Holocene Advisors LP Invests $45.42 Million in Nextracker Inc. (NASDAQ:NXT)

Holocene Advisors LP bought a new stake in Nextracker Inc. (NASDAQ:NXT) during the third quarter, Holdings Channel.com reports. The fund bought 1,211,732 shares of the company’s stock, valued at approximately $45,416,000.

A number of other hedge funds have also recently modified their holdings of NXT. GAMMA Investing LLC increased its position 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. TFC Financial Management Inc. acquired a new position in shares of Nextracker in the 2nd quarter valued at $32,000. Fifth Third Bancorp raised its position in Nextracker by 1,602.5% in the 2nd quarter. Fifth Third Bancorp now owns 681 shares of the company’s stock valued at $32,000 after purchasing an additional 641 shares during the last quarter. Rothschild Investment LLC acquired a new stake in Nextracker during the 2nd quarter worth $35,000. Finally, Hilltop National Bank grew its position in Nextracker by 40.6% during 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. 67.41% of the stock is owned by hedge funds and other institutional investors.

Analysts Set New Price Targets

A number of equities research analysts have recently commented on NXT shares. Jefferies Financial Group began coverage on shares of Nextracker in a report on Wednesday, September 4th. They issued a “hold” rating and a $46.00 target price for the company. Wells Fargo & Company decreased their price objective on Nextracker from $64.00 to $58.00 and set an “overweight” rating for the company in a research report on Tuesday, October 29th. BMO Capital Markets dropped their target price on Nextracker from $56.00 to $44.00 and set a “market perform” rating on the stock in a report on Monday, October 14th. Guggenheim restated a “buy” rating and set a $55.00 price target on shares of Nextracker in a research note on Friday, November 22nd. Finally, Truist Financial lifted their price objective on shares of Nextracker from $50.00 to $54.00 and gave the company a “buy” rating in a research report on Friday, November 1st. Four analysts have rated the stock with a hold rating, sixteen have assigned a buy rating and one has assigned a strong buy rating to the stock. According to MarketBeat.com, the stock currently has an average rating of “Moderate Buy” and a consensus target price of $54.30.

Nextracker Stock Performance

Shares of 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. The stock has a market cap of $5.81 billion, a PE ratio of 9.95 and a beta of 2.10. Nextracker Inc. has a 1 year low of $30.93 and a 1 year high of $62.31. The stock has a fifty day moving average price of $36.85 and a 200 day moving average price of $42.89.

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.