443,487 Shares in Nextracker Inc. (NASDAQ:NXT) Acquired by Cinctive Capital Management LP

Cinctive Capital Management LP acquired a new stake in Nextracker Inc. (NASDAQ:NXT) in the third quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The firm acquired 443,487 shares of the company’s stock, valued at approximately $16,622,000. Nextracker accounts for about 0.9% of Cinctive Capital Management LP’s portfolio, making the stock its 22nd largest holding.

Other hedge funds and other institutional investors have also recently modified their holdings of the company. GAMMA Investing LLC increased its holdings in Nextracker by 73.2% during the 2nd quarter. GAMMA Investing LLC now owns 660 shares of the company’s stock worth $31,000 after purchasing an additional 279 shares in the last quarter. TFC Financial Management Inc. bought a new stake in Nextracker in the 2nd quarter worth about $32,000. Fifth Third Bancorp increased its position in shares of Nextracker by 1,602.5% during the second quarter. Fifth Third Bancorp now owns 681 shares of the company’s stock valued at $32,000 after acquiring an additional 641 shares during the last quarter. Rothschild Investment LLC bought a new position in Nextracker during the second quarter valued at about $35,000. Finally, Hilltop National Bank grew its position in shares of Nextracker by 40.6% during the 2nd quarter. Hilltop National Bank now owns 1,187 shares of the company’s stock valued at $56,000 after acquiring an additional 343 shares during the period. Institutional investors own 67.41% of the company’s stock.

Nextracker Price Performance

Nextracker stock opened at $38.16 on Monday. The stock has a market cap of $5.55 billion, a price-to-earnings ratio of 9.52 and a beta of 2.32. 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 business has a 50-day simple moving average of $36.78 and a 200 day simple moving average of $42.92. Nextracker Inc. has a 52 week low of $30.93 and a 52 week high of $62.31.

Analyst Upgrades and Downgrades

A number of equities research analysts recently commented on the stock. Bank of America lowered their price target on shares of Nextracker from $65.00 to $52.00 and set a “buy” rating on the stock in a report on Thursday, November 7th. Guggenheim reaffirmed a “buy” rating and set a $55.00 price target on shares of Nextracker in a research report on Friday, November 22nd. Northland Securities restated an “outperform” rating and issued a $48.00 price objective on shares of Nextracker in a research note 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 on the stock in a report on Tuesday, October 29th. Finally, Robert W. Baird reduced their target price on shares of Nextracker from $71.00 to $53.00 and set an “outperform” rating for the company in a research note on Thursday, October 31st. Four equities research analysts have rated the stock with a hold rating, sixteen have given a buy rating and one has given a strong buy rating to the stock. Based on data from MarketBeat.com, Nextracker presently has an average rating of “Moderate Buy” and a consensus price target of $54.30.

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.