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:NXTFree Report) 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.

Get Our Latest Stock Report on Nextracker

Nextracker Profile

(Free Report)

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.

See Also

Want to see what other hedge funds are holding NXT? Visit HoldingsChannel.com to get the latest 13F filings and insider trades for Nextracker Inc. (NASDAQ:NXTFree Report).

Institutional Ownership by Quarter for Nextracker (NASDAQ:NXT)

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