Handelsbanken Fonder AB Buys 84,069 Shares of Nextracker Inc. (NASDAQ:NXT)

Handelsbanken Fonder AB lifted its position in Nextracker Inc. (NASDAQ:NXT) by 5.3% in the third quarter, according to its most recent Form 13F filing with the SEC. The firm owned 1,675,617 shares of the company’s stock after purchasing an additional 84,069 shares during the period. Handelsbanken Fonder AB owned 1.15% of Nextracker worth $62,802,000 at the end of the most recent quarter.

Other hedge funds and other institutional investors have also made changes to their positions in the company. Farmers & Merchants Trust Co of Chambersburg PA purchased a new position in shares of Nextracker in the 1st quarter valued at $25,000. GAMMA Investing LLC increased its stake in Nextracker by 73.2% during the 2nd quarter. GAMMA Investing LLC now owns 660 shares of the company’s stock valued at $31,000 after purchasing an additional 279 shares in the last quarter. Bruce G. Allen Investments LLC purchased a new position in shares of Nextracker in the first quarter worth $37,000. Toth Financial Advisory Corp acquired a new stake in Nextracker during the 1st quarter worth about $38,000. Finally, Fifth Third Bancorp lifted its holdings in shares of Nextracker by 1,602.5% during the second quarter. Fifth Third Bancorp now owns 681 shares of the company’s stock worth $32,000 after purchasing an additional 641 shares during the period. Institutional investors own 67.41% of the company’s stock.

Analyst Ratings Changes

NXT has been the topic of a number of recent research reports. Cantor Fitzgerald reaffirmed an “overweight” rating and set a $55.00 target price on shares of Nextracker in a report on Friday, August 2nd. JPMorgan Chase & Co. reduced their price objective on 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 lowered their price target on shares of Nextracker from $70.00 to $65.00 and set a “buy” rating on the stock in a research report on Friday, August 2nd. Susquehanna began coverage on shares of Nextracker in a research note on Friday, June 28th. They issued a “positive” rating and a $59.00 target price on the stock. Finally, Bank of America upped 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. Five investment analysts have rated the stock with a hold rating and sixteen have assigned a buy rating to the stock. According to MarketBeat.com, the company has an average rating of “Moderate Buy” and a consensus price target of $57.90.

Nextracker Trading Up 0.6 %

Shares of Nextracker stock traded up $0.23 during trading hours on Friday, reaching $36.59. 1,974,573 shares of the company’s stock were exchanged, compared to its average volume of 3,841,957. Nextracker Inc. has a 52-week low of $32.14 and a 52-week 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. The company has a fifty day moving average of $38.99 and a 200-day moving average of $46.23. The firm has a market capitalization of $5.31 billion, a price-to-earnings ratio of 10.89, a price-to-earnings-growth ratio of 5.32 and a beta of 2.47.

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, topping the consensus estimate of $0.66 by $0.27. The company had revenue of $719.92 million during the quarter, compared to analyst estimates of $616.71 million. Nextracker had a net margin of 14.87% and a negative return on equity of 36.33%. The business’s quarterly revenue was up 50.1% compared to the same quarter last year. During the same quarter in the prior year, the business earned $0.48 earnings per share. Sell-side analysts forecast 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.