Harel Insurance Investments & Financial Services Ltd. Reduces Stock Holdings in Nextracker Inc. (NASDAQ:NXT)

Harel Insurance Investments & Financial Services Ltd. cut its holdings in Nextracker Inc. (NASDAQ:NXT) by 18.1% in the second quarter, according to the company in its most recent disclosure with the SEC. The fund owned 5,866 shares of the company’s stock after selling 1,300 shares during the quarter. Harel Insurance Investments & Financial Services Ltd.’s holdings in Nextracker were worth $275,000 at the end of the most recent reporting period.

Several other institutional investors have also added to or reduced their stakes in NXT. Mirae Asset Global Investments Co. Ltd. grew its holdings in shares of Nextracker by 19.2% during the fourth quarter. Mirae Asset Global Investments Co. Ltd. now owns 27,832 shares of the company’s stock valued at $1,304,000 after buying an additional 4,486 shares during the last quarter. Sumitomo Mitsui Trust Holdings Inc. purchased a new stake in Nextracker during the 4th quarter valued at about $558,000. Strs Ohio increased its holdings in shares of Nextracker by 107.7% in the fourth quarter. Strs Ohio now owns 5,400 shares of the company’s stock valued at $252,000 after purchasing an additional 2,800 shares during the period. Mackenzie Financial Corp purchased a new position in shares of Nextracker in the fourth quarter worth about $232,000. Finally, Zurcher Kantonalbank Zurich Cantonalbank lifted its holdings in shares of Nextracker by 98.7% during the fourth quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 19,983 shares of the company’s stock worth $936,000 after purchasing an additional 9,926 shares during the period. Institutional investors and hedge funds own 67.41% of the company’s stock.

Nextracker Trading Down 2.6 %

Shares of NXT stock traded down $1.03 during trading on Tuesday, hitting $39.25. 734,782 shares of the stock traded hands, compared to its average volume of 4,004,971. The firm has a market capitalization of $5.70 billion, a P/E ratio of 11.99 and a beta of 2.49. Nextracker Inc. has a 52-week low of $32.14 and a 52-week high of $62.31. The company has a debt-to-equity ratio of 0.15, a current ratio of 1.98 and a quick ratio of 1.76. The firm’s fifty day moving average price is $47.75 and its 200-day moving average price is $51.11.

Nextracker (NASDAQ:NXT) last announced its quarterly earnings results on Thursday, August 1st. The company reported $0.93 EPS for the quarter, beating the consensus estimate of $0.66 by $0.27. The business had revenue of $719.92 million for the quarter, compared to analyst estimates of $616.71 million. Nextracker had a negative return on equity of 20.75% and a net margin of 14.87%. The company’s quarterly revenue was up 50.1% on a year-over-year basis. During the same quarter in the prior year, the company posted $0.48 EPS. As a group, research analysts forecast that Nextracker Inc. will post 2.62 earnings per share for the current fiscal year.

Analyst Ratings Changes

NXT has been the topic of several research reports. Bank of America increased their price target on shares of Nextracker from $64.00 to $66.00 and gave the stock a “buy” rating in a report on Wednesday, July 17th. Wells Fargo & Company reduced their target price on shares of Nextracker from $68.00 to $64.00 and set an “overweight” rating for the company in a report on Wednesday, May 15th. Susquehanna began coverage on shares of Nextracker in a report on Friday, June 28th. They issued a “positive” rating and a $59.00 price target on the stock. Barclays reduced their price objective on Nextracker from $63.00 to $61.00 and set an “equal weight” rating for the company in a research note on Tuesday, July 16th. Finally, Northland Securities downgraded Nextracker from an “outperform” rating to a “market perform” rating and lowered their target price for the stock from $60.00 to $44.00 in a research note on Friday, April 26th. Four research analysts have rated the stock with a hold rating and eighteen have given a buy rating to the stock. Based on data from MarketBeat, the stock presently has an average rating of “Moderate Buy” and an average price target of $58.45.

Nextracker Company 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.