State of New Jersey Common Pension Fund D Acquires 5,489 Shares of Nextracker Inc. (NASDAQ:NXT)

State of New Jersey Common Pension Fund D increased its holdings in Nextracker Inc. (NASDAQ:NXT) by 11.9% in the 3rd quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The institutional investor owned 51,670 shares of the company’s stock after acquiring an additional 5,489 shares during the period. State of New Jersey Common Pension Fund D’s holdings in Nextracker were worth $1,937,000 at the end of the most recent quarter.

Several other institutional investors also recently modified their holdings of NXT. GAMMA Investing LLC grew its holdings in Nextracker by 73.2% during the second quarter. GAMMA Investing LLC now owns 660 shares of the company’s stock valued at $31,000 after purchasing an additional 279 shares during the period. TFC Financial Management Inc. bought a new position in Nextracker during the second quarter valued at $32,000. Fifth Third Bancorp grew its holdings in Nextracker by 1,602.5% during the second quarter. Fifth Third Bancorp now owns 681 shares of the company’s stock valued at $32,000 after purchasing an additional 641 shares during the period. Rothschild Investment LLC bought a new position in Nextracker during the second quarter valued at $35,000. Finally, Covestor Ltd grew its holdings in Nextracker by 29,300.0% during the first quarter. Covestor Ltd now owns 882 shares of the company’s stock valued at $49,000 after purchasing an additional 879 shares during the period. 67.41% of the stock is owned by institutional investors.

Wall Street Analyst Weigh In

Several equities analysts have weighed in on NXT shares. Susquehanna reduced their price objective on Nextracker from $59.00 to $50.00 and set a “positive” rating for the company in a report on Wednesday, October 16th. Truist Financial increased their target price on Nextracker from $50.00 to $54.00 and gave the stock a “buy” rating in a research report on Friday, November 1st. Jefferies Financial Group began coverage on Nextracker in a research report on Wednesday, September 4th. They set a “hold” rating and a $46.00 target price on the stock. Bank of America dropped their target price on Nextracker from $65.00 to $52.00 and set a “buy” rating on the stock in a research report on Thursday, November 7th. Finally, Wells Fargo & Company dropped their target price on Nextracker from $64.00 to $58.00 and set an “overweight” rating on the stock in a research report on Tuesday, October 29th. Five research analysts have rated the stock with a hold rating and fifteen have issued a buy rating to the company. According to MarketBeat, Nextracker currently has a consensus rating of “Moderate Buy” and an average target price of $54.95.

Nextracker Price Performance

NXT stock opened at $36.80 on Monday. Nextracker Inc. has a 52-week low of $30.93 and a 52-week high of $62.31. The firm has a market capitalization of $5.36 billion, a price-to-earnings ratio of 9.18 and a beta of 2.32. The firm has a 50 day moving average price of $36.30 and a 200-day moving average price of $43.34. The company has a debt-to-equity ratio of 0.11, a quick ratio of 1.99 and a current ratio of 2.21.

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.