Sycomore Asset Management Trims Stake in Nextracker Inc. (NASDAQ:NXT)

Sycomore Asset Management lowered its position in Nextracker Inc. (NASDAQ:NXT) by 12.1% during the 3rd quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The firm owned 210,876 shares of the company’s stock after selling 29,007 shares during the quarter. Nextracker comprises about 1.2% of Sycomore Asset Management’s portfolio, making the stock its 28th largest position. Sycomore Asset Management owned 0.15% of Nextracker worth $7,921,000 at the end of the most recent reporting period.

Other hedge funds and other institutional investors have also made changes to their positions in the company. Vanguard Group Inc. grew its holdings in shares of Nextracker by 166.1% in the first quarter. Vanguard Group Inc. now owns 12,531,526 shares of the company’s stock worth $705,149,000 after purchasing an additional 7,821,368 shares during the last quarter. BNP PARIBAS ASSET MANAGEMENT Holding S.A. bought a new position in shares of Nextracker in the second quarter worth about $43,078,000. Earnest Partners LLC bought a new position in shares of Nextracker in the first quarter worth about $46,593,000. Zurcher Kantonalbank Zurich Cantonalbank increased its position in Nextracker by 1,800.5% during the 2nd quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 846,310 shares of the company’s stock valued at $39,675,000 after purchasing an additional 801,780 shares during the period. Finally, Principal Financial Group Inc. increased its position in Nextracker by 2,854.7% during the 2nd quarter. Principal Financial Group Inc. now owns 738,456 shares of the company’s stock valued at $34,619,000 after purchasing an additional 713,463 shares during the period. Hedge funds and other institutional investors own 67.41% of the company’s stock.

Analysts Set New Price Targets

A number of research firms have commented on NXT. Guggenheim cut their target price on shares of Nextracker from $60.00 to $55.00 and set a “buy” rating on the stock in a research report on Friday, August 16th. JPMorgan Chase & Co. cut their target price on shares of Nextracker from $62.00 to $58.00 and set an “overweight” rating on the stock in a research report on Thursday, October 17th. Susquehanna cut their target price on shares of Nextracker from $59.00 to $50.00 and set a “positive” rating on the stock in a research report on Wednesday, October 16th. Wells Fargo & Company cut their price objective on shares of Nextracker from $64.00 to $58.00 and set an “overweight” rating on the stock in a research report on Tuesday, October 29th. Finally, Robert W. Baird cut their price objective on shares of Nextracker from $71.00 to $53.00 and set an “outperform” rating on the stock in a research report on Thursday, October 31st. Five investment analysts have rated the stock with a hold rating and fifteen have given a buy rating to the company’s stock. Based on data from MarketBeat.com, the company presently has a consensus rating of “Moderate Buy” and an average price target of $54.95.

Nextracker Price Performance

Shares of Nextracker stock traded up $0.01 during trading hours on Thursday, reaching $37.31. 685,345 shares of the company’s stock were exchanged, compared to its average volume of 3,740,207. Nextracker Inc. has a 1 year low of $30.93 and a 1 year high of $62.31. The company has a market capitalization of $5.43 billion, a P/E ratio of 9.30 and a beta of 2.32. The business has a fifty day moving average of $36.18 and a two-hundred day moving average of $43.40. The company has a quick ratio of 1.99, a current ratio of 2.21 and a debt-to-equity ratio of 0.11.

About Nextracker

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.