Capstone Investment Advisors LLC Boosts Holdings in Nextracker Inc. (NASDAQ:NXT)

Capstone Investment Advisors LLC raised its holdings in Nextracker Inc. (NASDAQ:NXT) by 23.3% in the 1st quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The firm owned 323,082 shares of the company’s stock after buying an additional 61,082 shares during the quarter. Capstone Investment Advisors LLC owned approximately 0.24% of Nextracker worth $18,180,000 at the end of the most recent quarter.

Other hedge funds and other institutional investors also recently added to or reduced their stakes in the company. Farmers & Merchants Trust Co of Chambersburg PA purchased a new stake in Nextracker in the 1st quarter valued at about $25,000. Lindbrook Capital LLC purchased a new stake in Nextracker in the 1st quarter valued at about $34,000. Bruce G. Allen Investments LLC purchased a new stake in Nextracker in the 1st quarter valued at about $37,000. Toth Financial Advisory Corp acquired a new position in shares of Nextracker in the 1st quarter valued at about $38,000. Finally, Tucker Asset Management LLC acquired a new position in shares of Nextracker in the 3rd quarter valued at about $42,000. Hedge funds and other institutional investors own 67.41% of the company’s stock.

Nextracker Stock Performance

NXT traded down $1.17 during trading on Friday, reaching $46.20. 2,411,229 shares of the company were exchanged, compared to its average volume of 4,697,715. The stock has a market cap of $6.71 billion, a P/E ratio of 13.75 and a beta of 2.51. The firm has a 50 day moving average of $50.59 and a 200 day moving average of $51.12. The company has a current ratio of 1.98, a quick ratio of 1.76 and a debt-to-equity ratio of 0.15. Nextracker Inc. has a 52 week low of $32.14 and a 52 week high of $62.31.

Nextracker (NASDAQ:NXT) last issued its quarterly earnings data on Tuesday, May 14th. The company reported $0.85 EPS for the quarter, topping analysts’ consensus estimates of $0.47 by $0.38. The firm had revenue of $736.52 million during the quarter, compared to the consensus estimate of $681.03 million. Nextracker had a negative return on equity of 13.70% and a net margin of 12.25%. On average, sell-side analysts forecast that Nextracker Inc. will post 2.23 EPS for the current fiscal year.

Analyst Ratings Changes

Several equities analysts have recently weighed in on the company. Piper Sandler reduced their price objective on Nextracker from $66.00 to $64.00 and set an “overweight” rating on the stock in a research note on Thursday, April 11th. BMO Capital Markets reduced their price objective on Nextracker from $62.00 to $56.00 and set a “market perform” rating on the stock in a research note on Wednesday, May 15th. Fox Advisors raised Nextracker from an “equal weight” rating to an “overweight” rating and set a $60.00 price objective on the stock in a research note on Wednesday, May 15th. Guggenheim reduced their price objective on Nextracker from $73.00 to $60.00 and set a “buy” rating on the stock in a research note on Tuesday, April 23rd. Finally, Mizuho reduced their price target on Nextracker from $64.00 to $59.00 and set a “buy” rating on the stock in a research report on Friday, April 19th. Four equities research analysts have rated the stock with a hold rating and twenty have issued a buy rating to the company. According to MarketBeat, the stock currently has an average rating of “Moderate Buy” and a consensus target price of $58.54.

Insider Buying and Selling

In other news, insider Bruce Ledesma sold 12,135 shares of the company’s stock in a transaction on Monday, May 20th. The stock was sold at an average price of $43.91, for a total value of $532,847.85. Following the completion of the sale, the insider now owns 17,387 shares in the company, valued at $763,463.17. The sale was disclosed in a legal filing with the SEC, which is available at this link. 0.27% of the stock is owned by company insiders.

Nextracker Profile

Nextracker Inc, an energy solutions company, provides solar tracker and software solutions for utility-scale and ground-mounted distributed generation solar projects worldwide. The company offers tracking solutions, which includes NX Horizon, a solar tracking solution; NX Gemini, a two-in-portrait format tracker, which holds two rows of solar panels along the central support beam; and NX Horizon-XTR, a terrain-following tracker designed to expand the addressable market for trackers on sites with sloped, uneven, and challenging terrain.