Holocene Advisors LP Buys Shares of 1,211,732 Nextracker Inc. (NASDAQ:NXT)

Holocene Advisors LP purchased a new position in shares of Nextracker Inc. (NASDAQ:NXT) during the 3rd quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The fund purchased 1,211,732 shares of the company’s stock, valued at approximately $45,416,000. Holocene Advisors LP owned 0.83% of Nextracker as of its most recent SEC filing.

Several other institutional investors and hedge funds have also recently modified their holdings of the company. Centiva Capital LP acquired a new stake in shares of Nextracker during the 3rd quarter worth approximately $1,925,000. Cinctive Capital Management LP purchased a new position in Nextracker in the third quarter worth approximately $16,622,000. Arosa Capital Management LP increased its stake in Nextracker by 107.9% during the third quarter. Arosa Capital Management LP now owns 269,800 shares of the company’s stock worth $10,112,000 after acquiring an additional 140,000 shares during the last quarter. Erste Asset Management GmbH purchased a new stake in Nextracker in the third quarter valued at $33,545,000. Finally, Edgestream Partners L.P. acquired a new position in shares of Nextracker in the 3rd quarter valued at $1,832,000. Institutional investors and hedge funds own 67.41% of the company’s stock.

Analysts Set New Price Targets

A number of analysts recently issued reports on the company. Piper Sandler cut their price objective on Nextracker from $60.00 to $47.00 and set an “overweight” rating for the company in a research report on Friday, November 22nd. Susquehanna decreased their price objective on shares of Nextracker from $59.00 to $50.00 and set a “positive” rating on the stock in a report on Wednesday, October 16th. Robert W. Baird dropped their target price on shares of Nextracker from $71.00 to $53.00 and set an “outperform” rating for the company in a report on Thursday, October 31st. Bank of America decreased their price target on Nextracker from $65.00 to $52.00 and set a “buy” rating on the stock in a research note on Thursday, November 7th. Finally, BMO Capital Markets dropped their price objective on Nextracker from $56.00 to $44.00 and set a “market perform” rating for the company in a research note on Monday, October 14th. Four research analysts have rated the stock with a hold rating, sixteen have given a buy rating and one has issued a strong buy rating to the stock. According to MarketBeat, Nextracker has a consensus rating of “Moderate Buy” and an average target price of $54.30.

Nextracker Stock Performance

Shares of NXT stock opened at $39.89 on Tuesday. Nextracker Inc. has a 12 month low of $30.93 and a 12 month 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 company has a market cap of $5.81 billion, a P/E ratio of 9.95 and a beta of 2.10. The firm has a fifty day moving average price of $36.85 and a 200 day moving average price of $42.89.

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.