PNC Financial Services Group Inc. Buys Shares of 3,897 Nextracker Inc. (NASDAQ:NXT)

PNC Financial Services Group Inc. bought a new position in Nextracker Inc. (NASDAQ:NXT) in the 4th quarter, according to its most recent filing with the SEC. The institutional investor bought 3,897 shares of the company’s stock, valued at approximately $183,000.

A number of other hedge funds and other institutional investors have also made changes to their positions in the company. Gotham Asset Management LLC purchased a new position in shares of Nextracker in the 3rd quarter valued at $448,000. Glenmede Trust Co. NA bought a new position in Nextracker in the third quarter worth about $269,000. Jacobs Levy Equity Management Inc. lifted its position in shares of Nextracker by 2,652.9% during the third quarter. Jacobs Levy Equity Management Inc. now owns 994,981 shares of the company’s stock valued at $39,958,000 after buying an additional 958,838 shares during the last quarter. Deutsche Bank AG boosted its holdings in shares of Nextracker by 2.2% in the 3rd quarter. Deutsche Bank AG now owns 456,578 shares of the company’s stock valued at $18,336,000 after buying an additional 9,927 shares in the last quarter. Finally, Tucker Asset Management LLC purchased a new position in shares of Nextracker in the 3rd quarter worth approximately $42,000. Institutional investors own 67.41% of the company’s stock.

Insider Activity at Nextracker

In other Nextracker news, insider Bruce Ledesma sold 12,135 shares of the firm’s stock in a transaction that occurred on Monday, May 20th. The stock was sold at an average price of $43.91, for a total value of $532,847.85. Following the sale, the insider now directly owns 17,387 shares of the company’s stock, valued at $763,463.17. The sale was disclosed in a filing with the SEC, which can be accessed through the SEC website. 0.27% of the stock is owned by company insiders.

Analysts Set New Price Targets

Several brokerages have weighed in on NXT. Roth Mkm restated a “buy” rating and issued a $70.00 target price on shares of Nextracker in a research note on Wednesday, May 15th. Susquehanna started coverage on Nextracker in a research note on Friday, June 28th. They set a “positive” rating and a $59.00 target price on the stock. Piper Sandler decreased their price target on Nextracker from $66.00 to $64.00 and set an “overweight” rating for the company in a research note on Thursday, April 11th. Wells Fargo & Company dropped their price target on Nextracker from $68.00 to $64.00 and set an “overweight” rating on the stock in a research note on Wednesday, May 15th. Finally, Northland Securities lowered shares of Nextracker from an “outperform” rating to a “market perform” rating and decreased their price objective for the company from $60.00 to $44.00 in a research report on Friday, April 26th. Four equities research analysts have rated the stock with a hold rating and twenty have given a buy rating to the stock. Based on data from MarketBeat.com, the company currently has an average rating of “Moderate Buy” and an average price target of $58.54.

Nextracker Price Performance

Shares of NASDAQ NXT opened at $47.37 on Thursday. The company has a debt-to-equity ratio of 0.15, a current ratio of 1.98 and a quick ratio of 1.76. The firm’s 50 day simple moving average is $50.39 and its 200-day simple moving average is $51.18. Nextracker Inc. has a 12 month low of $32.14 and a 12 month high of $62.31. The stock has a market capitalization of $6.88 billion, a price-to-earnings ratio of 14.10 and a beta of 2.52.

Nextracker (NASDAQ:NXT) last released its quarterly earnings results on Tuesday, May 14th. The company reported $0.85 EPS for the quarter, beating the consensus estimate of $0.47 by $0.38. The company had revenue of $736.52 million for the quarter, compared to analyst estimates of $681.03 million. Nextracker had a net margin of 12.25% and a negative return on equity of 13.70%. Analysts expect that Nextracker Inc. will post 2.23 EPS for the current year.

Nextracker Profile

Nextracker Inc, an energy solutions company, provides solar tracker and software solutions for utility-scale and ground-mounted distributed generation solar projects worldwide. The company offers tracking solutions, which includes NX Horizon, a solar tracking solution; NX Gemini, a two-in-portrait format tracker, which holds two rows of solar panels along the central support beam; and NX Horizon-XTR, a terrain-following tracker designed to expand the addressable market for trackers on sites with sloped, uneven, and challenging terrain.