Point72 Europe London LLP Buys New Shares in Nextracker Inc. (NASDAQ:NXT)

Point72 Europe London LLP bought a new position in shares of Nextracker Inc. (NASDAQ:NXT) during the fourth quarter, according to its most recent disclosure with the Securities & Exchange Commission. The institutional investor bought 136,807 shares of the company’s stock, valued at approximately $4,998,000. Point72 Europe London LLP owned 0.09% of Nextracker as of its most recent SEC filing.

Other hedge funds have also bought and sold shares of the company. Allworth Financial LP grew its holdings in shares of Nextracker by 52.4% during the fourth quarter. Allworth Financial LP now owns 803 shares of the company’s stock valued at $29,000 after buying an additional 276 shares during the last quarter. Sterling Capital Management LLC boosted its stake in Nextracker by 448.9% during the 4th quarter. Sterling Capital Management LLC now owns 1,290 shares of the company’s stock valued at $47,000 after purchasing an additional 1,055 shares during the last quarter. Millstone Evans Group LLC bought a new stake in Nextracker during the 4th quarter worth approximately $48,000. Principal Securities Inc. increased its holdings in Nextracker by 41.8% during the 4th quarter. Principal Securities Inc. now owns 1,390 shares of the company’s stock worth $51,000 after purchasing an additional 410 shares in the last quarter. Finally, Quadrant Capital Group LLC raised its stake in shares of Nextracker by 92.5% in the fourth quarter. Quadrant Capital Group LLC now owns 1,817 shares of the company’s stock worth $66,000 after purchasing an additional 873 shares during the last quarter. Institutional investors and hedge funds own 67.41% of the company’s stock.

Nextracker Stock Up 1.8%

NXT stock opened at $55.04 on Thursday. The stock has a fifty day moving average of $42.75 and a 200-day moving average of $41.63. Nextracker Inc. has a fifty-two week low of $30.93 and a fifty-two week high of $62.31. The company has a market capitalization of $8.01 billion, a price-to-earnings ratio of 14.01 and a beta of 2.03. The company has a debt-to-equity ratio of 0.10, a quick ratio of 1.96 and a current ratio of 2.20.

Wall Street Analyst Weigh In

Several research analysts recently issued reports on the company. Barclays cut their target price on Nextracker from $60.00 to $58.00 and set an “overweight” rating on the stock in a research report on Thursday, April 10th. BNP Paribas raised shares of Nextracker to a “strong-buy” rating in a report on Wednesday, January 29th. Royal Bank of Canada began coverage on shares of Nextracker in a report on Monday, March 17th. They issued an “outperform” rating and a $55.00 target price for the company. Jefferies Financial Group raised shares of Nextracker from a “hold” rating to a “buy” rating and raised their price target for the company from $46.00 to $56.00 in a research report on Wednesday, January 29th. Finally, UBS Group upped their price objective on shares of Nextracker from $60.00 to $66.00 and gave the stock a “buy” rating in a research report on Wednesday, January 29th. Four investment analysts have rated the stock with a hold rating, sixteen have given a buy rating and two have given a strong buy rating to the company’s stock. Based on data from MarketBeat, the stock currently has a consensus rating of “Moderate Buy” and a consensus target price of $55.70.

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.