Fmr LLC Trims Stock Holdings in Nextracker Inc. (NASDAQ:NXT)

Fmr LLC reduced its holdings in shares of Nextracker Inc. (NASDAQ:NXT) by 23.7% in the 3rd quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The fund owned 10,029,328 shares of the company’s stock after selling 3,114,927 shares during the quarter. Fmr LLC owned 6.89% of Nextracker worth $375,899,000 as of its most recent SEC filing.

A number of other hedge funds have also made changes to their positions in NXT. Price T Rowe Associates Inc. MD raised its stake in Nextracker by 534.2% during the first quarter. Price T Rowe Associates Inc. MD now owns 175,047 shares of the company’s stock valued at $9,851,000 after buying an additional 147,446 shares in the last quarter. California State Teachers Retirement System raised its position in shares of Nextracker by 136.3% during the 1st quarter. California State Teachers Retirement System now owns 124,330 shares of the company’s stock valued at $6,996,000 after acquiring an additional 71,711 shares in the last quarter. Tidal Investments LLC bought a new stake in Nextracker during the first quarter valued at $287,000. Comerica Bank raised its holdings in shares of Nextracker by 40.3% during the first quarter. Comerica Bank now owns 92,531 shares of the company’s stock worth $5,207,000 after purchasing an additional 26,577 shares during the period. Finally, Cetera Advisors LLC bought a new position in shares of Nextracker in the 1st quarter worth about $288,000. Institutional investors and hedge funds own 67.41% of the company’s stock.

Wall Street Analyst Weigh In

Several research firms recently weighed in on NXT. Northland Securities reiterated an “outperform” rating and set a $48.00 price objective on shares of Nextracker in a research note on Tuesday, November 19th. Robert W. Baird cut their price target on Nextracker from $71.00 to $53.00 and set an “outperform” rating on the stock in a report on Thursday, October 31st. Bank of America reduced their price objective on Nextracker from $65.00 to $52.00 and set a “buy” rating for the company in a research report on Thursday, November 7th. Northland Capmk raised Nextracker to a “strong-buy” rating in a research report on Tuesday, November 19th. Finally, Truist Financial upped their price target on shares of Nextracker from $50.00 to $54.00 and gave the stock a “buy” rating in a research report on Friday, November 1st. Four investment analysts have rated the stock with a hold rating, sixteen have assigned a buy rating and one has given a strong buy rating to the stock. According to data from MarketBeat.com, the stock has a consensus rating of “Moderate Buy” and an average target price of $54.30.

Nextracker Stock Down 3.9 %

Shares of NXT stock opened at $38.16 on Friday. Nextracker Inc. has a twelve month low of $30.93 and a twelve month high of $62.31. The company has a debt-to-equity ratio of 0.11, a quick ratio of 1.99 and a current ratio of 2.21. The stock’s 50 day simple moving average is $36.78 and its 200 day simple moving average is $42.94. 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 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.