Texas Permanent School Fund Corp Takes Position in Nextracker Inc. (NASDAQ:NXT)

Texas Permanent School Fund Corp purchased a new position in shares of Nextracker Inc. (NASDAQ:NXT) during the 2nd quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The fund purchased 13,393 shares of the company’s stock, valued at approximately $628,000.

A number of other institutional investors have also added to or reduced their stakes in NXT. Farmers & Merchants Trust Co of Chambersburg PA bought a new position in Nextracker in the 1st quarter valued at $25,000. Lindbrook Capital LLC purchased a new stake in Nextracker during the first quarter worth about $34,000. GAMMA Investing LLC increased its holdings in Nextracker by 73.2% during the second quarter. GAMMA Investing LLC now owns 660 shares of the company’s stock worth $31,000 after buying an additional 279 shares during the last quarter. Bruce G. Allen Investments LLC bought a new stake in Nextracker in the first quarter worth about $37,000. Finally, Toth Financial Advisory Corp purchased a new position in Nextracker in the first quarter valued at about $38,000. 67.41% of the stock is owned by institutional investors.

Wall Street Analyst Weigh In

NXT has been the subject of several recent research reports. Barclays decreased their price objective on Nextracker from $63.00 to $61.00 and set an “equal weight” rating for the company in a report on Tuesday, July 16th. Roth Mkm lowered their price target 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. JPMorgan Chase & Co. dropped their price target on shares of Nextracker from $65.00 to $62.00 and set an “overweight” rating on the stock in a research note on Friday, August 2nd. Bank of America lifted their price objective on shares of Nextracker from $64.00 to $66.00 and gave the company a “buy” rating in a research note on Wednesday, July 17th. Finally, Jefferies Financial Group assumed coverage on shares of Nextracker in a report on Wednesday, September 4th. They set a “hold” rating and a $46.00 target price on the stock. Five research analysts have rated the stock with a hold rating and eighteen have given a buy rating to the company’s stock. According to MarketBeat.com, the company presently has a consensus rating of “Moderate Buy” and an average price target of $57.91.

Nextracker Trading Up 0.5 %

NASDAQ NXT opened at $36.66 on Friday. The stock has a 50-day moving average of $41.03 and a 200-day moving average of $47.79. The company has a current ratio of 2.11, a quick ratio of 1.91 and a debt-to-equity ratio of 0.13. Nextracker Inc. has a 1-year low of $32.14 and a 1-year high of $62.31. The firm has a market cap of $5.32 billion, a PE ratio of 10.91, a price-to-earnings-growth ratio of 5.16 and a beta of 2.47.

Nextracker (NASDAQ:NXT) last announced its quarterly earnings results on Thursday, August 1st. The company reported $0.93 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.66 by $0.27. The business had revenue of $719.92 million for the quarter, compared to analyst estimates of $616.71 million. Nextracker had a net margin of 14.87% and a negative return on equity of 36.33%. The company’s revenue was up 50.1% on a year-over-year basis. During the same quarter last year, the firm earned $0.48 EPS. As a group, sell-side analysts forecast that Nextracker Inc. will post 2.57 EPS for the current year.

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.