DRW Securities LLC Buys Shares of 27,000 Nextracker Inc. (NASDAQ:NXT)

DRW Securities LLC purchased a new position in shares of Nextracker Inc. (NASDAQ:NXT) during the second quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The firm purchased 27,000 shares of the company’s stock, valued at approximately $1,266,000.

Several other institutional investors have also modified their holdings of the business. 1832 Asset Management L.P. raised its holdings in Nextracker by 0.3% during the 1st quarter. 1832 Asset Management L.P. now owns 80,190 shares of the company’s stock worth $4,512,000 after buying an additional 275 shares during the period. GAMMA Investing LLC increased its position in shares of Nextracker by 73.2% during the second quarter. GAMMA Investing LLC now owns 660 shares of the company’s stock worth $31,000 after acquiring an additional 279 shares in the last quarter. Hilltop National Bank increased its position in shares of Nextracker by 40.6% during the second quarter. Hilltop National Bank now owns 1,187 shares of the company’s stock worth $56,000 after acquiring an additional 343 shares in the last quarter. Arizona State Retirement System raised its holdings in shares of Nextracker by 1.1% during the second quarter. Arizona State Retirement System now owns 34,403 shares of the company’s stock worth $1,613,000 after acquiring an additional 372 shares during the period. Finally, Farmers & Merchants Trust Co of Chambersburg PA bought a new stake in Nextracker in the 1st quarter valued at $25,000. Institutional investors own 67.41% of the company’s stock.

Analyst Ratings Changes

A number of equities analysts have issued reports on the company. JPMorgan Chase & Co. lowered their target price on Nextracker from $65.00 to $62.00 and set an “overweight” rating for the company in a report on Friday, August 2nd. Barclays decreased their price objective on Nextracker from $63.00 to $61.00 and set an “equal weight” rating for the company in a report on Tuesday, July 16th. Bank of America boosted their target price on Nextracker from $64.00 to $66.00 and gave the company a “buy” rating in a research note on Wednesday, July 17th. Cantor Fitzgerald reaffirmed an “overweight” rating and set a $55.00 price target on shares of Nextracker in a research note on Friday, August 2nd. Finally, Jefferies Financial Group assumed coverage on shares of Nextracker in a report on Wednesday, September 4th. They issued a “hold” rating and a $46.00 price objective on the stock. Five analysts have rated the stock with a hold rating and seventeen 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 target price of $58.18.

Nextracker Price Performance

Nextracker stock opened at $36.66 on Monday. The company has a market capitalization of $5.32 billion, a price-to-earnings ratio of 10.91, a PEG ratio of 5.16 and a beta of 2.47. The company has a current ratio of 2.11, a quick ratio of 1.91 and a debt-to-equity ratio of 0.13. Nextracker Inc. has a 12 month low of $32.14 and a 12 month high of $62.31. The stock’s 50 day moving average is $41.03 and its 200-day moving average is $47.71.

Nextracker (NASDAQ:NXT) last issued its quarterly earnings data on Thursday, August 1st. The company reported $0.93 EPS for the quarter, beating analysts’ consensus estimates of $0.66 by $0.27. Nextracker had a negative return on equity of 36.33% and a net margin of 14.87%. The firm had revenue of $719.92 million for the quarter, compared to analyst estimates of $616.71 million. During the same period in the prior year, the firm posted $0.48 EPS. The company’s revenue for the quarter was up 50.1% on a year-over-year basis. Equities research analysts expect that Nextracker Inc. will post 2.57 EPS for the current year.

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.