Erste Asset Management GmbH Invests $33.55 Million in Nextracker Inc. (NASDAQ:NXT)

Erste Asset Management GmbH acquired a new stake in Nextracker Inc. (NASDAQ:NXT) during the 3rd quarter, according to its most recent filing with the Securities and Exchange Commission. The firm acquired 862,966 shares of the company’s stock, valued at approximately $33,545,000. Erste Asset Management GmbH owned about 0.59% of Nextracker as of its most recent SEC filing.

Other hedge funds and other institutional investors have also recently bought and sold shares of the company. BNP PARIBAS ASSET MANAGEMENT Holding S.A. bought a new stake in shares of Nextracker during the second quarter valued at approximately $43,078,000. Zurcher Kantonalbank Zurich Cantonalbank boosted its position in Nextracker by 1,800.5% during the 2nd quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 846,310 shares of the company’s stock worth $39,675,000 after acquiring an additional 801,780 shares during the period. Principal Financial Group Inc. grew its stake in shares of Nextracker by 2,854.7% in the second quarter. Principal Financial Group Inc. now owns 738,456 shares of the company’s stock worth $34,619,000 after purchasing an additional 713,463 shares in the last quarter. Bank of New York Mellon Corp increased its holdings in shares of Nextracker by 146.2% during the second quarter. Bank of New York Mellon Corp now owns 1,142,274 shares of the company’s stock valued at $53,550,000 after purchasing an additional 678,261 shares during the period. Finally, Assenagon Asset Management S.A. increased 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. 67.41% of the stock is owned by institutional investors and hedge funds.

Nextracker Stock Performance

Shares of NXT stock opened at $38.16 on Friday. The company has a market capitalization of $5.55 billion, a price-to-earnings ratio of 9.52 and a beta of 2.32. Nextracker Inc. has a 1-year low of $30.93 and a 1-year high of $62.31. 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 stock’s fifty day simple moving average is $36.78 and its 200-day simple moving average is $42.94.

Wall Street Analyst Weigh In

NXT has been the subject of a number of recent analyst reports. Northland Capmk upgraded shares of Nextracker to a “strong-buy” rating in a research report on Tuesday, November 19th. Piper Sandler decreased their price objective on shares of Nextracker from $60.00 to $47.00 and set an “overweight” rating for the company in a report on Friday, November 22nd. Susquehanna dropped their target price on Nextracker from $59.00 to $50.00 and set a “positive” rating on the stock in a report on Wednesday, October 16th. Northland Securities restated an “outperform” rating and issued a $48.00 target price on shares of Nextracker in a research report on Tuesday, November 19th. Finally, Guggenheim reiterated a “buy” rating and set a $55.00 price target on shares of Nextracker in a research report on Friday, November 22nd. Four 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. Based on data from MarketBeat.com, the company has a consensus rating of “Moderate Buy” and a consensus price target of $54.30.

About Nextracker

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.