Harbor Capital Advisors Inc. Boosts Stock Position in Nextracker Inc. (NASDAQ:NXT)

Harbor Capital Advisors Inc. increased its position in Nextracker Inc. (NASDAQ:NXT) by 111.6% in the third quarter, Holdings Channel.com reports. The fund owned 75,032 shares of the company’s stock after acquiring an additional 39,567 shares during the quarter. Harbor Capital Advisors Inc.’s holdings in Nextracker were worth $2,812,000 at the end of the most recent reporting period.

Other hedge funds have also recently made changes to their positions in the company. GAMMA Investing LLC raised its position in Nextracker by 73.2% during the second quarter. GAMMA Investing LLC now owns 660 shares of the company’s stock valued at $31,000 after purchasing an additional 279 shares in the last quarter. TFC Financial Management Inc. purchased a new position in shares of Nextracker during the 2nd quarter worth approximately $32,000. Fifth Third Bancorp raised its position in shares of Nextracker by 1,602.5% in the 2nd quarter. Fifth Third Bancorp now owns 681 shares of the company’s stock worth $32,000 after purchasing an additional 641 shares during the last quarter. Rothschild Investment LLC purchased a new position in Nextracker in the second quarter worth about $35,000. Finally, Edmond DE Rothschild Holding S.A. bought a new position in Nextracker in the 1st quarter valued at approximately $44,000. 67.41% of the stock is currently owned by hedge funds and other institutional investors.

Nextracker Trading Up 5.9 %

Shares of NASDAQ:NXT opened at $41.96 on Tuesday. The stock has a 50 day moving average of $36.09 and a 200 day moving average of $43.57. The company has a market cap of $6.10 billion, a PE ratio of 10.46 and a beta of 2.32. Nextracker Inc. has a 12-month low of $30.93 and a 12-month high of $62.31. The company has a current ratio of 2.21, a quick ratio of 1.91 and a debt-to-equity ratio of 0.11.

Wall Street Analysts Forecast Growth

NXT has been the topic of several recent analyst reports. BMO Capital Markets dropped their price objective on Nextracker from $56.00 to $44.00 and set a “market perform” rating on the stock in a research report on Monday, October 14th. Jefferies Financial Group initiated coverage on shares of Nextracker in a report on Wednesday, September 4th. They set a “hold” rating and a $46.00 price target on the stock. Guggenheim decreased their price objective on shares of Nextracker from $60.00 to $55.00 and set a “buy” rating for the company in a report on Friday, August 16th. Cantor Fitzgerald restated an “overweight” rating and issued a $55.00 target price on shares of Nextracker in a report on Friday, August 2nd. Finally, Barclays decreased their target price on shares of Nextracker from $61.00 to $47.00 and set an “equal weight” rating for the company in a research note on Thursday, October 3rd. Five equities research analysts have rated the stock with a hold rating and fifteen have given a buy rating to the company’s stock. According to data from MarketBeat.com, the company currently has an average rating of “Moderate Buy” and a consensus price target of $55.65.

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.