Edgestream Partners L.P. Takes $1.83 Million Position in Nextracker Inc. (NASDAQ:NXT)

Edgestream Partners L.P. purchased a new position in Nextracker Inc. (NASDAQ:NXT) in the 3rd quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The fund purchased 48,881 shares of the company’s stock, valued at approximately $1,832,000.

Other hedge funds have also recently made changes to their positions in the company. GAMMA Investing LLC increased its position in shares of Nextracker by 73.2% during the second 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. acquired a new position in Nextracker during the 2nd quarter valued at about $32,000. Fifth Third Bancorp raised its stake in Nextracker by 1,602.5% in the second quarter. Fifth Third Bancorp now owns 681 shares of the company’s stock valued at $32,000 after buying an additional 641 shares during the last quarter. Rothschild Investment LLC acquired a new stake in Nextracker in the second quarter worth about $35,000. Finally, Arcadia Investment Management Corp MI purchased a new stake in shares of Nextracker during the third quarter worth about $75,000. 67.41% of the stock is currently owned by hedge funds and other institutional investors.

Wall Street Analysts Forecast Growth

A number of research firms recently commented on NXT. Wells Fargo & Company lowered their target price on shares of Nextracker from $64.00 to $58.00 and set an “overweight” rating for the company in a research note on Tuesday, October 29th. Jefferies Financial Group initiated coverage on shares of Nextracker in a report on Wednesday, September 4th. They set a “hold” rating and a $46.00 price objective on the stock. Northland Securities reaffirmed an “outperform” rating and set a $48.00 price target on shares of Nextracker in a research report on Tuesday, November 19th. Piper Sandler dropped their price target on Nextracker from $60.00 to $47.00 and set an “overweight” rating on the stock in a research note on Friday, November 22nd. Finally, JPMorgan Chase & Co. reduced their price objective on Nextracker from $62.00 to $58.00 and set an “overweight” rating for the company in a research note on Thursday, October 17th. Four investment analysts have rated the stock with a hold rating, sixteen have issued a buy rating and one has given a strong buy rating to the stock. Based on data from MarketBeat.com, the company has an average rating of “Moderate Buy” and a consensus price target of $54.30.

Nextracker Trading Down 1.9 %

Shares of NASDAQ:NXT opened at $39.14 on Wednesday. The business’s 50 day moving average price is $36.89 and its 200-day moving average price is $42.86. Nextracker Inc. has a 1 year low of $30.93 and a 1 year high of $62.31. The firm has a market capitalization of $5.70 billion, a price-to-earnings ratio of 9.76 and a beta of 2.09. The company has a debt-to-equity ratio of 0.11, a current ratio of 2.21 and a quick ratio of 1.99.

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.