Proactive Wealth Strategies LLC Takes Position in Nextracker Inc. (NASDAQ:NXT)

Proactive Wealth Strategies LLC purchased a new position in shares of Nextracker Inc. (NASDAQ:NXT) during the third quarter, HoldingsChannel reports. The fund purchased 35,330 shares of the company’s stock, valued at approximately $1,324,000.

Several other hedge funds and other institutional investors have also bought and sold shares of the business. Vanguard Group Inc. boosted its stake in shares of Nextracker by 166.1% in the first quarter. Vanguard Group Inc. now owns 12,531,526 shares of the company’s stock valued at $705,149,000 after buying an additional 7,821,368 shares during the period. BNP PARIBAS ASSET MANAGEMENT Holding S.A. acquired a new position in Nextracker in the 2nd quarter valued at $43,078,000. Earnest Partners LLC bought a new stake in shares of Nextracker during the 1st quarter valued at $46,593,000. Zurcher Kantonalbank Zurich Cantonalbank increased its position in shares of Nextracker by 1,800.5% in the second 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 during the period. Finally, Principal Financial Group Inc. raised its stake in Nextracker by 2,854.7% in the second quarter. Principal Financial Group Inc. now owns 738,456 shares of the company’s stock valued at $34,619,000 after purchasing an additional 713,463 shares in the last quarter. Institutional investors and hedge funds own 67.41% of the company’s stock.

Nextracker Stock Performance

NXT opened at $39.58 on Tuesday. Nextracker Inc. has a 1-year low of $30.93 and a 1-year high of $62.31. The company has a market cap of $5.76 billion, a price-to-earnings ratio of 9.87 and a beta of 2.32. The company’s fifty day moving average price is $36.16 and its two-hundred day moving average price is $43.49. The company has a current ratio of 2.21, a quick ratio of 1.99 and a debt-to-equity ratio of 0.11.

Analyst Upgrades and Downgrades

A number of analysts have recently weighed in on the stock. Wells Fargo & Company cut their price target on shares of Nextracker from $64.00 to $58.00 and set an “overweight” rating for the company in a report on Tuesday, October 29th. Barclays reduced their target price on Nextracker from $61.00 to $47.00 and set an “equal weight” rating on the stock in a report on Thursday, October 3rd. BMO Capital Markets lowered their price target on Nextracker from $56.00 to $44.00 and set a “market perform” rating for the company in a report on Monday, October 14th. Truist Financial raised their price objective on Nextracker from $50.00 to $54.00 and gave the company a “buy” rating in a research note on Friday, November 1st. Finally, Bank of America lowered their target price on Nextracker from $65.00 to $52.00 and set a “buy” rating for the company in a research note on Thursday, November 7th. Five investment analysts have rated the stock with a hold rating and fifteen have given a buy rating to the company’s stock. According to MarketBeat.com, the company presently has an average 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.