HITE Hedge Asset Management LLC Purchases New Shares in Nextracker Inc. (NASDAQ:NXT)

HITE Hedge Asset Management LLC bought a new stake in shares of Nextracker Inc. (NASDAQ:NXT) in the 3rd quarter, according to its most recent disclosure with the Securities and Exchange Commission. The fund bought 11,604 shares of the company’s stock, valued at approximately $435,000.

Several other institutional investors have also modified their holdings of NXT. HighTower Advisors LLC lifted its holdings in Nextracker by 1.8% in the 3rd quarter. HighTower Advisors LLC now owns 29,777 shares of the company’s stock worth $1,115,000 after buying an additional 519 shares in the last quarter. Holocene Advisors LP acquired a new stake in shares of Nextracker during the 3rd quarter worth approximately $45,416,000. Centiva Capital LP bought a new stake in shares of Nextracker in the third quarter worth $1,925,000. Cinctive Capital Management LP acquired a new position in shares of Nextracker in the third quarter valued at about $16,622,000. Finally, Arosa Capital Management LP boosted its stake in shares of Nextracker by 107.9% in the 3rd quarter. Arosa Capital Management LP now owns 269,800 shares of the company’s stock valued at $10,112,000 after purchasing an additional 140,000 shares in the last quarter. Hedge funds and other institutional investors own 67.41% of the company’s stock.

Nextracker Trading Up 4.5 %

NASDAQ:NXT opened at $39.89 on Tuesday. The firm has a fifty day simple moving average of $36.85 and a two-hundred day simple moving average of $42.89. Nextracker Inc. has a 12 month low of $30.93 and a 12 month high of $62.31. The stock has a market capitalization of $5.81 billion, a price-to-earnings ratio of 9.95 and a beta of 2.10. The company has a current ratio of 2.21, a quick ratio of 1.99 and a debt-to-equity ratio of 0.11.

Wall Street Analyst Weigh In

NXT has been the topic of several analyst reports. JPMorgan Chase & Co. decreased their price target on Nextracker from $62.00 to $58.00 and set an “overweight” rating on the stock in a research report on Thursday, October 17th. Northland Securities restated an “outperform” rating and set a $48.00 price objective on shares of Nextracker in a report on Tuesday, November 19th. Wells Fargo & Company lowered their target price on Nextracker from $64.00 to $58.00 and set an “overweight” rating on the stock in a research note on Tuesday, October 29th. Piper Sandler lowered their target price on Nextracker from $60.00 to $47.00 and set an “overweight” rating for the company in a research note on Friday, November 22nd. Finally, Bank of America lowered their target price on Nextracker from $65.00 to $52.00 and set a “buy” rating on the stock in a report on Thursday, November 7th. Four equities research 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 company currently has an average rating of “Moderate Buy” and an average target price of $54.30.

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.