Royce & Associates LP Buys Shares of 88,841 Nextracker Inc. (NASDAQ:NXT)

Royce & Associates LP purchased a new position in Nextracker Inc. (NASDAQ:NXT) in the third quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The firm purchased 88,841 shares of the company’s stock, valued at approximately $3,330,000.

Several other hedge funds also recently made changes to their positions in the stock. GAMMA Investing LLC increased its holdings in Nextracker by 73.2% during the 2nd quarter. GAMMA Investing LLC now owns 660 shares of the company’s stock worth $31,000 after acquiring an additional 279 shares during the period. TFC Financial Management Inc. bought a new position in shares of Nextracker in the second quarter worth $32,000. Fifth Third Bancorp raised its position in shares of Nextracker by 1,602.5% in 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. Rothschild Investment LLC bought a new stake in Nextracker during the second quarter valued at $35,000. Finally, Covestor Ltd grew its position in 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 currently owned by hedge funds and other institutional investors.

Analyst Upgrades and Downgrades

A number of brokerages have recently issued reports on NXT. JPMorgan Chase & Co. dropped their price target on Nextracker from $62.00 to $58.00 and set an “overweight” rating for the company in a research report on Thursday, October 17th. Guggenheim dropped their target price on shares of Nextracker from $60.00 to $55.00 and set a “buy” rating for the company in a research report on Friday, August 16th. Barclays decreased their price target on shares of Nextracker from $61.00 to $47.00 and set an “equal weight” rating on the stock in a report on Thursday, October 3rd. BMO Capital Markets dropped their price objective on shares of Nextracker from $56.00 to $44.00 and set a “market perform” rating for the company in a report on Monday, October 14th. Finally, Cantor Fitzgerald reissued an “overweight” rating and issued a $55.00 target price on shares of Nextracker in a research note on Friday, August 2nd. Five 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, the company presently has a consensus rating of “Moderate Buy” and an average price target of $54.95.

Nextracker Price Performance

Shares of Nextracker stock opened at $37.43 on Tuesday. The firm has a market cap of $5.45 billion, a PE ratio of 9.33 and a beta of 2.32. The company’s fifty day simple moving average is $36.37 and its two-hundred day simple moving average is $43.29. The company has a quick ratio of 1.99, a current ratio of 2.21 and a debt-to-equity ratio of 0.11. Nextracker Inc. has a 12-month low of $30.93 and a 12-month high of $62.31.

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.