HITE Hedge Asset Management LLC Acquires Shares of 11,604 Nextracker Inc. (NASDAQ:NXT)

HITE Hedge Asset Management LLC acquired a new stake in Nextracker Inc. (NASDAQ:NXT) in the 3rd quarter, HoldingsChannel.com reports. The firm acquired 11,604 shares of the company’s stock, valued at approximately $435,000.

A number of other hedge funds have also recently modified their holdings of NXT. GAMMA Investing LLC boosted its stake in 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 during the period. Hilltop National Bank grew its position in Nextracker by 40.6% in the 2nd quarter. Hilltop National Bank now owns 1,187 shares of the company’s stock worth $56,000 after purchasing an additional 343 shares during the last quarter. Arizona State Retirement System boosted its holdings in Nextracker by 1.1% during the second quarter. Arizona State Retirement System now owns 34,403 shares of the company’s stock worth $1,613,000 after buying an additional 372 shares in the last quarter. Wedbush Securities Inc. increased its stake in shares of Nextracker by 8.2% during the 2nd quarter. Wedbush Securities Inc. now owns 6,080 shares of the company’s stock worth $285,000 after purchasing an additional 461 shares during the last quarter. Finally, Graybill Wealth Management LTD. lifted its holdings in shares of Nextracker by 1.7% during the 2nd quarter. Graybill Wealth Management LTD. now owns 29,678 shares of the company’s stock worth $1,391,000 after acquiring an additional 483 shares during the period. Hedge funds and other institutional investors own 67.41% of the company’s stock.

Nextracker Stock Up 4.5 %

NXT stock opened at $39.89 on Tuesday. The company has a debt-to-equity ratio of 0.11, a quick ratio of 1.99 and a current ratio of 2.21. Nextracker Inc. has a fifty-two week low of $30.93 and a fifty-two week high of $62.31. The company has a market cap of $5.81 billion, a P/E ratio of 9.95 and a beta of 2.10. The stock’s 50 day simple moving average is $36.85 and its 200 day simple moving average is $42.89.

Analyst Ratings Changes

Several analysts have recently issued reports on NXT shares. Guggenheim reiterated a “buy” rating and issued a $55.00 target price on shares of Nextracker in a research note on Friday, November 22nd. JPMorgan Chase & Co. cut their price target on Nextracker from $62.00 to $58.00 and set an “overweight” rating on the stock in a report on Thursday, October 17th. Northland Capmk raised Nextracker to a “strong-buy” rating in a report on Tuesday, November 19th. Truist Financial increased their price target on shares of Nextracker from $50.00 to $54.00 and gave the company a “buy” rating in a research note on Friday, November 1st. Finally, Susquehanna reduced their price target on shares of Nextracker from $59.00 to $50.00 and set a “positive” rating on the stock in a research report on Wednesday, October 16th. Four equities research analysts have rated the stock with a hold rating, sixteen have issued a buy rating and one has issued a strong buy rating to the company. Based on data from MarketBeat.com, the company currently has a consensus rating of “Moderate Buy” and an average target price of $54.30.

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.