to the company's stock. According to data from MarketBeat.com, Nextracker presently has an average rating of "Moderate Buy" and a consensus price target of $56.65.

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.