Vanguard Group Inc. Raises Holdings in Nextracker Inc. (NASDAQ:NXT)

Vanguard Group Inc. boosted its stake in shares of Nextracker Inc. (NASDAQ:NXT - Free Report) by 2.4% in the third quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 4,493,484 shares of the company's stock after buying an additional 105,200 shares during the quarter. Vanguard Group Inc. owned approximately 2.80% of Nextracker worth $180,458,000 as of its most recent SEC filing.

Several other large investors also recently added to or reduced their stakes in the stock. Alps Advisors Inc. increased its stake in shares of Nextracker by 43.8% during the third quarter. Alps Advisors Inc. now owns 188,457 shares of the company's stock valued at $7,568,000 after buying an additional 57,371 shares during the period. Federated Hermes Inc. bought a new stake in shares of Nextracker in the 3rd quarter valued at about $4,323,000. Rhumbline Advisers boosted its stake in shares of Nextracker by 61.6% during the third quarter. Rhumbline Advisers now owns 68,440 shares of the company's stock valued at $2,749,000 after purchasing an additional 26,092 shares in the last quarter. Versor Investments LP bought a new position in shares of Nextracker during the third quarter valued at approximately $450,000. Finally, Charles Schwab Investment Management Inc. increased its holdings in Nextracker by 23.9% during the third quarter. Charles Schwab Investment Management Inc. now owns 380,808 shares of the company's stock valued at $15,293,000 after buying an additional 73,413 shares during the period. 67.41% of the stock is owned by hedge funds and other institutional investors.

Wall Street Analyst Weigh In

Several brokerages have issued reports on NXT. Robert W. Baird started coverage on Nextracker in a research report on Thursday, March 21st. They set an "outperform" rating and a $71.00 target price on the stock. Roth Mkm lifted their target price on Nextracker from $60.00 to $70.00 and gave the company a "buy" rating in a research note on Thursday, February 1st. Guggenheim started coverage on shares of Nextracker in a research report on Thursday, February 8th. They set a "buy" rating and a $73.00 price target for the company. Daiwa Capital Markets began coverage on shares of Nextracker in a report on Monday. They issued an "outperform" rating and a $63.00 price target on the stock. Finally, JPMorgan Chase & Co. decreased their price objective on Nextracker from $73.00 to $67.00 and set an "overweight" rating for the company in a report on Thursday, February 29th. Two analysts have rated the stock with a hold rating and twenty have given a buy rating to the company's stock. According to data from MarketBeat.com, the company has an average rating of "Moderate Buy" and an average price target of $57.17.

Nextracker Stock Performance

NASDAQ NXT traded down $0.07 on Monday, reaching $56.20. 2,022,487 shares of the company's stock traded hands, compared to its average volume of 4,446,356. The stock has a 50 day moving average price of $56.33 and a 200-day moving average price of $45.87. The firm has a market cap of $7.67 billion, a price-to-earnings ratio of 30.05, a P/E/G ratio of 0.68 and a beta of 1.94. Nextracker Inc. has a fifty-two week low of $29.28 and a fifty-two week high of $62.14.

Nextracker (NASDAQ:NXT - Get Free Report) last issued its earnings results on Wednesday, January 31st. The company reported $0.88 EPS for the quarter, topping analysts' consensus estimates of $0.37 by $0.51. The firm had revenue of $710.43 million for the quarter, compared to the consensus estimate of $615.53 million. Nextracker had a negative return on equity of 5.98% and a net margin of 4.48%. As a group, equities research analysts anticipate that Nextracker Inc. will post 2.35 EPS for the current fiscal year.

Nextracker Profile

Nextracker Inc, an energy solutions company, provides solar tracker and software solutions for utility-scale and ground-mounted distributed generation solar projects worldwide. The company offers tracking solutions, which includes NX Horizon, a solar tracking solution; NX Gemini, a two-in-portrait format tracker, which holds two rows of solar panels along the central support beam; and NX Horizon-XTR, a terrain-following tracker designed to expand the addressable market for trackers on sites with sloped, uneven, and challenging terrain.