The Manufacturers Life Insurance Company Purchases 73,119 Shares of Nextracker Inc. (NASDAQ:NXT)

The Manufacturers Life Insurance Company increased its holdings in shares of Nextracker Inc. (NASDAQ:NXT) by 98.3% during the 2nd quarter, according to its most recent filing with the Securities and Exchange Commission. The firm owned 147,528 shares of the company’s stock after buying an additional 73,119 shares during the quarter. The Manufacturers Life Insurance Company owned 0.10% of Nextracker worth $6,916,000 as of its most recent SEC filing.

Other large investors have also recently added to or reduced their stakes in the company. KBC Group NV acquired a new position in shares of Nextracker during the fourth quarter worth $358,000. Intrinsic Edge Capital Management LLC purchased a new stake in shares of Nextracker in the fourth quarter worth approximately $468,000. Blue Door Asset Management LLC raised its position in Nextracker by 49.7% in the 4th quarter. Blue Door Asset Management LLC now owns 243,204 shares of the company’s stock valued at $11,394,000 after buying an additional 80,704 shares during the last quarter. Quarry LP boosted its holdings in Nextracker by 197.5% during the fourth quarter. Quarry LP now owns 1,428 shares of the company’s stock worth $67,000 after purchasing an additional 948 shares during the last quarter. Finally, Virtu Financial LLC purchased a new stake in shares of Nextracker during the fourth quarter valued at approximately $548,000. Institutional investors own 67.41% of the company’s stock.

Analyst Ratings Changes

NXT has been the subject of several analyst reports. Jefferies Financial Group initiated coverage on Nextracker in a research report on Wednesday, September 4th. They set a “hold” rating and a $46.00 price target on the stock. JPMorgan Chase & Co. dropped their target price on shares of Nextracker from $65.00 to $62.00 and set an “overweight” rating on the stock in a report on Friday, August 2nd. Susquehanna started coverage on Nextracker in a research note on Friday, June 28th. They issued a “positive” rating and a $59.00 target price on the stock. Truist Financial reduced their target price on Nextracker from $70.00 to $65.00 and set a “buy” rating for the company in a report on Monday, July 29th. Finally, Roth Mkm lowered their price target on Nextracker from $70.00 to $65.00 and set a “buy” rating on the stock in a report on Friday, August 2nd. Five analysts have rated the stock with a hold rating and sixteen have issued a buy rating to the company’s stock. Based on data from MarketBeat.com, the company presently has a consensus rating of “Moderate Buy” and an average target price of $57.90.

Nextracker Trading Up 0.6 %

Shares of NASDAQ:NXT opened at $36.59 on Friday. The company’s 50-day moving average price is $38.99 and its 200 day moving average price is $46.23. The company has a market cap of $5.31 billion, a PE ratio of 10.89, a P/E/G ratio of 5.32 and a beta of 2.47. The company has a quick ratio of 1.91, a current ratio of 2.11 and a debt-to-equity ratio of 0.13. Nextracker Inc. has a fifty-two week low of $32.14 and a fifty-two week high of $62.31.

Nextracker (NASDAQ:NXT) last released its earnings results on Thursday, August 1st. The company reported $0.93 EPS for the quarter, beating the consensus estimate 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 business earned $0.48 earnings per share. The business’s quarterly revenue was up 50.1% on a year-over-year basis. Sell-side analysts anticipate that Nextracker Inc. will post 2.57 earnings per share for the current year.

About Nextracker

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.