Zurcher Kantonalbank Zurich Cantonalbank Boosts Stock Position in Nextracker Inc. (NASDAQ:NXT)

Zurcher Kantonalbank Zurich Cantonalbank lifted its stake in shares of Nextracker Inc. (NASDAQ:NXT - Free Report) by 88.1% in the third quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The fund owned 1,591,975 shares of the company's stock after acquiring an additional 745,665 shares during the quarter. Zurcher Kantonalbank Zurich Cantonalbank owned approximately 1.09% of Nextracker worth $59,667,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

A number of other hedge funds and other institutional investors also recently made changes to their positions in NXT. Virtu Financial LLC raised its position in shares of Nextracker by 228.3% in the 1st quarter. Virtu Financial LLC now owns 38,393 shares of the company's stock worth $2,160,000 after acquiring an additional 26,700 shares in the last quarter. Diversify Advisory Services LLC bought a new stake in Nextracker in the second quarter worth approximately $1,270,000. Swedbank AB acquired a new position in Nextracker in the second quarter valued at approximately $4,622,000. Secure Asset Management LLC bought a new position in shares of Nextracker during the 3rd quarter worth approximately $1,370,000. Finally, Price T Rowe Associates Inc. MD grew its position in shares of Nextracker by 534.2% during the 1st quarter. Price T Rowe Associates Inc. MD now owns 175,047 shares of the company's stock worth $9,851,000 after buying an additional 147,446 shares during the period. 67.41% of the stock is owned by institutional investors and hedge funds.

Wall Street Analyst Weigh In

A number of research firms have commented on NXT. Guggenheim restated a "buy" rating and issued a $55.00 price target on shares of Nextracker in a report on Friday, November 22nd. Barclays decreased their target price on Nextracker from $61.00 to $47.00 and set an "equal weight" rating for the company in a research report on Thursday, October 3rd. Truist Financial increased their price target on Nextracker from $50.00 to $54.00 and gave the stock a "buy" rating in a report on Friday, November 1st. Jefferies Financial Group initiated coverage on Nextracker in a report on Wednesday, September 4th. They issued a "hold" rating and a $46.00 target price on the stock. Finally, Susquehanna decreased their price target on shares of Nextracker from $59.00 to $50.00 and set a "positive" rating for the company in a research note on Wednesday, October 16th. Four analysts have rated the stock with a hold rating, sixteen have given a buy rating and one has issued a strong buy rating to the stock. According to MarketBeat, the company has a consensus rating of "Moderate Buy" and a consensus target price of $54.30.

Nextracker Stock Performance

Nextracker stock traded up $0.84 during trading on Thursday, hitting $39.71. The stock had a trading volume of 1,187,776 shares, compared to its average volume of 3,681,310. Nextracker Inc. has a 1 year low of $30.93 and a 1 year high of $62.31. The company has a quick ratio of 1.99, a current ratio of 2.21 and a debt-to-equity ratio of 0.11. The stock's 50 day moving average is $36.69 and its two-hundred day moving average is $43.00. The stock has a market cap of $5.78 billion, a price-to-earnings ratio of 9.90 and a beta of 2.32.

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.