Bank of Montreal Can Purchases 3,719 Shares of Nextracker Inc. (NASDAQ:NXT)

Bank of Montreal Can raised its holdings in Nextracker Inc. (NASDAQ:NXT) by 7.1% in the third quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The firm owned 56,147 shares of the company’s stock after acquiring an additional 3,719 shares during the period. Bank of Montreal Can’s holdings in Nextracker were worth $2,184,000 as of its most recent filing with the Securities and Exchange Commission.

Several other large investors also recently modified their holdings of the business. DRW Securities LLC raised its stake in shares of Nextracker by 92.6% in the 3rd quarter. DRW Securities LLC now owns 52,000 shares of the company’s stock valued at $1,949,000 after purchasing an additional 25,000 shares during the period. Westfield Capital Management Co. LP grew its holdings in shares of Nextracker by 4.3% during the third quarter. Westfield Capital Management Co. LP now owns 1,065,121 shares of the company’s stock worth $39,921,000 after buying an additional 44,152 shares in the last quarter. Algert Global LLC raised its position in Nextracker by 13.2% in the 3rd quarter. Algert Global LLC now owns 117,279 shares of the company’s stock valued at $4,396,000 after buying an additional 13,697 shares during the last quarter. Otter Creek Advisors LLC lifted its stake in Nextracker by 1.2% in the 3rd quarter. Otter Creek Advisors LLC now owns 89,097 shares of the company’s stock valued at $3,339,000 after acquiring an additional 1,040 shares in the last quarter. Finally, Charles Schwab Investment Management Inc. boosted its position in Nextracker by 24.7% during the 3rd quarter. Charles Schwab Investment Management Inc. now owns 1,320,916 shares of the company’s stock worth $49,508,000 after acquiring an additional 261,523 shares during the last quarter. 67.41% of the stock is currently owned by institutional investors.

Analyst Ratings Changes

A number of analysts have recently issued reports on NXT shares. Guggenheim reiterated a “buy” rating and issued a $55.00 price objective on shares of Nextracker in a report on Friday, November 22nd. Wells Fargo & Company cut their price target on shares of Nextracker from $64.00 to $58.00 and set an “overweight” rating on the stock in a research report on Tuesday, October 29th. Barclays reduced their price objective on shares of Nextracker from $61.00 to $47.00 and set an “equal weight” rating for the company in a research note on Thursday, October 3rd. JPMorgan Chase & Co. lowered their target price on Nextracker from $62.00 to $58.00 and set an “overweight” rating on the stock in a research report on Thursday, October 17th. Finally, Jefferies Financial Group began coverage on Nextracker in a research report on Wednesday, September 4th. They set a “hold” rating and a $46.00 price target for the company. Four analysts have rated the stock with a hold rating, sixteen have given a buy rating and one has issued a strong buy rating to the company’s stock. According to data from MarketBeat, the company has an average rating of “Moderate Buy” and an average price target of $54.30.

Nextracker Stock Performance

Shares of NXT stock opened at $36.42 on Friday. Nextracker Inc. has a 52 week low of $30.93 and a 52 week high of $62.31. The company has a market capitalization of $5.30 billion, a price-to-earnings ratio of 9.08 and a beta of 2.09. The company has a 50-day simple moving average of $36.91 and a 200 day simple moving average of $42.78. The company has a debt-to-equity ratio of 0.11, a quick ratio of 1.99 and a current ratio of 2.21.

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.