Amalgamated Bank Acquires 55,137 Shares of Nextracker Inc. (NASDAQ:NXT)

Amalgamated Bank lifted its holdings in shares of Nextracker Inc. (NASDAQ:NXT) by 1,287.9% in the 2nd quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The institutional investor owned 59,418 shares of the company’s stock after acquiring an additional 55,137 shares during the period. Amalgamated Bank’s holdings in Nextracker were worth $2,786,000 at the end of the most recent reporting period.

Several other hedge funds and other institutional investors also recently made changes to their positions in the business. Charles Schwab Investment Management Inc. lifted its stake in Nextracker by 1.3% during the 4th quarter. Charles Schwab Investment Management Inc. now owns 385,820 shares of the company’s stock valued at $18,076,000 after acquiring an additional 5,012 shares in the last quarter. SCP Investment LP purchased a new position in Nextracker during the fourth quarter worth about $424,000. Teacher Retirement System of Texas bought a new stake in Nextracker in the 4th quarter worth about $265,000. UBS Group AG increased its stake in Nextracker by 75.6% in the 4th quarter. UBS Group AG now owns 207,983 shares of the company’s stock valued at $9,744,000 after buying an additional 89,563 shares during the last quarter. Finally, US Bancorp DE lifted its position in shares of Nextracker by 127.5% during the 4th quarter. US Bancorp DE now owns 19,401 shares of the company’s stock worth $909,000 after buying an additional 10,872 shares in the last quarter. 67.41% of the stock is owned by institutional investors.

Analyst Ratings Changes

A number of analysts recently commented on NXT shares. Bank of America increased their price target on Nextracker from $64.00 to $66.00 and gave the company a “buy” rating in a research report on Wednesday, July 17th. Susquehanna initiated coverage on shares of Nextracker in a report on Friday, June 28th. They issued a “positive” rating and a $59.00 price target on the stock. Guggenheim lowered their price objective on shares of Nextracker from $60.00 to $55.00 and set a “buy” rating on the stock in a research report on Friday, August 16th. Truist Financial reduced their target price on shares of Nextracker from $70.00 to $65.00 and set a “buy” rating for the company in a research report on Monday, July 29th. Finally, Roth Mkm cut their price target on Nextracker from $70.00 to $65.00 and set a “buy” rating for the company in a research note on Friday, August 2nd. Five investment analysts have rated the stock with a hold rating and seventeen have assigned a buy rating to the company. According to data from MarketBeat, Nextracker has a consensus rating of “Moderate Buy” and a consensus price target of $58.18.

Nextracker Stock Up 0.5 %

NXT stock opened at $36.85 on Tuesday. The company’s 50 day moving average is $40.81 and its 200 day moving average is $47.56. The stock has a market cap of $5.35 billion, a price-to-earnings ratio of 10.97, a price-to-earnings-growth ratio of 5.16 and a beta of 2.47. Nextracker Inc. has a 1-year low of $32.14 and a 1-year high of $62.31. 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 (NASDAQ:NXT) last announced its quarterly earnings data on Thursday, August 1st. The company reported $0.93 EPS for the quarter, beating the consensus estimate of $0.66 by $0.27. The firm had revenue of $719.92 million for the quarter, compared to analyst estimates of $616.71 million. Nextracker had a negative return on equity of 36.33% and a net margin of 14.87%. The company’s revenue was up 50.1% on a year-over-year basis. During the same period in the prior year, the company earned $0.48 EPS. Sell-side analysts predict that Nextracker Inc. will post 2.57 EPS for the current fiscal year.

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.