Mutual of America Capital Management LLC Makes New $3.30 Million Investment in Nextracker Inc. (NASDAQ:NXT)

Mutual of America Capital Management LLC bought a new position in Nextracker Inc. (NASDAQ:NXT) in the 2nd quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The fund bought 70,357 shares of the company’s stock, valued at approximately $3,298,000.

Several other large investors also recently added to or reduced their stakes in the business. 1832 Asset Management L.P. grew its position in Nextracker by 0.3% in the first quarter. 1832 Asset Management L.P. now owns 80,190 shares of the company’s stock worth $4,512,000 after acquiring an additional 275 shares in the last quarter. GAMMA Investing LLC lifted its stake in shares of Nextracker by 73.2% in 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. Hilltop National Bank lifted its stake in shares of Nextracker by 40.6% in the second quarter. Hilltop National Bank now owns 1,187 shares of the company’s stock worth $56,000 after buying an additional 343 shares during the last quarter. Arizona State Retirement System lifted its stake in shares of Nextracker by 1.1% in the second quarter. Arizona State Retirement System now owns 34,403 shares of the company’s stock worth $1,613,000 after buying an additional 372 shares during the last quarter. Finally, Farmers & Merchants Trust Co of Chambersburg PA acquired a new stake in shares of Nextracker in the first quarter worth $25,000. 67.41% of the stock is owned by institutional investors.

Nextracker Stock Up 0.5 %

Shares of NASDAQ:NXT opened at $36.85 on Tuesday. Nextracker Inc. has a 12 month low of $32.14 and a 12 month high of $62.31. The company’s 50-day moving average price is $40.81 and its two-hundred day moving average price is $47.56. 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 firm has a market cap of $5.35 billion, a P/E ratio of 10.97, a P/E/G ratio of 5.16 and a beta of 2.47.

Nextracker (NASDAQ:NXT) last issued its quarterly earnings data on Thursday, August 1st. The company reported $0.93 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 firm had revenue of $719.92 million for the quarter, compared to analyst estimates of $616.71 million. During the same quarter in the prior year, the firm earned $0.48 EPS. The company’s revenue was up 50.1% on a year-over-year basis. As a group, research analysts forecast that Nextracker Inc. will post 2.57 EPS for the current fiscal year.

Analyst Ratings Changes

NXT has been the subject of a number of analyst reports. 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. Roth Mkm cut their target price on shares of Nextracker from $70.00 to $65.00 and set a “buy” rating for the company in a research note on Friday, August 2nd. Truist Financial cut their target price on shares of Nextracker from $70.00 to $65.00 and set a “buy” rating for the company in a research note on Monday, July 29th. Guggenheim cut their target price on shares of Nextracker from $60.00 to $55.00 and set a “buy” rating for the company in a research note on Friday, August 16th. Finally, Jefferies Financial Group began coverage on shares of Nextracker in a research note on Wednesday, September 4th. They set a “hold” rating and a $46.00 target price for the company. Five analysts have rated the stock with a hold rating and seventeen have issued a buy rating to the stock. According to MarketBeat, Nextracker has a consensus rating of “Moderate Buy” and an average target price of $58.18.

Nextracker 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.