Central Pacific Bank Trust Division Invests $94,000 in Nextracker Inc. (NASDAQ:NXT)

Central Pacific Bank Trust Division purchased a new stake in Nextracker Inc. (NASDAQ:NXT) in the fourth quarter, according to its most recent disclosure with the Securities and Exchange Commission. The institutional investor purchased 2,560 shares of the company’s stock, valued at approximately $94,000.

Other hedge funds have also modified their holdings of the company. Quarry LP lifted its holdings in Nextracker by 61.5% during the third quarter. Quarry LP now owns 1,119 shares of the company’s stock worth $42,000 after acquiring an additional 426 shares in the last quarter. GAMMA Investing LLC grew its position in shares of Nextracker by 83.2% in the 3rd quarter. GAMMA Investing LLC now owns 1,209 shares of the company’s stock valued at $45,000 after purchasing an additional 549 shares during the period. Neo Ivy Capital Management bought a new stake in Nextracker during the 3rd quarter worth approximately $74,000. Arcadia Investment Management Corp MI acquired a new stake in Nextracker during the 3rd quarter worth approximately $75,000. Finally, Signaturefd LLC lifted its stake in Nextracker by 37.8% in the third quarter. Signaturefd LLC now owns 2,043 shares of the company’s stock valued at $77,000 after buying an additional 560 shares in the last quarter. 67.41% of the stock is currently owned by institutional investors and hedge funds.

Nextracker Trading Up 0.3 %

Shares of Nextracker stock opened at $39.63 on Monday. 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 business has a fifty day simple moving average of $37.66 and a two-hundred day simple moving average of $39.90. Nextracker Inc. has a 1 year low of $30.93 and a 1 year high of $62.31. The company has a market capitalization of $5.77 billion, a price-to-earnings ratio of 9.88 and a beta of 2.04.

Analyst Upgrades and Downgrades

A number of equities research analysts recently commented on NXT shares. Northland Capmk upgraded shares of Nextracker to a “strong-buy” rating in a report on Tuesday, November 19th. BMO Capital Markets cut their price target on Nextracker from $56.00 to $44.00 and set a “market perform” rating on the stock in a report on Monday, October 14th. Piper Sandler decreased their price objective on Nextracker from $60.00 to $47.00 and set an “overweight” rating for the company in a report on Friday, November 22nd. JPMorgan Chase & Co. cut their target price on Nextracker from $62.00 to $58.00 and set an “overweight” rating on the stock in a research note on Thursday, October 17th. Finally, Northland Securities reaffirmed an “outperform” rating and set a $48.00 price target on shares of Nextracker in a research note on Tuesday, November 19th. Five equities research analysts have rated the stock with a hold rating, sixteen have issued a buy rating and one has given a strong buy rating to the company’s stock. According to MarketBeat, the stock has a consensus rating of “Moderate Buy” and an average price target of $52.90.

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.