Neo Ivy Capital Management Takes $74,000 Position in Nextracker Inc. (NASDAQ:NXT)

Neo Ivy Capital Management bought a new position in Nextracker Inc. (NASDAQ:NXT) during the third quarter, Holdings Channel reports. The firm bought 1,966 shares of the company’s stock, valued at approximately $74,000.

A number of other hedge funds and other institutional investors also recently added to or reduced their stakes in NXT. Holocene Advisors LP purchased a new stake in shares of Nextracker during the 3rd quarter worth approximately $45,416,000. BNP PARIBAS ASSET MANAGEMENT Holding S.A. bought a new position in Nextracker during the second quarter valued at $43,078,000. Erste Asset Management GmbH purchased a new position in shares of Nextracker in the 3rd quarter worth $33,545,000. Zurcher Kantonalbank Zurich Cantonalbank increased its holdings in shares of Nextracker by 1,800.5% in the 2nd quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 846,310 shares of the company’s stock worth $39,675,000 after buying an additional 801,780 shares during the last quarter. Finally, Principal Financial Group Inc. increased its holdings in shares of Nextracker by 2,854.7% in the 2nd quarter. Principal Financial Group Inc. now owns 738,456 shares of the company’s stock worth $34,619,000 after buying an additional 713,463 shares during the last quarter. 67.41% of the stock is owned by institutional investors.

Wall Street Analysts Forecast Growth

NXT has been the subject of several recent research reports. Barclays dropped their price target on Nextracker from $61.00 to $47.00 and set an “equal weight” rating for the company in a research report on Thursday, October 3rd. Northland Securities reissued an “outperform” rating and set a $48.00 target price on shares of Nextracker in a research report on Tuesday, November 19th. BMO Capital Markets dropped their price objective on shares of Nextracker from $56.00 to $44.00 and set a “market perform” rating for the company in a research note on Monday, October 14th. Guggenheim reissued a “buy” rating and issued a $55.00 target price on shares of Nextracker in a research note on Friday, November 22nd. Finally, Truist Financial lifted their price target on shares of Nextracker from $50.00 to $54.00 and gave the stock a “buy” rating in a research note on Friday, November 1st. Four equities research analysts have rated the stock with a hold rating, sixteen have issued a buy rating and one has assigned a strong buy rating to the company’s stock. According to data from MarketBeat.com, Nextracker currently has an average rating of “Moderate Buy” and an average target price of $54.30.

Nextracker Stock Down 3.9 %

Shares of Nextracker stock opened at $35.21 on Friday. 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 stock has a market cap of $5.12 billion, a price-to-earnings ratio of 8.78 and a beta of 2.09. The firm’s 50-day moving average is $36.86 and its two-hundred day moving average is $42.35. 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.