Encompass Capital Advisors LLC Boosts Stock Holdings in Nextracker Inc. (NASDAQ:NXT)

Encompass Capital Advisors LLC increased its position in Nextracker Inc. (NASDAQ:NXT) by 98.0% in the second quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The fund owned 890,962 shares of the company’s stock after acquiring an additional 440,962 shares during the period. Nextracker comprises approximately 2.2% of Encompass Capital Advisors LLC’s holdings, making the stock its 15th largest position. Encompass Capital Advisors LLC owned approximately 0.61% of Nextracker worth $41,768,000 at the end of the most recent quarter.

Other hedge funds and other institutional investors have also added to or reduced their stakes in the company. SCP Investment LP bought a new position in Nextracker during the 4th quarter valued at about $424,000. Teacher Retirement System of Texas bought a new position in Nextracker during the fourth quarter valued at approximately $265,000. UBS Group AG lifted its position in Nextracker by 75.6% during the fourth quarter. UBS Group AG now owns 207,983 shares of the company’s stock valued at $9,744,000 after purchasing an additional 89,563 shares during the period. US Bancorp DE boosted its holdings in Nextracker by 127.5% in the fourth quarter. US Bancorp DE now owns 19,401 shares of the company’s stock worth $909,000 after purchasing an additional 10,872 shares during the last quarter. Finally, Orion Portfolio Solutions LLC bought a new stake in Nextracker in the 4th quarter worth approximately $1,127,000. 67.41% of the stock is owned by institutional investors.

Analyst Upgrades and Downgrades

Several equities analysts have recently weighed in on the company. Barclays lowered their price target on Nextracker from $63.00 to $61.00 and set an “equal weight” rating on the stock in a report on Tuesday, July 16th. JPMorgan Chase & Co. dropped their target price on Nextracker from $65.00 to $62.00 and set an “overweight” rating on the stock in a research report on Friday, August 2nd. Jefferies Financial Group assumed coverage on shares of Nextracker in a research report on Wednesday, September 4th. They set a “hold” rating and a $46.00 price target for the company. Cantor Fitzgerald reissued an “overweight” rating and issued a $55.00 price objective on shares of Nextracker in a report on Friday, August 2nd. Finally, Guggenheim reduced their target price on shares of Nextracker from $60.00 to $55.00 and set a “buy” rating for the company in a report on Friday, August 16th. Five equities research analysts have rated the stock with a hold rating and seventeen have given a buy rating to the company. According to data from MarketBeat.com, Nextracker has an average rating of “Moderate Buy” and an average price target of $58.18.

Nextracker Price Performance

NXT stock opened at $36.41 on Thursday. The company has a debt-to-equity ratio of 0.13, a quick ratio of 1.91 and a current ratio of 2.11. The company’s fifty day moving average price is $40.59 and its 200-day moving average price is $47.40. Nextracker Inc. has a one year low of $32.14 and a one year high of $62.31. The company has a market capitalization of $5.29 billion, a PE ratio of 10.84, a price-to-earnings-growth ratio of 5.32 and a beta of 2.47.

Nextracker (NASDAQ:NXT) last announced its quarterly earnings results on Thursday, August 1st. The company reported $0.93 EPS for the quarter, topping the consensus estimate of $0.66 by $0.27. Nextracker had a net margin of 14.87% and a negative return on equity of 36.33%. The business had revenue of $719.92 million for the quarter, compared to analysts’ expectations of $616.71 million. During the same quarter in the previous year, the company earned $0.48 EPS. The business’s quarterly revenue was up 50.1% compared to the same quarter last year. On average, equities analysts anticipate that Nextracker Inc. will post 2.57 EPS for the current fiscal year.

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.