Swiss National Bank Buys 23,900 Shares of Nextracker Inc. (NASDAQ:NXT)

Swiss National Bank raised its position in shares of Nextracker Inc. (NASDAQ:NXT) by 9.9% in the third quarter, according to its most recent filing with the SEC. The firm owned 265,620 shares of the company’s stock after purchasing an additional 23,900 shares during the quarter. Swiss National Bank owned approximately 0.18% of Nextracker worth $9,955,000 at the end of the most recent quarter.

Other hedge funds and other institutional investors have also recently modified their holdings of the company. Victory Capital Management Inc. grew its stake in Nextracker by 15.4% during the third quarter. Victory Capital Management Inc. now owns 2,367,636 shares of the company’s stock worth $88,739,000 after purchasing an additional 315,199 shares during the period. Dimensional Fund Advisors LP lifted its position in shares of Nextracker by 35.3% during the 2nd quarter. Dimensional Fund Advisors LP now owns 1,766,871 shares of the company’s stock valued at $82,844,000 after acquiring an additional 460,739 shares during the period. Handelsbanken Fonder AB boosted its stake in Nextracker by 5.3% during the third quarter. Handelsbanken Fonder AB now owns 1,675,617 shares of the company’s stock worth $62,802,000 after acquiring an additional 84,069 shares in the last quarter. Bank of New York Mellon Corp grew its holdings in Nextracker by 146.2% in the second quarter. Bank of New York Mellon Corp now owns 1,142,274 shares of the company’s stock worth $53,550,000 after purchasing an additional 678,261 shares during the period. Finally, Assenagon Asset Management S.A. raised its holdings in shares of Nextracker by 158.9% during the third quarter. Assenagon Asset Management S.A. now owns 963,698 shares of the company’s stock valued at $36,119,000 after purchasing an additional 591,488 shares during the period. Institutional investors and hedge funds own 67.41% of the company’s stock.

Nextracker Stock Performance

Shares of NXT opened at $38.85 on Monday. Nextracker Inc. has a 1 year low of $30.93 and a 1 year high of $62.31. The company has a debt-to-equity ratio of 0.11, a current ratio of 2.21 and a quick ratio of 1.99. The stock’s fifty day moving average price is $36.53 and its two-hundred day moving average price is $43.06. The firm has a market cap of $5.65 billion, a PE ratio of 9.69 and a beta of 2.32.

Wall Street Analyst Weigh In

A number of research analysts recently weighed in on the company. Robert W. Baird dropped their price target on Nextracker from $71.00 to $53.00 and set an “outperform” rating on the stock in a research note on Thursday, October 31st. Barclays reduced their price objective on shares of Nextracker from $61.00 to $47.00 and set an “equal weight” rating for the company in a report on Thursday, October 3rd. Bank of America cut their price target on Nextracker from $65.00 to $52.00 and set a “buy” rating for the company in a research note on Thursday, November 7th. Northland Capmk upgraded Nextracker to a “strong-buy” rating in a report on Tuesday, November 19th. Finally, Roth Mkm decreased their price target on Nextracker from $70.00 to $65.00 and set a “buy” rating for the company in a report on Friday, August 2nd. Four investment 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 stock. According to data from MarketBeat.com, the company currently has an average 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.