Nextracker Inc. (NASDAQ:NXT) Shares Bought by Sycomore Asset Management

Sycomore Asset Management lifted its stake in shares of Nextracker Inc. (NASDAQ:NXT) by 9.9% during the 2nd quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The firm owned 239,883 shares of the company’s stock after acquiring an additional 21,688 shares during the period. Nextracker accounts for about 2.0% of Sycomore Asset Management’s investment portfolio, making the stock its 16th largest position. Sycomore Asset Management owned 0.17% of Nextracker worth $11,176,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Other hedge funds have also modified their holdings of the company. 1832 Asset Management L.P. grew its position in Nextracker by 0.3% during the first quarter. 1832 Asset Management L.P. now owns 80,190 shares of the company’s stock valued at $4,512,000 after acquiring an additional 275 shares during the period. GAMMA Investing LLC grew its holdings in shares of Nextracker by 73.2% during the 2nd quarter. GAMMA Investing LLC now owns 660 shares of the company’s stock worth $31,000 after purchasing an additional 279 shares during the period. Hilltop National Bank increased its position in Nextracker by 40.6% during the 2nd quarter. Hilltop National Bank now owns 1,187 shares of the company’s stock worth $56,000 after purchasing an additional 343 shares in the last quarter. Arizona State Retirement System raised its holdings in Nextracker by 1.1% in the second quarter. Arizona State Retirement System now owns 34,403 shares of the company’s stock valued at $1,613,000 after buying an additional 372 shares during the period. Finally, Farmers & Merchants Trust Co of Chambersburg PA purchased a new position in Nextracker in the first quarter valued at approximately $25,000. 67.41% of the stock is owned by institutional investors and hedge funds.

Nextracker Stock Performance

NXT stock opened at $37.48 on Tuesday. Nextracker Inc. has a 1 year low of $32.14 and a 1 year high of $62.31. The stock has a market capitalization of $5.44 billion, a price-to-earnings ratio of 11.15, a PEG ratio of 5.32 and a beta of 2.47. 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’s fifty day moving average is $39.80 and its two-hundred day moving average is $46.76.

Nextracker (NASDAQ:NXT) last announced its 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 firm had revenue of $719.92 million for the quarter, compared to the consensus estimate of $616.71 million. During the same quarter in the previous year, the business earned $0.48 EPS. The firm’s revenue for the quarter was up 50.1% on a year-over-year basis. On average, research analysts predict that Nextracker Inc. will post 2.57 EPS for the current year.

Analyst Ratings Changes

Several equities research analysts have recently issued reports on the stock. Jefferies Financial Group assumed coverage on shares of Nextracker in a research report on Wednesday, September 4th. They issued a “hold” rating and a $46.00 price objective for the company. Roth Mkm lowered their price target on Nextracker from $70.00 to $65.00 and set a “buy” rating for the company in a report on Friday, August 2nd. Bank of America boosted their price objective on Nextracker from $64.00 to $66.00 and gave the stock a “buy” rating in a research note on Wednesday, July 17th. JPMorgan Chase & Co. decreased their target price on Nextracker from $65.00 to $62.00 and set an “overweight” rating for the company in a research report on Friday, August 2nd. Finally, Cantor Fitzgerald reiterated an “overweight” rating and set a $55.00 target price on shares of Nextracker in a report on Friday, August 2nd. Five research analysts have rated the stock with a hold rating and seventeen have given a buy rating to the stock. Based on data from MarketBeat.com, the company has a consensus 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.