Teachers Retirement System of The State of Kentucky Lowers Stock Holdings in Nextracker Inc. (NASDAQ:NXT)

Teachers Retirement System of The State of Kentucky cut its holdings in shares of Nextracker Inc. (NASDAQ:NXT) by 1.4% during the third quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The firm owned 74,869 shares of the company’s stock after selling 1,080 shares during the period. Teachers Retirement System of The State of Kentucky owned about 0.05% of Nextracker worth $2,806,000 as of its most recent SEC filing.

Several other hedge funds have also made changes to their positions in NXT. Swedbank AB purchased a new stake in Nextracker during the 2nd quarter worth approximately $4,622,000. Secure Asset Management LLC acquired a new position in shares of Nextracker in the third quarter worth $1,370,000. BNP PARIBAS ASSET MANAGEMENT Holding S.A. increased its position in shares of Nextracker by 33.5% during the third quarter. BNP PARIBAS ASSET MANAGEMENT Holding S.A. now owns 1,226,862 shares of the company’s stock worth $45,983,000 after acquiring an additional 307,956 shares during the period. Van ECK Associates Corp raised its stake in shares of Nextracker by 30.7% in the third quarter. Van ECK Associates Corp now owns 60,613 shares of the company’s stock valued at $2,272,000 after acquiring an additional 14,249 shares in the last quarter. Finally, Great Lakes Advisors LLC boosted its holdings in Nextracker by 1,033.9% in the second quarter. Great Lakes Advisors LLC now owns 91,187 shares of the company’s stock valued at $4,275,000 after purchasing an additional 83,145 shares during the period. Institutional investors and hedge funds own 67.41% of the company’s stock.

Nextracker Stock Up 0.7 %

NXT stock opened at $35.47 on Friday. Nextracker Inc. has a 12 month low of $30.93 and a 12 month high of $62.31. 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 company has a market cap of $5.16 billion, a price-to-earnings ratio of 8.85 and a beta of 2.09. The company has a fifty day moving average price of $36.82 and a 200 day moving average price of $42.06.

Wall Street Analyst Weigh In

Several equities research analysts have weighed in on the company. Truist Financial upped their price target on Nextracker from $50.00 to $54.00 and gave the stock a “buy” rating in a report on Friday, November 1st. Bank of America cut their target price on shares of Nextracker from $65.00 to $52.00 and set a “buy” rating on the stock in a research note on Thursday, November 7th. Piper Sandler decreased their price target on shares of Nextracker from $60.00 to $47.00 and set an “overweight” rating for the company in a research note on Friday, November 22nd. Susquehanna lowered their price target on shares of Nextracker from $59.00 to $50.00 and set a “positive” rating for the company in a report on Wednesday, October 16th. Finally, Northland Capmk upgraded shares of Nextracker to a “strong-buy” rating in a report on Tuesday, November 19th. Four research analysts have rated the stock with a hold rating, sixteen have issued a buy rating and one has given a strong buy rating to the company’s stock. According to MarketBeat, the company currently has an average rating of “Moderate Buy” and a consensus 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.