Nextracker Inc. (NASDAQ:NXT) Shares Sold by JPMorgan Chase & Co.

JPMorgan Chase & Co. trimmed its position in Nextracker Inc. (NASDAQ:NXT) by 29.5% during the third quarter, Holdings Channel.com reports. The firm owned 1,505,814 shares of the company’s stock after selling 628,699 shares during the period. JPMorgan Chase & Co.’s holdings in Nextracker were worth $56,438,000 as of its most recent SEC filing.

Several other institutional investors have also modified their holdings of NXT. Retirement Systems of Alabama increased its stake in Nextracker by 14.9% in the third quarter. Retirement Systems of Alabama now owns 174,244 shares of the company’s stock valued at $6,531,000 after purchasing an additional 22,570 shares during the last quarter. Neo Ivy Capital Management purchased a new position in shares of Nextracker in the 3rd quarter valued at $74,000. Geode Capital Management LLC raised its stake in Nextracker by 23.3% during the 3rd quarter. Geode Capital Management LLC now owns 3,593,938 shares of the company’s stock worth $134,724,000 after acquiring an additional 679,272 shares in the last quarter. Duff & Phelps Investment Management Co. lifted its position in Nextracker by 31.2% in the third quarter. Duff & Phelps Investment Management Co. now owns 17,394 shares of the company’s stock valued at $652,000 after acquiring an additional 4,138 shares during the last quarter. Finally, Barclays PLC boosted its stake in Nextracker by 259.8% in the third quarter. Barclays PLC now owns 259,800 shares of the company’s stock valued at $9,737,000 after acquiring an additional 187,598 shares in the last quarter. 67.41% of the stock is owned by hedge funds and other institutional investors.

Nextracker Trading Up 0.3 %

Shares of Nextracker stock opened at $39.63 on Friday. The company has a 50-day moving average of $37.66 and a two-hundred day moving average of $40.03. The stock has a market cap of $5.77 billion, a PE ratio of 9.88 and a beta of 2.04. The company has a current ratio of 2.21, a quick ratio of 1.99 and a debt-to-equity ratio of 0.11. Nextracker Inc. has a 12-month low of $30.93 and a 12-month high of $62.31.

Wall Street Analyst Weigh In

NXT has been the subject of several research reports. Northland Securities reissued an “outperform” rating and issued a $48.00 target price on shares of Nextracker in a report on Tuesday, November 19th. Truist Financial increased their price objective on Nextracker from $50.00 to $54.00 and gave the company a “buy” rating in a report on Friday, November 1st. Bank of America cut their target price on shares of Nextracker from $65.00 to $52.00 and set a “buy” rating on the stock in a report on Thursday, November 7th. The Goldman Sachs Group decreased their price target on shares of Nextracker from $63.00 to $54.00 and set a “buy” rating for the company in a research note on Tuesday, December 17th. Finally, Barclays dropped their price objective on shares of Nextracker from $61.00 to $47.00 and set an “equal weight” rating on the stock in a research note on Thursday, October 3rd. Five equities research analysts have rated the stock with a hold rating, sixteen have given a buy rating and one has assigned a strong buy rating to the company. According to data from MarketBeat.com, the company 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.