Earnest Partners LLC Has $38.51 Million Stake in Nextracker Inc. (NASDAQ:NXT)

Earnest Partners LLC trimmed its holdings in Nextracker Inc. (NASDAQ:NXT) by 0.8% in the second quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The firm owned 821,448 shares of the company’s stock after selling 6,569 shares during the period. Earnest Partners LLC owned about 0.57% of Nextracker worth $38,509,000 as of its most recent filing with the Securities and Exchange Commission.

A number of other institutional investors and hedge funds have also recently added to or reduced their stakes in NXT. Vanguard Group Inc. grew its stake in Nextracker by 166.1% in the first quarter. Vanguard Group Inc. now owns 12,531,526 shares of the company’s stock valued at $705,149,000 after acquiring an additional 7,821,368 shares during the period. BNP PARIBAS ASSET MANAGEMENT Holding S.A. acquired a new position in Nextracker in the second quarter valued at about $43,078,000. Zurcher Kantonalbank Zurich Cantonalbank grew its stake in Nextracker by 1,800.5% in the second quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 846,310 shares of the company’s stock valued at $39,675,000 after acquiring an additional 801,780 shares during the period. Principal Financial Group Inc. grew its stake in Nextracker by 2,854.7% in the second quarter. Principal Financial Group Inc. now owns 738,456 shares of the company’s stock valued at $34,619,000 after acquiring an additional 713,463 shares during the period. Finally, Bank of New York Mellon Corp grew its stake in Nextracker by 146.2% in the second quarter. Bank of New York Mellon Corp now owns 1,142,274 shares of the company’s stock valued at $53,550,000 after acquiring an additional 678,261 shares during the period. 67.41% of the stock is owned by institutional investors and hedge funds.

Nextracker Price Performance

NASDAQ:NXT opened at $37.56 on Friday. 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 stock’s 50 day moving average price is $40.37 and its two-hundred day moving average price is $47.32. The firm has a market capitalization of $5.45 billion, a price-to-earnings ratio of 11.18, a P/E/G ratio of 5.32 and a beta of 2.47. Nextracker Inc. has a 12-month low of $32.14 and a 12-month high of $62.31.

Nextracker (NASDAQ:NXT) last released its quarterly earnings data on Thursday, August 1st. The company reported $0.93 earnings per share (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 business’s revenue for the quarter was up 50.1% compared to the same quarter last year. During the same quarter in the prior year, the company earned $0.48 earnings per share. On average, analysts anticipate that Nextracker Inc. will post 2.57 earnings per share for the current year.

Wall Street Analyst Weigh In

A number of research firms have issued reports on NXT. JPMorgan Chase & Co. decreased their target price on Nextracker from $65.00 to $62.00 and set an “overweight” rating for the company in a research note on Friday, August 2nd. Bank of America upped their price objective on Nextracker from $64.00 to $66.00 and gave the stock a “buy” rating in a research report on Wednesday, July 17th. Truist Financial reduced their price objective on Nextracker from $70.00 to $65.00 and set a “buy” rating for the company in a research report on Monday, July 29th. Guggenheim reduced their price objective on Nextracker from $60.00 to $55.00 and set a “buy” rating for the company in a research report on Friday, August 16th. Finally, Jefferies Financial Group started coverage on Nextracker in a research report on Wednesday, September 4th. They set a “hold” rating and a $46.00 price objective for the company. Five investment analysts have rated the stock with a hold rating and seventeen have given a buy rating to the company’s stock. Based on data from MarketBeat, Nextracker has an average 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.