Oppenheimer Asset Management Inc. Buys 9,403 Shares of Nextracker Inc. (NASDAQ:NXT)

Oppenheimer Asset Management Inc. lifted its position in Nextracker Inc. (NASDAQ:NXT) by 41.5% during the 2nd quarter, according to its most recent disclosure with the SEC. The fund owned 32,083 shares of the company’s stock after purchasing an additional 9,403 shares during the period. Oppenheimer Asset Management Inc.’s holdings in Nextracker were worth $1,504,000 as of its most recent SEC filing.

Several other hedge funds also recently made changes to their positions in NXT. Farmers & Merchants Trust Co of Chambersburg PA bought a new position in Nextracker during the 1st quarter valued at approximately $25,000. Lindbrook Capital LLC purchased a new position in shares of Nextracker during the first quarter valued at approximately $34,000. GAMMA Investing LLC increased its stake in shares of Nextracker by 73.2% during the second quarter. GAMMA Investing LLC now owns 660 shares of the company’s stock valued at $31,000 after buying an additional 279 shares during the period. Bruce G. Allen Investments LLC purchased a new stake in Nextracker in the first quarter worth $37,000. Finally, Toth Financial Advisory Corp purchased a new stake in Nextracker in the first quarter worth $38,000. 67.41% of the stock is owned by hedge funds and other institutional investors.

Nextracker Price Performance

Shares of NASDAQ NXT opened at $36.84 on Thursday. The firm has a market cap of $5.35 billion, a P/E ratio of 10.96, a PEG ratio of 5.16 and a beta of 2.47. Nextracker Inc. has a twelve month low of $32.14 and a twelve month high of $62.31. The company has a quick ratio of 1.91, a current ratio of 2.11 and a debt-to-equity ratio of 0.13. The company has a 50 day moving average of $41.63 and a 200 day moving average of $48.07.

Nextracker (NASDAQ:NXT) last posted its quarterly earnings results on Thursday, August 1st. The company reported $0.93 earnings per share for the quarter, topping 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 during the quarter, compared to analysts’ expectations of $616.71 million. During the same quarter in the previous year, the business earned $0.48 earnings per share. The company’s revenue was up 50.1% on a year-over-year basis. As a group, research analysts expect that Nextracker Inc. will post 2.57 EPS for the current fiscal year.

Wall Street Analysts Forecast Growth

Several brokerages have commented on NXT. Bank of America upped their price objective on shares of Nextracker from $64.00 to $66.00 and gave the stock a “buy” rating in a report on Wednesday, July 17th. Barclays lowered their price objective on shares of Nextracker from $63.00 to $61.00 and set an “equal weight” rating for the company in a report on Tuesday, July 16th. Jefferies Financial Group assumed coverage on Nextracker in a report on Wednesday, September 4th. They set a “hold” rating and a $46.00 target price on the stock. Truist Financial lowered their target price on Nextracker from $70.00 to $65.00 and set a “buy” rating for the company in a research note on Monday, July 29th. Finally, Susquehanna began coverage on Nextracker in a research report on Friday, June 28th. They set a “positive” rating and a $59.00 price target on the stock. Five analysts have rated the stock with a hold rating and eighteen have assigned a buy rating to the company. Based on data from MarketBeat.com, Nextracker has an average rating of “Moderate Buy” and an average price target of $57.91.

Nextracker Company 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.