Ace Management Global Ltd. Acquires 53,427 Shares of Nextracker Inc. (NASDAQ:NXT)

Ace Management Global Ltd. raised its stake in Nextracker Inc. (NASDAQ:NXT) by 47.0% in the third quarter, HoldingsChannel.com reports. The fund owned 167,219 shares of the company’s stock after buying an additional 53,427 shares during the quarter. Nextracker accounts for 1.9% of Ace Management Global Ltd.’s portfolio, making the stock its 7th biggest position. Ace Management Global Ltd.’s holdings in Nextracker were worth $6,267,000 as of its most recent filing with the Securities & Exchange Commission.

Several other institutional investors also recently made changes to their positions in NXT. GAMMA Investing LLC increased its holdings in shares of Nextracker by 73.2% in the 2nd quarter. GAMMA Investing LLC now owns 660 shares of the company’s stock worth $31,000 after acquiring an additional 279 shares during the period. Fifth Third Bancorp grew its holdings in shares of Nextracker by 1,602.5% during the 2nd quarter. Fifth Third Bancorp now owns 681 shares of the company’s stock valued at $32,000 after acquiring an additional 641 shares in the last quarter. TFC Financial Management Inc. purchased a new position in Nextracker in the second quarter valued at about $32,000. Rothschild Investment LLC bought a new stake in shares of Nextracker in the 2nd quarter valued at approximately $35,000. Finally, Edmond DE Rothschild Holding S.A. acquired a new position in shares of Nextracker during the 1st quarter worth $44,000. 67.41% of the stock is owned by institutional investors.

Nextracker Price Performance

Shares of NXT stock opened at $39.61 on Friday. The company has a quick ratio of 1.91, a current ratio of 2.11 and a debt-to-equity ratio of 0.13. Nextracker Inc. has a 12-month low of $30.93 and a 12-month high of $62.31. The firm has a fifty day moving average of $36.10 and a 200-day moving average of $43.60. The firm has a market capitalization of $5.76 billion, a price-to-earnings ratio of 9.88 and a beta of 2.47.

Nextracker (NASDAQ:NXT) last issued its quarterly earnings data on Thursday, August 1st. The company reported $0.93 EPS for the quarter, topping analysts’ consensus estimates of $0.66 by $0.27. The business had revenue of $719.92 million for the quarter, compared to analyst estimates of $616.71 million. Nextracker had a net margin of 17.26% and a negative return on equity of 124.74%. The firm’s quarterly revenue was up 50.1% on a year-over-year basis. During the same period last year, the business posted $0.48 earnings per share. On average, equities research analysts forecast that Nextracker Inc. will post 2.52 earnings per share for the current year.

Wall Street Analyst Weigh In

NXT has been the topic of a number of analyst reports. JPMorgan Chase & Co. lowered their price objective on Nextracker from $62.00 to $58.00 and set an “overweight” rating on the stock in a report on Thursday, October 17th. Truist Financial upped their target price on shares of Nextracker from $50.00 to $54.00 and gave the company a “buy” rating in a research note on Friday. Barclays decreased their price target on shares of Nextracker from $61.00 to $47.00 and set an “equal weight” rating on the stock in a research note on Thursday, October 3rd. Jefferies Financial Group initiated coverage on shares of Nextracker in a report on Wednesday, September 4th. They issued a “hold” rating and a $46.00 target price on the stock. Finally, Roth Mkm dropped their price objective on shares of Nextracker from $70.00 to $65.00 and set a “buy” rating for the company in a report on Friday, August 2nd. Five equities research analysts have rated the stock with a hold rating and fifteen have given a buy rating to the stock. According to data from MarketBeat, Nextracker has an average rating of “Moderate Buy” and an average target price of $55.65.

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.