Verition Fund Management LLC Cuts Stake in Nextracker Inc. (NASDAQ:NXT)

Verition Fund Management LLC lessened its stake in Nextracker Inc. (NASDAQ:NXT) by 49.2% during the 3rd quarter, according to its most recent disclosure with the SEC. The institutional investor owned 8,890 shares of the company’s stock after selling 8,613 shares during the quarter. Verition Fund Management LLC’s holdings in Nextracker were worth $333,000 at the end of the most recent reporting period.

A number of other hedge funds and other institutional investors have also recently modified their holdings of the stock. Victory Capital Management Inc. grew its position in shares of Nextracker by 15.4% during the third quarter. Victory Capital Management Inc. now owns 2,367,636 shares of the company’s stock valued at $88,739,000 after purchasing an additional 315,199 shares in the last quarter. Dimensional Fund Advisors LP boosted its stake in Nextracker by 35.3% during the second quarter. Dimensional Fund Advisors LP now owns 1,766,871 shares of the company’s stock valued at $82,844,000 after buying an additional 460,739 shares during the last quarter. Handelsbanken Fonder AB grew its holdings in Nextracker by 5.3% during the 3rd quarter. Handelsbanken Fonder AB now owns 1,675,617 shares of the company’s stock valued at $62,802,000 after buying an additional 84,069 shares in the last quarter. Zurcher Kantonalbank Zurich Cantonalbank increased its stake in Nextracker by 88.1% in the 3rd quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 1,591,975 shares of the company’s stock worth $59,667,000 after acquiring an additional 745,665 shares during the last quarter. Finally, Charles Schwab Investment Management Inc. raised its holdings in shares of Nextracker by 24.7% during the 3rd quarter. Charles Schwab Investment Management Inc. now owns 1,320,916 shares of the company’s stock worth $49,508,000 after acquiring an additional 261,523 shares in the last quarter. Institutional investors own 67.41% of the company’s stock.

Nextracker Stock Up 0.7 %

Shares of NASDAQ NXT opened at $35.47 on Friday. Nextracker Inc. has a 52-week low of $30.93 and a 52-week high of $62.31. The firm has a market capitalization of $5.16 billion, a price-to-earnings ratio of 8.85 and a beta of 2.09. The stock has a 50 day moving average price of $36.82 and a 200 day moving average price of $42.15. The company has a debt-to-equity ratio of 0.11, a quick ratio of 1.99 and a current ratio of 2.21.

Wall Street Analysts Forecast Growth

Several brokerages recently weighed in on NXT. Robert W. Baird reduced their price target on shares of Nextracker from $71.00 to $53.00 and set an “outperform” rating on the stock in a research report on Thursday, October 31st. Jefferies Financial Group initiated coverage on shares of Nextracker in a report on Wednesday, September 4th. They issued a “hold” rating and a $46.00 target price on the stock. Wells Fargo & Company lowered their price target on shares of Nextracker from $64.00 to $58.00 and set an “overweight” rating for the company in a report on Tuesday, October 29th. Northland Securities reissued an “outperform” rating and set a $48.00 price objective on shares of Nextracker in a research note on Tuesday, November 19th. Finally, Piper Sandler lowered their price objective on Nextracker from $60.00 to $47.00 and set an “overweight” rating for the company in a research note on Friday, November 22nd. 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 company. Based on data from MarketBeat.com, the company presently has an average rating of “Moderate Buy” and a consensus price target 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.