Corbyn Investment Management Inc. MD Has $3.12 Million Stake in Nextracker Inc. (NASDAQ:NXT)

Corbyn Investment Management Inc. MD raised its position in Nextracker Inc. (NASDAQ:NXT) by 121.4% in the third quarter, HoldingsChannel.com reports. The fund owned 83,222 shares of the company’s stock after purchasing an additional 45,631 shares during the quarter. Corbyn Investment Management Inc. MD’s holdings in Nextracker were worth $3,119,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Other hedge funds and other institutional investors also recently modified their holdings of the company. Swiss National Bank boosted its stake in shares of Nextracker by 9.9% during the 3rd quarter. Swiss National Bank now owns 265,620 shares of the company’s stock worth $9,955,000 after acquiring an additional 23,900 shares during the period. Thrivent Financial for Lutherans lifted its holdings in Nextracker by 13.5% during the 3rd quarter. Thrivent Financial for Lutherans now owns 33,698 shares of the company’s stock valued at $1,263,000 after purchasing an additional 4,006 shares during the last quarter. Mutual of America Capital Management LLC lifted its holdings in Nextracker by 10.2% during the 3rd quarter. Mutual of America Capital Management LLC now owns 77,520 shares of the company’s stock valued at $2,905,000 after purchasing an additional 7,163 shares during the last quarter. Royce & Associates LP bought a new position in Nextracker during the third quarter worth $3,330,000. Finally, Nicola Wealth Management LTD. increased its holdings in shares of Nextracker by 30.8% in the third quarter. Nicola Wealth Management LTD. now owns 51,000 shares of the company’s stock valued at $1,911,000 after purchasing an additional 12,000 shares during the last quarter. Institutional investors own 67.41% of the company’s stock.

Wall Street Analyst Weigh In

NXT has been the subject of a number of research reports. Wells Fargo & Company cut their target price on shares of Nextracker from $64.00 to $58.00 and set an “overweight” rating for the company in a research note on Tuesday, October 29th. Barclays reduced their price objective on Nextracker from $61.00 to $47.00 and set an “equal weight” rating for the company in a report on Thursday, October 3rd. Jefferies Financial Group assumed coverage on Nextracker in a research note on Wednesday, September 4th. They set a “hold” rating and a $46.00 target price on the stock. BMO Capital Markets reduced their price target on Nextracker from $56.00 to $44.00 and set a “market perform” rating for the company in a research note on Monday, October 14th. Finally, Susquehanna lowered their price objective on Nextracker from $59.00 to $50.00 and set a “positive” rating on the stock in a research report on Wednesday, October 16th. Five research analysts have rated the stock with a hold rating and fifteen have issued a buy rating to the stock. Based on data from MarketBeat.com, Nextracker currently has a consensus rating of “Moderate Buy” and a consensus target price of $54.95.

Nextracker Stock Performance

NASDAQ NXT opened at $36.80 on Monday. The company has a current ratio of 2.21, a quick ratio of 1.99 and a debt-to-equity ratio of 0.11. The firm has a market capitalization of $5.36 billion, a price-to-earnings ratio of 9.18 and a beta of 2.32. The firm’s 50 day simple moving average is $36.30 and its 200 day simple moving average is $43.34. Nextracker Inc. has a 1 year low of $30.93 and a 1 year high of $62.31.

Nextracker Company 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.