Nextracker Inc. (NASDAQ:NXT) Shares Sold by DekaBank Deutsche Girozentrale

DekaBank Deutsche Girozentrale trimmed its position in shares of Nextracker Inc. (NASDAQ:NXT - Free Report) by 22.3% during the third quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The institutional investor owned 320,263 shares of the company's stock after selling 92,000 shares during the period. DekaBank Deutsche Girozentrale owned approximately 0.22% of Nextracker worth $12,003,000 as of its most recent SEC filing.

Several other hedge funds and other institutional investors have also modified their holdings of the company. 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 valued at $31,000 after purchasing an additional 279 shares in the last quarter. Fifth Third Bancorp lifted its stake 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 acquiring an additional 641 shares during the last quarter. TFC Financial Management Inc. acquired a new position in Nextracker during the 2nd quarter worth approximately $32,000. Rothschild Investment LLC purchased a new stake in shares of Nextracker in the 2nd quarter valued at approximately $35,000. Finally, Edmond DE Rothschild Holding S.A. acquired a new stake in shares of Nextracker in the 1st quarter valued at $44,000. 67.41% of the stock is currently owned by hedge funds and other institutional investors.

Analysts Set New Price Targets

A number of analysts have weighed in on the stock. Truist Financial cut their price objective on shares of Nextracker from $65.00 to $50.00 and set a "buy" rating on the stock in a report on Wednesday, October 16th. Susquehanna decreased their target price on Nextracker from $59.00 to $50.00 and set a "positive" rating for the company in a research report on Wednesday, October 16th. Bank of America raised their target price on shares of Nextracker from $64.00 to $66.00 and gave the stock a "buy" rating in a research report on Wednesday, July 17th. Roth Mkm decreased their price target on shares of Nextracker from $70.00 to $65.00 and set a "buy" rating for the company in a research note on Friday, August 2nd. Finally, JPMorgan Chase & Co. dropped their price objective on shares of Nextracker from $62.00 to $58.00 and set an "overweight" rating on the stock in a research note on Thursday, October 17th. 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, the stock currently has an average rating of "Moderate Buy" and a consensus target price of $56.35.

Nextracker Stock Down 1.1 %

NXT traded down $0.36 during trading hours on Wednesday, reaching $31.97. 5,155,336 shares of the stock traded hands, compared to its average volume of 3,715,073. Nextracker Inc. has a fifty-two week low of $30.93 and a fifty-two week high of $62.31. 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 company has a market cap of $4.65 billion, a price-to-earnings ratio of 8.58 and a beta of 2.47. The firm's fifty day simple moving average is $36.30 and its two-hundred day simple moving average is $43.75.

Nextracker (NASDAQ:NXT - Get Free Report) last posted its quarterly earnings data on Thursday, August 1st. The company reported $0.93 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.66 by $0.27. The company had revenue of $719.92 million for the quarter, compared to the consensus estimate of $616.71 million. Nextracker had a negative return on equity of 36.33% and a net margin of 14.87%. Nextracker's revenue for the quarter was up 50.1% compared to the same quarter last year. During the same period in the previous year, the business earned $0.48 EPS. As a group, analysts forecast that Nextracker Inc. will post 2.52 earnings per share for the current fiscal year.

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.