State of New Jersey Common Pension Fund D Has $1.94 Million Stake in Nextracker Inc. (NASDAQ:NXT)

State of New Jersey Common Pension Fund D raised its holdings in Nextracker Inc. (NASDAQ:NXT) by 11.9% in the third quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The firm owned 51,670 shares of the company’s stock after acquiring an additional 5,489 shares during the period. State of New Jersey Common Pension Fund D’s holdings in Nextracker were worth $1,937,000 as of its most recent filing with the Securities and Exchange Commission.

A number of other institutional investors and hedge funds have also recently added to or reduced their stakes in NXT. GAMMA Investing LLC grew its holdings in shares of Nextracker by 73.2% during the second quarter. GAMMA Investing LLC now owns 660 shares of the company’s stock worth $31,000 after buying an additional 279 shares in the last quarter. Fifth Third Bancorp grew its holdings in shares of Nextracker by 1,602.5% during the second quarter. Fifth Third Bancorp now owns 681 shares of the company’s stock worth $32,000 after buying an additional 641 shares in the last quarter. TFC Financial Management Inc. bought a new position in shares of Nextracker during the second quarter worth about $32,000. Rothschild Investment LLC bought a new position in shares of Nextracker during the second quarter worth about $35,000. Finally, Covestor Ltd grew its holdings in shares of Nextracker by 29,300.0% during the first quarter. Covestor Ltd now owns 882 shares of the company’s stock worth $49,000 after buying an additional 879 shares in the last quarter. 67.41% of the stock is owned by institutional investors and hedge funds.

Nextracker Stock Down 7.4 %

Shares of NXT opened at $36.80 on Monday. The company has a market capitalization of $5.36 billion, a PE ratio of 9.18 and a beta of 2.32. The company has a current ratio of 2.21, a quick ratio of 1.99 and a debt-to-equity ratio of 0.11. The stock’s 50-day moving average price is $36.30 and its two-hundred day moving average price is $43.34. Nextracker Inc. has a 12 month low of $30.93 and a 12 month high of $62.31.

Analyst Upgrades and Downgrades

A number of research analysts have weighed in on NXT shares. BMO Capital Markets decreased their price target on Nextracker from $56.00 to $44.00 and set a “market perform” rating for the company in a research note on Monday, October 14th. Guggenheim cut their price objective on Nextracker from $60.00 to $55.00 and set a “buy” rating for the company in a research report on Friday, August 16th. Barclays cut their price objective on Nextracker from $61.00 to $47.00 and set an “equal weight” rating for the company in a research report on Thursday, October 3rd. Bank of America dropped their price target on Nextracker from $65.00 to $52.00 and set a “buy” rating for the company in a report on Thursday, November 7th. Finally, Jefferies Financial Group initiated coverage on Nextracker in a report on Wednesday, September 4th. They set a “hold” rating and a $46.00 price target for the company. Five research analysts have rated the stock with a hold rating and fifteen have issued a buy rating to the company’s stock. Based on data from MarketBeat, Nextracker currently has a consensus rating of “Moderate Buy” and a consensus target price 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.