Nextracker Inc. (NASDAQ:NXT) Stock Holdings Lifted by Victory Capital Management Inc.

Victory Capital Management Inc. increased its holdings in Nextracker Inc. (NASDAQ:NXT - Free Report) by 15.4% in the 3rd quarter, according to its most recent disclosure with the SEC. The firm owned 2,367,636 shares of the company's stock after acquiring an additional 315,199 shares during the period. Victory Capital Management Inc. owned approximately 1.63% of Nextracker worth $88,739,000 at the end of the most recent quarter.

A number of other institutional investors and hedge funds also recently added to or reduced their stakes in the business. Vanguard Group Inc. boosted its stake in shares of Nextracker by 166.1% in the first 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 during the period. BNP PARIBAS ASSET MANAGEMENT Holding S.A. acquired a new position in Nextracker in the second quarter valued at approximately $43,078,000. Earnest Partners LLC purchased a new position in Nextracker in the first quarter valued at approximately $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 purchasing an additional 801,780 shares in the last quarter. Finally, Principal Financial Group Inc. grew its position 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 valued at $34,619,000 after buying an additional 713,463 shares during the last quarter. Hedge funds and other institutional investors own 67.41% of the company's stock.

Nextracker Stock Up 6.6 %

Shares of NXT stock traded up $2.46 during mid-day trading on Thursday, reaching $39.76. 3,396,148 shares of the company were exchanged, compared to its average volume of 3,752,473. The company has a market capitalization of $5.79 billion, a P/E ratio of 9.30 and a beta of 2.32. The company has a debt-to-equity ratio of 0.11, a quick ratio of 1.99 and a current ratio of 2.21. Nextracker Inc. has a fifty-two week low of $30.93 and a fifty-two week high of $62.31. The business's 50 day simple moving average is $36.18 and its 200 day simple moving average is $43.40.

Wall Street Analysts Forecast Growth

A number of analysts recently issued reports on NXT shares. Robert W. Baird decreased their target price on Nextracker from $71.00 to $53.00 and set an "outperform" rating for the company in a research report on Thursday, October 31st. Roth Mkm reduced their price target on shares of Nextracker from $70.00 to $65.00 and set a "buy" rating for the company in a research report on Friday, August 2nd. Barclays reduced their price objective 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. JPMorgan Chase & Co. lowered their price target on Nextracker from $62.00 to $58.00 and set an "overweight" rating for the company in a report on Thursday, October 17th. Finally, Jefferies Financial Group initiated coverage on shares of Nextracker in a research note on Wednesday, September 4th. They set a "hold" rating and a $46.00 price target on the stock. Five research analysts have rated the stock with a hold rating and fifteen have assigned a buy rating to the company. Based on data from MarketBeat, the stock has an average rating of "Moderate Buy" and an average target price of $54.95.

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.