Commonwealth Equity Services LLC Decreases Stock Holdings in Nextracker Inc. (NASDAQ:NXT)

Commonwealth Equity Services LLC reduced its holdings in Nextracker Inc. (NASDAQ:NXT) by 54.6% in the second quarter, according to its most recent filing with the Securities & Exchange Commission. The institutional investor owned 22,727 shares of the company’s stock after selling 27,374 shares during the period. Commonwealth Equity Services LLC’s holdings in Nextracker were worth $1,065,000 as of its most recent filing with the Securities & Exchange Commission.

A number of other institutional investors and hedge funds have also made changes to their positions in the business. Farmers & Merchants Trust Co of Chambersburg PA purchased a new stake in shares of Nextracker in the first quarter valued at $25,000. Lindbrook Capital LLC purchased a new stake in Nextracker in the 1st quarter worth about $34,000. GAMMA Investing LLC lifted its stake in Nextracker by 73.2% in the second quarter. GAMMA Investing LLC now owns 660 shares of the company’s stock worth $31,000 after purchasing an additional 279 shares during the last quarter. Bruce G. Allen Investments LLC purchased a new position in shares of Nextracker during the first quarter valued at approximately $37,000. Finally, Toth Financial Advisory Corp bought a new position in shares of Nextracker during the first quarter valued at approximately $38,000. 67.41% of the stock is owned by hedge funds and other institutional investors.

Nextracker Trading Down 1.7 %

Shares of NXT stock opened at $37.02 on Tuesday. The stock has a 50 day simple moving average of $42.08 and a 200-day simple moving average of $48.29. Nextracker Inc. has a 1-year low of $32.14 and a 1-year high of $62.31. The company has a market cap of $5.38 billion, a price-to-earnings ratio of 11.02, a PEG ratio of 5.16 and a beta of 2.47. The company has a debt-to-equity ratio of 0.13, a current ratio of 2.11 and a quick ratio of 1.91.

Nextracker (NASDAQ:NXT) last posted its quarterly earnings data on Thursday, August 1st. The company reported $0.93 earnings per share (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 the consensus estimate of $616.71 million. Nextracker had a net margin of 14.87% and a negative return on equity of 36.33%. The company’s revenue was up 50.1% compared to the same quarter last year. During the same period last year, the firm posted $0.48 earnings per share. On average, equities research analysts expect that Nextracker Inc. will post 2.57 EPS for the current fiscal year.

Analyst Ratings Changes

A number of brokerages recently issued reports on NXT. Bank of America raised their price target on Nextracker from $64.00 to $66.00 and gave the stock a “buy” rating in a research note on Wednesday, July 17th. Cantor Fitzgerald reissued an “overweight” rating and set a $55.00 target price on shares of Nextracker in a research note on Friday, August 2nd. JPMorgan Chase & Co. cut their price target on shares of Nextracker from $65.00 to $62.00 and set an “overweight” rating on the stock in a report on Friday, August 2nd. Jefferies Financial Group began coverage on shares of Nextracker in a report on Wednesday, September 4th. They set a “hold” rating and a $46.00 price objective for the company. Finally, Guggenheim dropped their target price on shares of Nextracker from $60.00 to $55.00 and set a “buy” rating on the stock in a research note on Friday, August 16th. Five investment analysts have rated the stock with a hold rating and eighteen have assigned a buy rating to the company’s stock. Based on data from MarketBeat, the stock has an average rating of “Moderate Buy” and a consensus target price of $57.91.

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.