GAMMA Investing LLC Raises Position in Nextracker Inc. (NASDAQ:NXT)

GAMMA Investing LLC lifted its stake in Nextracker Inc. (NASDAQ:NXT) by 83.2% in the 3rd quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The institutional investor owned 1,209 shares of the company’s stock after purchasing an additional 549 shares during the period. GAMMA Investing LLC’s holdings in Nextracker were worth $45,000 at the end of the most recent reporting period.

Other institutional investors also recently bought and sold shares of the company. Toth Financial Advisory Corp bought a new stake in Nextracker during the first quarter valued at about $38,000. Fifth Third Bancorp increased its holdings in Nextracker by 1,602.5% in the 2nd quarter. Fifth Third Bancorp now owns 681 shares of the company’s stock worth $32,000 after acquiring an additional 641 shares in the last quarter. TFC Financial Management Inc. bought a new stake in Nextracker during the 2nd quarter worth approximately $32,000. Rothschild Investment LLC purchased a new position in Nextracker during the second quarter valued at approximately $35,000. Finally, Edmond DE Rothschild Holding S.A. bought a new position in shares of Nextracker in the first quarter worth approximately $44,000. 67.41% of the stock is owned by institutional investors.

Nextracker Stock Performance

NASDAQ NXT opened at $33.57 on Friday. The business’s 50 day moving average price is $37.44 and its 200-day moving average price is $44.89. Nextracker Inc. has a fifty-two week low of $32.19 and a fifty-two week high of $62.31. The company has a market cap of $4.87 billion, a P/E ratio of 9.99, a P/E/G ratio of 5.19 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.

Nextracker (NASDAQ:NXT) last posted 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. Nextracker had a net margin of 14.87% and a negative return on equity of 36.33%. The business had revenue of $719.92 million for the quarter, compared to analysts’ expectations of $616.71 million. During the same quarter in the previous year, the business posted $0.48 earnings per share. The business’s revenue was up 50.1% compared to the same quarter last year. Sell-side analysts predict that Nextracker Inc. will post 2.52 earnings per share for the current year.

Analyst Ratings Changes

Several brokerages have recently commented on NXT. Truist Financial decreased their price objective on shares of Nextracker from $65.00 to $50.00 and set a “buy” rating on the stock in a research report on Wednesday. BMO Capital Markets lowered their price objective on Nextracker from $56.00 to $44.00 and set a “market perform” rating on the stock in a research report on Monday. Susquehanna cut their target price on Nextracker from $59.00 to $50.00 and set a “positive” rating for the company in a research report on Wednesday. Bank of America upped their price target on Nextracker from $64.00 to $66.00 and gave the stock a “buy” rating in a research note on Wednesday, July 17th. Finally, Jefferies Financial Group assumed coverage on shares of Nextracker in a research report on Wednesday, September 4th. They set a “hold” rating and a $46.00 price objective on the stock. Five equities research analysts have rated the stock with a hold rating and fifteen have issued a buy rating to the company. According to MarketBeat, Nextracker has an average rating of “Moderate Buy” and an average price target of $56.65.

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.