Advisors Asset Management Inc. Lowers Position in Nextracker Inc. (NASDAQ:NXT)

Advisors Asset Management Inc. lowered its stake in shares of Nextracker Inc. (NASDAQ:NXT) by 13.5% during the third quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The firm owned 4,323 shares of the company’s stock after selling 676 shares during the period. Advisors Asset Management Inc.’s holdings in Nextracker were worth $162,000 at the end of the most recent reporting period.

A number of other hedge funds also recently made changes to their positions in NXT. BNP PARIBAS ASSET MANAGEMENT Holding S.A. acquired a new stake in Nextracker during the 2nd quarter worth approximately $43,078,000. Zurcher Kantonalbank Zurich Cantonalbank increased its position in shares of Nextracker by 1,800.5% in the second quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 846,310 shares of the company’s stock worth $39,675,000 after acquiring an additional 801,780 shares in the last quarter. Principal Financial Group Inc. raised its stake 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 acquiring an additional 713,463 shares during the period. Bank of New York Mellon Corp lifted its holdings in shares of Nextracker by 146.2% during the 2nd quarter. Bank of New York Mellon Corp now owns 1,142,274 shares of the company’s stock valued at $53,550,000 after acquiring an additional 678,261 shares in the last quarter. Finally, Assenagon Asset Management S.A. boosted its position in Nextracker by 158.9% during the 3rd quarter. Assenagon Asset Management S.A. now owns 963,698 shares of the company’s stock worth $36,119,000 after purchasing an additional 591,488 shares during the period. Institutional investors and hedge funds own 67.41% of the company’s stock.

Nextracker Trading Down 3.9 %

NASDAQ:NXT opened at $38.16 on Friday. The company has a market cap of $5.55 billion, a PE ratio of 9.52 and a beta of 2.32. The business’s 50 day moving average is $36.78 and its two-hundred day moving average is $42.94. The company has a quick ratio of 1.99, a current ratio of 2.21 and a debt-to-equity ratio of 0.11. Nextracker Inc. has a 52 week low of $30.93 and a 52 week high of $62.31.

Wall Street Analyst Weigh In

Several research analysts have commented on the company. Guggenheim restated a “buy” rating and set a $55.00 price objective on shares of Nextracker in a research note on Friday, November 22nd. Piper Sandler dropped their target price on Nextracker from $60.00 to $47.00 and set an “overweight” rating on the stock in a report on Friday, November 22nd. Bank of America decreased their price target on Nextracker from $65.00 to $52.00 and set a “buy” rating for the company in a report on Thursday, November 7th. Jefferies Financial Group began coverage on shares of Nextracker in a research note on Wednesday, September 4th. They set a “hold” rating and a $46.00 price objective on the stock. Finally, Roth Mkm reduced their target price on shares of Nextracker from $70.00 to $65.00 and set a “buy” rating on the stock in a research report on Friday, August 2nd. Four investment analysts have rated the stock with a hold rating, sixteen have given a buy rating and one has given a strong buy rating to the company. According to MarketBeat, Nextracker currently has an average rating of “Moderate Buy” and an average price target of $54.30.

Nextracker 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.