Raymond James & Associates Buys 25,080 Shares of Nextracker Inc. (NASDAQ:NXT)

Raymond James & Associates grew its stake in Nextracker Inc. (NASDAQ:NXT - Free Report) by 25.4% during the third quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The firm owned 123,905 shares of the company's stock after acquiring an additional 25,080 shares during the quarter. Raymond James & Associates owned about 0.09% of Nextracker worth $4,644,000 at the end of the most recent quarter.

A number of other institutional investors have also recently made changes to their positions in the business. Virtu Financial LLC increased its stake in shares of Nextracker by 228.3% in the 1st quarter. Virtu Financial LLC now owns 38,393 shares of the company's stock valued at $2,160,000 after purchasing an additional 26,700 shares in the last quarter. Diversify Advisory Services LLC acquired a new position in Nextracker during the second quarter worth $1,270,000. Sei Investments Co. lifted its stake in Nextracker by 509.6% during the first quarter. Sei Investments Co. now owns 244,474 shares of the company's stock worth $13,757,000 after purchasing an additional 204,369 shares in the last quarter. Swedbank AB acquired a new position in Nextracker during the second quarter worth $4,622,000. Finally, Secure Asset Management LLC purchased a new stake in shares of Nextracker during the third quarter worth $1,370,000. Institutional investors and hedge funds own 67.41% of the company's stock.

Analysts Set New Price Targets

Several equities analysts have issued reports on the company. Bank of America raised their price objective on Nextracker from $64.00 to $66.00 and gave the stock a "buy" rating in a report on Wednesday, July 17th. 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 research note on Thursday, October 3rd. Cantor Fitzgerald reiterated an "overweight" rating and issued a $55.00 price target on shares of Nextracker in a report on Friday, August 2nd. Susquehanna reduced their target price on shares of Nextracker from $59.00 to $50.00 and set a "positive" rating on the stock in a report on Wednesday, October 16th. Finally, Wells Fargo & Company reduced their target price on shares of Nextracker from $64.00 to $58.00 and set an "overweight" rating on the stock in a report on Tuesday, October 29th. Five equities research analysts have rated the stock with a hold rating and fifteen have issued a buy rating to the stock. According to data from MarketBeat.com, Nextracker presently has a consensus rating of "Moderate Buy" and a consensus target price of $55.65.

Nextracker Stock Down 0.5 %

Shares of NXT stock traded down $0.21 during trading on Friday, reaching $39.61. The company's stock had a trading volume of 4,577,277 shares, compared to its average volume of 2,761,495. The company has a quick ratio of 1.91, a current ratio of 2.21 and a debt-to-equity ratio of 0.11. The business has a fifty day moving average price of $36.10 and a 200-day moving average price of $43.59. Nextracker Inc. has a one year low of $30.93 and a one year high of $62.31. The company has a market cap of $5.76 billion, a price-to-earnings ratio of 9.88 and a beta of 2.32.

Nextracker (NASDAQ:NXT - Get Free Report) last posted its quarterly earnings results 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. Nextracker had a net margin of 17.26% and a return on equity of 559.17%. The firm had revenue of $719.92 million for the quarter, compared to analyst estimates of $616.71 million. During the same period in the prior year, the firm posted $0.48 earnings per share. The company's quarterly revenue was up 50.1% compared to the same quarter last year. Analysts anticipate that Nextracker Inc. will post 2.52 earnings per share for the current year.

About Nextracker

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.