Nextracker Inc. (NASDAQ:NXT) Position Raised by Victory Capital Management Inc.

Victory Capital Management Inc. raised its position in shares of Nextracker Inc. (NASDAQ:NXT) by 5.7% in the second quarter, according to the company in its most recent 13F filing with the SEC. The institutional investor owned 2,052,437 shares of the company’s stock after purchasing an additional 110,707 shares during the quarter. Victory Capital Management Inc. owned about 1.41% of Nextracker worth $96,218,000 as of its most recent SEC filing.

Several other hedge funds also recently modified their holdings of the company. Vanguard Group Inc. grew its position in Nextracker by 166.1% in the first quarter. Vanguard Group Inc. now owns 12,531,526 shares of the company’s stock worth $705,149,000 after buying an additional 7,821,368 shares during the last quarter. Norges Bank bought a new stake in shares of Nextracker during the 4th quarter worth $120,861,000. Assenagon Asset Management S.A. grew its holdings in shares of Nextracker by 21,759.3% in the 1st quarter. Assenagon Asset Management S.A. now owns 1,586,766 shares of the company’s stock worth $89,287,000 after acquiring an additional 1,579,507 shares during the last quarter. BNP PARIBAS ASSET MANAGEMENT Holding S.A. acquired a new stake in shares of Nextracker during the second quarter worth $43,078,000. Finally, Earnest Partners LLC purchased a new stake in shares of Nextracker during the first quarter valued at $46,593,000. 67.41% of the stock is currently owned by institutional investors and hedge funds.

Nextracker Price Performance

NASDAQ NXT opened at $34.60 on Friday. Nextracker Inc. has a fifty-two week low of $32.14 and a fifty-two week high of $62.31. The stock’s 50-day moving average is $43.43 and its two-hundred day moving average is $49.32. The firm has a market cap of $5.02 billion, a P/E ratio of 10.30, a price-to-earnings-growth ratio of 5.87 and a beta of 2.47. The company has a debt-to-equity ratio of 0.13, a current ratio of 2.11 and a quick ratio of 1.91.

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

Wall Street Analyst Weigh In

A number of brokerages recently weighed in on NXT. Fox Advisors raised Nextracker from an “equal weight” rating to an “overweight” rating and set a $60.00 price target on the stock in a research note on Wednesday, May 15th. Truist Financial 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 Monday, July 29th. Wells Fargo & Company lowered their price objective on shares of Nextracker from $68.00 to $64.00 and set an “overweight” rating on the stock in a research report on Wednesday, May 15th. Bank of America increased their target price on Nextracker from $64.00 to $66.00 and gave the company a “buy” rating in a report on Wednesday, July 17th. Finally, Jefferies Financial Group initiated coverage on Nextracker in a report on Wednesday. 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 eighteen have assigned a buy rating to the company’s stock. According to MarketBeat.com, the company presently has a consensus rating of “Moderate Buy” and a consensus price target of $57.91.

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.