Dimensional Fund Advisors LP Purchases 460,739 Shares of Nextracker Inc. (NASDAQ:NXT)

Dimensional Fund Advisors LP lifted its stake in shares of Nextracker Inc. (NASDAQ:NXT) by 35.3% in the second quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The fund owned 1,766,871 shares of the company’s stock after acquiring an additional 460,739 shares during the quarter. Dimensional Fund Advisors LP owned approximately 1.22% of Nextracker worth $82,844,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

A number of other hedge funds also recently made changes to their positions in the stock. Farmers & Merchants Trust Co of Chambersburg PA acquired a new stake in Nextracker during the first quarter worth approximately $25,000. GAMMA Investing LLC lifted its holdings in shares of Nextracker by 73.2% in the second quarter. GAMMA Investing LLC now owns 660 shares of the company’s stock valued at $31,000 after purchasing an additional 279 shares in the last quarter. TFC Financial Management Inc. bought a new position in shares of Nextracker in the second quarter valued at approximately $32,000. Fifth Third Bancorp lifted its holdings in shares of Nextracker by 1,602.5% in the second quarter. Fifth Third Bancorp now owns 681 shares of the company’s stock valued at $32,000 after purchasing an additional 641 shares in the last quarter. Finally, Lindbrook Capital LLC bought a new position in shares of Nextracker in the first quarter valued at approximately $34,000. 67.41% of the stock is currently owned by institutional investors.

Nextracker Price Performance

Shares of NASDAQ NXT opened at $36.41 on Thursday. The stock has a market cap of $5.29 billion, a PE ratio of 10.84, a price-to-earnings-growth ratio of 5.32 and a beta of 2.47. Nextracker Inc. has a fifty-two week low of $32.14 and a fifty-two week high of $62.31. The company has a debt-to-equity ratio of 0.13, a quick ratio of 1.91 and a current ratio of 2.11. The stock has a fifty day moving average of $40.59 and a 200-day moving average of $47.40.

Nextracker (NASDAQ:NXT) last announced its quarterly earnings results on Thursday, August 1st. The company reported $0.93 earnings per share for the quarter, beating the consensus estimate of $0.66 by $0.27. Nextracker had a negative return on equity of 36.33% and a net margin of 14.87%. The company had revenue of $719.92 million during the quarter, compared to analysts’ expectations of $616.71 million. During the same period in the previous year, the business earned $0.48 earnings per share. The firm’s quarterly revenue was up 50.1% compared to the same quarter last year. Equities research analysts anticipate that Nextracker Inc. will post 2.57 earnings per share for the current year.

Analyst Upgrades and Downgrades

A number of brokerages recently commented on NXT. Guggenheim dropped their price target on Nextracker from $60.00 to $55.00 and set a “buy” rating on the stock in a report on Friday, August 16th. Barclays dropped their price target on Nextracker from $63.00 to $61.00 and set an “equal weight” rating on the stock in a report on Tuesday, July 16th. Susquehanna initiated coverage on Nextracker in a report on Friday, June 28th. They set a “positive” rating and a $59.00 price target on the stock. Roth Mkm lowered their target price on Nextracker from $70.00 to $65.00 and set a “buy” rating on the stock in a research note on Friday, August 2nd. Finally, Truist Financial lowered their target price on Nextracker from $70.00 to $65.00 and set a “buy” rating on the stock in a research note on Monday, July 29th. Five investment analysts have rated the stock with a hold rating and seventeen have given a buy rating to the stock. According to MarketBeat, the stock has an average rating of “Moderate Buy” and a consensus price target of $58.18.

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.