Nextracker Inc. (NASDAQ:NXT) Shares Sold by JPMorgan Chase & Co.

JPMorgan Chase & Co. lessened its stake in shares of Nextracker Inc. (NASDAQ:NXT) by 29.5% in the 3rd quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The fund owned 1,505,814 shares of the company’s stock after selling 628,699 shares during the period. JPMorgan Chase & Co. owned 1.03% of Nextracker worth $56,438,000 as of its most recent filing with the Securities & Exchange Commission.

Other hedge funds and other institutional investors have also recently bought and sold shares of the company. Rothschild Investment LLC acquired a new stake in Nextracker during the 2nd quarter worth $35,000. Rhumbline Advisers boosted its position in Nextracker by 99.7% during the second quarter. Rhumbline Advisers now owns 418,570 shares of the company’s stock worth $19,623,000 after acquiring an additional 208,953 shares during the last quarter. Oregon Public Employees Retirement Fund acquired a new position in Nextracker during the second quarter worth about $1,195,000. Victory Capital Management Inc. grew its stake in Nextracker by 5.7% during the 2nd quarter. Victory Capital Management Inc. now owns 2,052,437 shares of the company’s stock valued at $96,218,000 after acquiring an additional 110,707 shares in the last quarter. Finally, Arizona State Retirement System raised its holdings in Nextracker by 1.1% in the 2nd quarter. Arizona State Retirement System now owns 34,403 shares of the company’s stock valued at $1,613,000 after acquiring an additional 372 shares during the last quarter. 67.41% of the stock is owned by hedge funds and other institutional investors.

Analyst Upgrades and Downgrades

A number of equities research analysts have recently issued reports on the company. Northland Capmk upgraded Nextracker to a “strong-buy” rating in a research report on Tuesday, November 19th. Piper Sandler dropped their target price on Nextracker from $60.00 to $47.00 and set an “overweight” rating for the company in a report on Friday, November 22nd. Northland Securities reiterated an “outperform” rating and set a $48.00 price target on shares of Nextracker in a report on Tuesday, November 19th. Wells Fargo & Company dropped their price objective on shares of Nextracker from $64.00 to $58.00 and set an “overweight” rating for the company in a report on Tuesday, October 29th. Finally, Bank of America reduced their target price on shares of Nextracker from $65.00 to $52.00 and set a “buy” rating on the stock in a research note on Thursday, November 7th. Five research analysts have rated the stock with a hold rating, sixteen have issued a buy rating and one has assigned a strong buy rating to the company. Based on data from MarketBeat.com, the company has an average rating of “Moderate Buy” and a consensus target price of $52.90.

Nextracker Stock Performance

Shares of NXT stock opened at $39.63 on Friday. The firm has a 50 day moving average of $37.66 and a two-hundred day moving average of $40.03. The stock has a market capitalization of $5.77 billion, a PE ratio of 9.88 and a beta of 2.04. The company has a quick ratio of 1.99, a current ratio of 2.21 and a debt-to-equity ratio of 0.11. Nextracker Inc. has a 52 week low of $30.93 and a 52 week high of $62.31.

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.