Nextracker Inc. (NASDAQ:NXT) Shares Sold by Primecap Management Co. CA

Primecap Management Co. CA cut its holdings in Nextracker Inc. (NASDAQ:NXT) by 2.8% during the second quarter, according to the company in its most recent Form 13F filing with the SEC. The firm owned 7,990,923 shares of the company’s stock after selling 226,590 shares during the quarter. Primecap Management Co. CA owned about 5.51% of Nextracker worth $374,614,000 as of its most recent filing with the SEC.

Other institutional investors and hedge funds have also made changes to their positions in the company. 1832 Asset Management L.P. grew its holdings in shares of Nextracker by 0.3% during the first quarter. 1832 Asset Management L.P. now owns 80,190 shares of the company’s stock worth $4,512,000 after buying an additional 275 shares during the last quarter. GAMMA Investing LLC grew its stake in shares of Nextracker by 73.2% in 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 shares of Nextracker by 40.6% in the second quarter. Hilltop National Bank now owns 1,187 shares of the company’s stock valued at $56,000 after purchasing an additional 343 shares during the period. Arizona State Retirement System raised its stake in shares of Nextracker by 1.1% during 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, Farmers & Merchants Trust Co of Chambersburg PA acquired a new stake in shares of Nextracker during the first quarter worth $25,000. 67.41% of the stock is owned by hedge funds and other institutional investors.

Analysts Set New Price Targets

A number of brokerages have commented on NXT. Guggenheim cut their price objective on shares of Nextracker from $60.00 to $55.00 and set a “buy” rating for the company in a research report on Friday, August 16th. Cantor Fitzgerald reissued an “overweight” rating and set a $55.00 price target on shares of Nextracker in a report on Friday, August 2nd. Roth Mkm lowered their price objective on Nextracker from $70.00 to $65.00 and set a “buy” rating on the stock in a report on Friday, August 2nd. Jefferies Financial Group initiated coverage on Nextracker in a research report on Wednesday, September 4th. They set a “hold” rating and a $46.00 target price on the stock. Finally, JPMorgan Chase & Co. reduced their price target on Nextracker from $65.00 to $62.00 and set an “overweight” rating for the company in a report on Friday, August 2nd. Five analysts have rated the stock with a hold rating and eighteen have issued a buy rating to the stock. Based on data from MarketBeat.com, Nextracker presently has an average rating of “Moderate Buy” and an average price target of $57.91.

Nextracker Stock Performance

Shares of NXT stock opened at $37.02 on Tuesday. The company has a debt-to-equity ratio of 0.13, a quick ratio of 1.91 and a current ratio of 2.11. The firm has a market capitalization of $5.37 billion, a price-to-earnings ratio of 11.02, a price-to-earnings-growth ratio of 5.16 and a beta of 2.47. Nextracker Inc. has a one year low of $32.14 and a one year high of $62.31. The company has a 50 day moving average price of $42.08 and a 200 day moving average price of $48.29.

Nextracker (NASDAQ:NXT) last released its quarterly earnings data on Thursday, August 1st. The company reported $0.93 EPS for the quarter, topping analysts’ consensus estimates of $0.66 by $0.27. Nextracker had a negative return on equity of 36.33% and a net margin of 14.87%. The business had revenue of $719.92 million during the quarter, compared to the consensus estimate of $616.71 million. During the same period in the prior year, the firm posted $0.48 EPS. The business’s revenue for the quarter was up 50.1% on a year-over-year basis. Sell-side analysts anticipate that Nextracker Inc. will post 2.57 EPS for the current year.

Nextracker Company 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.