27,621 Shares in Nextracker Inc. (NASDAQ:NXT) Bought by Intech Investment Management LLC

Intech Investment Management LLC bought a new stake in Nextracker Inc. (NASDAQ:NXT) in the 3rd quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The firm bought 27,621 shares of the company’s stock, valued at approximately $1,035,000.

A number of other hedge funds have also recently made changes to their positions in NXT. Advisors Asset Management Inc. bought a new position in shares of Nextracker during the first quarter valued at $283,000. Price T Rowe Associates Inc. MD raised its position in Nextracker by 534.2% during the 1st quarter. Price T Rowe Associates Inc. MD now owns 175,047 shares of the company’s stock worth $9,851,000 after purchasing an additional 147,446 shares during the last quarter. Public Employees Retirement Association of Colorado acquired a new position in Nextracker during the 1st quarter worth about $506,000. Janus Henderson Group PLC grew its position in shares of Nextracker by 395.2% in the 1st quarter. Janus Henderson Group PLC now owns 465,591 shares of the company’s stock valued at $26,185,000 after buying an additional 371,564 shares during the last quarter. Finally, California State Teachers Retirement System increased its stake in shares of Nextracker by 136.3% in the first quarter. California State Teachers Retirement System now owns 124,330 shares of the company’s stock valued at $6,996,000 after buying an additional 71,711 shares during the period. 67.41% of the stock is owned by institutional investors and hedge funds.

Analyst Upgrades and Downgrades

Several brokerages recently commented on NXT. Jefferies Financial Group initiated coverage on Nextracker in a report on Wednesday, September 4th. They issued a “hold” rating and a $46.00 target price on the stock. Cantor Fitzgerald reiterated an “overweight” rating and set a $55.00 price objective on shares of Nextracker in a research report on Friday, August 2nd. Susquehanna cut their price target on shares of Nextracker from $59.00 to $50.00 and set a “positive” rating on the stock in a research report on Wednesday, October 16th. JPMorgan Chase & Co. lowered their price objective on Nextracker from $62.00 to $58.00 and set an “overweight” rating for the company in a research report on Thursday, October 17th. Finally, Wells Fargo & Company cut their target price on Nextracker from $64.00 to $58.00 and set an “overweight” rating on the stock in a research report on Tuesday, October 29th. Four equities research analysts have rated the stock with a hold rating, sixteen have issued a buy rating and one has assigned a strong buy rating to the company. According to MarketBeat, the company currently has a consensus rating of “Moderate Buy” and an average price target of $54.30.

Nextracker Price Performance

NXT stock opened at $39.71 on Thursday. The company has a debt-to-equity ratio of 0.11, a quick ratio of 1.99 and a current ratio of 2.21. The business has a 50-day simple moving average of $36.69 and a two-hundred day simple moving average of $43.00. The company has a market capitalization of $5.78 billion, a P/E ratio of 9.90 and a beta of 2.32. Nextracker Inc. has a 52-week low of $30.93 and a 52-week high of $62.31.

About Nextracker

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.