Nextracker Inc. (NASDAQ:NXT) Shares Acquired by Headlands Technologies LLC

Headlands Technologies LLC boosted its stake in shares of Nextracker Inc. (NASDAQ:NXT) by 1,005.4% during the 2nd quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The firm owned 45,364 shares of the company’s stock after buying an additional 41,260 shares during the quarter. Headlands Technologies LLC’s holdings in Nextracker were worth $2,127,000 as of its most recent filing with the Securities and Exchange Commission.

A number of other hedge funds also recently added to or reduced their stakes in NXT. Vanguard Group Inc. raised its stake in shares of Nextracker by 166.1% during the 1st quarter. Vanguard Group Inc. now owns 12,531,526 shares of the company’s stock worth $705,149,000 after buying an additional 7,821,368 shares during the last quarter. Norges Bank acquired a new position in Nextracker during the fourth quarter worth about $120,861,000. BNP PARIBAS ASSET MANAGEMENT Holding S.A. purchased a new stake in shares of Nextracker in the second quarter valued at about $43,078,000. Earnest Partners LLC acquired a new stake in shares of Nextracker in the first quarter valued at approximately $46,593,000. Finally, Zurcher Kantonalbank Zurich Cantonalbank increased its stake in shares of Nextracker by 1,800.5% during the 2nd quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 846,310 shares of the company’s stock worth $39,675,000 after purchasing an additional 801,780 shares in the last quarter. 67.41% of the stock is owned by hedge funds and other institutional investors.

Wall Street Analysts Forecast Growth

A number of equities research analysts recently issued reports on the company. Guggenheim reduced their target price on Nextracker from $60.00 to $55.00 and set a “buy” rating on the stock in a research note on Friday, August 16th. Susquehanna initiated coverage on Nextracker in a research report on Friday, June 28th. They set a “positive” rating and a $59.00 price objective for the company. BMO Capital Markets reduced their target price on shares of Nextracker from $62.00 to $56.00 and set a “market perform” rating on the stock in a report on Wednesday, May 15th. JPMorgan Chase & Co. decreased their price target on shares of Nextracker from $65.00 to $62.00 and set an “overweight” rating on the stock in a research note on Friday, August 2nd. Finally, Barclays cut their price objective on shares of Nextracker from $63.00 to $61.00 and set an “equal weight” rating for the company in a research report on Tuesday, July 16th. Five research analysts have rated the stock with a hold rating and eighteen have issued a buy rating to the company’s stock. According to data from MarketBeat.com, the stock presently has an average rating of “Moderate Buy” and a consensus target price of $57.91.

Nextracker Price Performance

NXT opened at $33.08 on Wednesday. Nextracker Inc. has a 52-week low of $32.14 and a 52-week high of $62.31. The company has a 50 day moving average of $42.93 and a two-hundred day moving average of $48.92. The company has a market cap of $4.81 billion, a P/E ratio of 9.85, a P/E/G ratio of 4.99 and a beta of 2.48. The company has a quick ratio of 1.91, a current ratio of 2.11 and a debt-to-equity ratio of 0.13.

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

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.