Ace Management Global Ltd. Increases Stock Holdings in Nextracker Inc. (NASDAQ:NXT)

Ace Management Global Ltd. increased its position in shares of Nextracker Inc. (NASDAQ:NXT - Free Report) by 47.0% during the 3rd quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 167,219 shares of the company's stock after purchasing an additional 53,427 shares during the period. Nextracker accounts for about 1.9% of Ace Management Global Ltd.'s investment portfolio, making the stock its 7th largest holding. Ace Management Global Ltd. owned 0.12% of Nextracker worth $6,267,000 at the end of the most recent reporting period.

A number of other institutional investors have also recently added to or reduced their stakes in the company. Vanguard Group Inc. boosted its position in shares of Nextracker by 166.1% during the 1st quarter. Vanguard Group Inc. now owns 12,531,526 shares of the company's stock valued at $705,149,000 after purchasing an additional 7,821,368 shares in the last quarter. BNP PARIBAS ASSET MANAGEMENT Holding S.A. acquired a new position in shares of Nextracker in the 2nd quarter worth approximately $43,078,000. Earnest Partners LLC acquired a new position in shares of Nextracker in the 1st quarter worth approximately $46,593,000. Zurcher Kantonalbank Zurich Cantonalbank grew its stake in shares of Nextracker by 1,800.5% in the 2nd quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 846,310 shares of the company's stock worth $39,675,000 after purchasing an additional 801,780 shares during the last quarter. Finally, Principal Financial Group Inc. grew its stake in shares of Nextracker by 2,854.7% in the 2nd quarter. Principal Financial Group Inc. now owns 738,456 shares of the company's stock worth $34,619,000 after purchasing an additional 713,463 shares during the last quarter. 67.41% of the stock is currently owned by institutional investors and hedge funds.

Nextracker Stock Down 0.5 %

Shares of NXT stock traded down $0.21 during trading on Friday, hitting $39.61. 4,577,277 shares of the company were exchanged, compared to its average volume of 2,761,495. The company has a debt-to-equity ratio of 0.11, a quick ratio of 1.91 and a current ratio of 2.21. The firm has a market capitalization of $5.76 billion, a price-to-earnings ratio of 9.88 and a beta of 2.32. The business's 50-day simple moving average is $36.10 and its 200 day simple moving average is $43.60. Nextracker Inc. has a twelve month low of $30.93 and a twelve month high of $62.31.

Nextracker (NASDAQ:NXT - Get Free Report) last posted its earnings results on Thursday, August 1st. The company reported $0.93 earnings per share (EPS) for the quarter, beating analysts' consensus estimates of $0.66 by $0.27. The firm had revenue of $719.92 million during the quarter, compared to analysts' expectations of $616.71 million. Nextracker had a net margin of 17.26% and a return on equity of 559.17%. The company's revenue was up 50.1% compared to the same quarter last year. During the same period in the previous year, the company earned $0.48 earnings per share. As a group, analysts forecast that Nextracker Inc. will post 2.52 EPS for the current fiscal year.

Analyst Upgrades and Downgrades

NXT has been the topic of several recent research reports. BMO Capital Markets lowered their price objective on shares of Nextracker from $56.00 to $44.00 and set a "market perform" rating on the stock in a research note on Monday, October 14th. Guggenheim lowered their price objective on shares of Nextracker from $60.00 to $55.00 and set a "buy" rating on the stock in a research note on Friday, August 16th. Barclays lowered their price objective on shares of Nextracker from $61.00 to $47.00 and set an "equal weight" rating on the stock in a research note on Thursday, October 3rd. Truist Financial lifted their target price on shares of Nextracker from $50.00 to $54.00 and gave the stock a "buy" rating in a research report on Friday. Finally, Bank of America lifted 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. Five analysts have rated the stock with a hold rating and fifteen have given a buy rating to the stock. According to MarketBeat, the company presently has an average rating of "Moderate Buy" and a consensus price target of $55.65.

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.