Nextracker Inc. (NASDAQ:NXT) Holdings Cut by Jacobs Levy Equity Management Inc.

Jacobs Levy Equity Management Inc. lowered its holdings in Nextracker Inc. (NASDAQ:NXT - Free Report) by 73.3% in the third quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The firm owned 96,978 shares of the company's stock after selling 266,904 shares during the period. Jacobs Levy Equity Management Inc. owned 0.07% of Nextracker worth $3,635,000 as of its most recent SEC filing.

Other institutional investors have also recently added to or reduced their stakes in the company. Diversify Advisory Services LLC purchased a new stake in shares of Nextracker during the 2nd quarter valued at $1,270,000. Swedbank AB acquired a new position in Nextracker in the second quarter valued at $4,622,000. Secure Asset Management LLC purchased a new stake in Nextracker during the third quarter valued at about $1,370,000. BNP PARIBAS ASSET MANAGEMENT Holding S.A. grew its position in Nextracker by 33.5% during the third quarter. BNP PARIBAS ASSET MANAGEMENT Holding S.A. now owns 1,226,862 shares of the company's stock valued at $45,983,000 after acquiring an additional 307,956 shares during the period. Finally, Van ECK Associates Corp increased its stake in Nextracker by 30.7% during the third quarter. Van ECK Associates Corp now owns 60,613 shares of the company's stock worth $2,272,000 after acquiring an additional 14,249 shares during the last quarter. 67.41% of the stock is currently owned by institutional investors and hedge funds.

Nextracker Stock Down 0.4 %

NASDAQ:NXT traded down $0.13 during mid-day trading on Friday, reaching $36.29. The stock had a trading volume of 1,517,836 shares, compared to its average volume of 2,074,489. The stock's 50 day simple moving average is $36.91 and its two-hundred day simple moving average is $42.78. Nextracker Inc. has a 1-year low of $30.93 and a 1-year high of $62.31. The company has a market capitalization of $5.28 billion, a price-to-earnings ratio of 9.05 and a beta of 2.09. The company has a debt-to-equity ratio of 0.11, a current ratio of 2.21 and a quick ratio of 1.99.

Analyst Ratings Changes

NXT has been the subject of a number of research reports. JPMorgan Chase & Co. decreased their target price on Nextracker from $62.00 to $58.00 and set an "overweight" rating for the company in a report on Thursday, October 17th. BMO Capital Markets decreased their price objective on shares of Nextracker from $56.00 to $44.00 and set a "market perform" rating for the company in a research note on Monday, October 14th. Wells Fargo & Company cut their target price on shares of Nextracker from $64.00 to $58.00 and set an "overweight" rating on the stock in a research note on Tuesday, October 29th. Truist Financial upped their price target on shares of Nextracker from $50.00 to $54.00 and gave the stock a "buy" rating in a research report on Friday, November 1st. Finally, Northland Capmk raised Nextracker to a "strong-buy" rating in a research report on Tuesday, November 19th. Four investment analysts have rated the stock with a hold rating, sixteen have issued a buy rating and one has assigned a strong buy rating to the company. According to MarketBeat, Nextracker currently has a consensus rating of "Moderate Buy" and an average target price of $54.30.

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.