Covestor Ltd Has $113,000 Holdings in Nextracker Inc. (NASDAQ:NXT)

Covestor Ltd increased its stake in Nextracker Inc. (NASDAQ:NXT) by 240.9% in the 3rd quarter, HoldingsChannel.com reports. The fund owned 3,010 shares of the company’s stock after purchasing an additional 2,127 shares during the quarter. Covestor Ltd’s holdings in Nextracker were worth $113,000 at the end of the most recent quarter.

Other institutional investors also recently modified their holdings of the company. 1832 Asset Management L.P. lifted its holdings in shares of Nextracker by 0.3% in the 1st quarter. 1832 Asset Management L.P. now owns 80,190 shares of the company’s stock worth $4,512,000 after purchasing an additional 275 shares in the last quarter. GAMMA Investing LLC boosted 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 during the last quarter. Hilltop National Bank increased its holdings in Nextracker by 40.6% during the 2nd quarter. Hilltop National Bank now owns 1,187 shares of the company’s stock worth $56,000 after purchasing an additional 343 shares in the last quarter. Arizona State Retirement System raised its stake in shares of Nextracker by 1.1% in the second quarter. Arizona State Retirement System now owns 34,403 shares of the company’s stock worth $1,613,000 after purchasing an additional 372 shares during the last quarter. Finally, Wedbush Securities Inc. lifted its holdings in shares of Nextracker by 8.2% in the second quarter. Wedbush Securities Inc. now owns 6,080 shares of the company’s stock valued at $285,000 after purchasing an additional 461 shares in the last quarter. Institutional investors and hedge funds own 67.41% of the company’s stock.

Nextracker Price Performance

NASDAQ NXT opened at $38.18 on Wednesday. The company has a quick ratio of 1.99, a current ratio of 2.21 and a debt-to-equity ratio of 0.11. The company has a market cap of $5.56 billion, a PE ratio of 9.87 and a beta of 2.32. Nextracker Inc. has a 52 week low of $30.93 and a 52 week high of $62.31. The firm’s 50-day simple moving average is $36.16 and its two-hundred day simple moving average is $43.49.

Wall Street Analysts Forecast Growth

Several equities analysts have weighed in on NXT shares. Barclays dropped their price objective on Nextracker from $61.00 to $47.00 and set an “equal weight” rating on the stock in a research note on Thursday, October 3rd. JPMorgan Chase & Co. dropped their price target on shares of Nextracker from $62.00 to $58.00 and set an “overweight” rating on the stock in a research report on Thursday, October 17th. Cantor Fitzgerald reaffirmed an “overweight” rating and issued a $55.00 price objective on shares of Nextracker in a research report on Friday, August 2nd. Roth Mkm dropped their target price 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. Finally, Bank of America reduced their target price on Nextracker from $65.00 to $52.00 and set a “buy” rating for the company in a report on Thursday, November 7th. Five research analysts have rated the stock with a hold rating and fifteen have given a buy rating to the stock. According to MarketBeat.com, Nextracker presently has a consensus rating of “Moderate Buy” and a consensus price target of $54.95.

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.