Nextracker Inc. (NASDAQ:NXT) Stock Position Boosted by First Eagle Investment Management LLC

First Eagle Investment Management LLC boosted its stake in Nextracker Inc. (NASDAQ:NXT) by 45.4% in the second quarter, according to its most recent filing with the Securities & Exchange Commission. The institutional investor owned 3,525 shares of the company’s stock after buying an additional 1,100 shares during the period. First Eagle Investment Management LLC’s holdings in Nextracker were worth $165,000 at the end of the most recent quarter.

A number of other institutional investors and hedge funds have also recently bought and sold shares of the stock. Vanguard Personalized Indexing Management LLC bought a new position in Nextracker in the 2nd quarter valued at about $228,000. Amalgamated Bank lifted its holdings in Nextracker by 1,287.9% in the 2nd quarter. Amalgamated Bank now owns 59,418 shares of the company’s stock valued at $2,786,000 after acquiring an additional 55,137 shares during the last quarter. Mutual of America Capital Management LLC acquired a new stake in Nextracker in the 2nd quarter valued at about $3,298,000. Virtu Financial LLC lifted its holdings in Nextracker by 81.4% in the 2nd quarter. Virtu Financial LLC now owns 69,634 shares of the company’s stock valued at $3,264,000 after acquiring an additional 31,241 shares during the last quarter. Finally, Dimensional Fund Advisors LP lifted its holdings in Nextracker by 35.3% in the 2nd quarter. Dimensional Fund Advisors LP now owns 1,766,871 shares of the company’s stock valued at $82,844,000 after acquiring an additional 460,739 shares during the last quarter. Institutional investors own 67.41% of the company’s stock.

Analysts Set New Price Targets

A number of equities research analysts have weighed in on the stock. Roth Mkm cut their price target on shares of Nextracker from $70.00 to $65.00 and set a “buy” rating for the company in a report on Friday, August 2nd. Cantor Fitzgerald reissued an “overweight” rating and issued a $55.00 price target on shares of Nextracker in a report on Friday, August 2nd. Jefferies Financial Group assumed coverage on shares of Nextracker in a report on Wednesday, September 4th. They issued a “hold” rating and a $46.00 price target for the company. Barclays cut their price target 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. Finally, JPMorgan Chase & Co. reduced their price objective on shares of Nextracker from $65.00 to $62.00 and set an “overweight” rating for the company in a research note on Friday, August 2nd. Five research analysts have rated the stock with a hold rating and eighteen have issued a buy rating to the company. Based on data from MarketBeat.com, the company currently has a consensus rating of “Moderate Buy” and a consensus target price of $57.91.

Nextracker Price Performance

NASDAQ NXT opened at $36.66 on Friday. The company has a 50 day simple moving average of $41.03 and a 200-day simple moving average of $47.79. The company has a debt-to-equity ratio of 0.13, a current ratio of 2.11 and a quick ratio of 1.91. The firm has a market capitalization of $5.32 billion, a price-to-earnings ratio of 10.91, a price-to-earnings-growth ratio of 5.16 and a beta of 2.47. Nextracker Inc. has a 52-week low of $32.14 and a 52-week high of $62.31.

Nextracker (NASDAQ:NXT) last posted 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. 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 during the quarter, compared to analyst estimates of $616.71 million. During the same period in the prior year, the firm earned $0.48 earnings per share. The firm’s revenue was up 50.1% compared to the same quarter last year. Equities research analysts predict that Nextracker Inc. will post 2.57 earnings per share for the current fiscal year.

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.