ProShare Advisors LLC Decreases Position in Nextracker Inc. (NASDAQ:NXT)

ProShare Advisors LLC decreased its stake in Nextracker Inc. (NASDAQ:NXT) by 5.1% in the second quarter, according to the company in its most recent 13F filing with the SEC. The firm owned 25,128 shares of the company’s stock after selling 1,359 shares during the quarter. ProShare Advisors LLC’s holdings in Nextracker were worth $1,178,000 at the end of the most recent reporting period.

Several other large investors have also recently modified their holdings of the stock. Virtu Financial LLC lifted its stake in Nextracker by 228.3% in the first quarter. Virtu Financial LLC now owns 38,393 shares of the company’s stock worth $2,160,000 after purchasing an additional 26,700 shares during the last quarter. Hsbc Holdings PLC lifted its stake in shares of Nextracker by 22.7% during the 4th quarter. Hsbc Holdings PLC now owns 290,852 shares of the company’s stock worth $13,503,000 after acquiring an additional 53,904 shares during the last quarter. Graybill Wealth Management LTD. purchased a new position in Nextracker during the 1st quarter valued at $1,643,000. Diversify Advisory Services LLC bought a new position in Nextracker in the 2nd quarter valued at $1,270,000. Finally, Commonwealth Equity Services LLC purchased a new stake in Nextracker in the first quarter worth $2,819,000. Institutional investors own 67.41% of the company’s stock.

Analyst Upgrades and Downgrades

A number of research analysts have recently commented on NXT shares. Susquehanna started coverage on shares of Nextracker in a report on Friday, June 28th. They issued a “positive” rating and a $59.00 price target on the stock. Bank of America raised their target price on shares of Nextracker from $64.00 to $66.00 and gave the stock a “buy” rating in a research report on Wednesday, July 17th. Barclays lowered their price target on Nextracker from $63.00 to $61.00 and set an “equal weight” rating for the company in a report on Tuesday, July 16th. JPMorgan Chase & Co. reduced their price objective on Nextracker from $65.00 to $62.00 and set an “overweight” rating on the stock in a report on Friday, August 2nd. Finally, Roth Mkm lowered their target price on Nextracker from $70.00 to $65.00 and set a “buy” rating for the company in a report on Friday, August 2nd. Five research analysts have rated the stock with a hold rating and seventeen have assigned a buy rating to the stock. Based on data from MarketBeat, Nextracker currently has a consensus rating of “Moderate Buy” and an average price target of $58.18.

Nextracker Stock Performance

Shares of NXT opened at $38.90 on Friday. The company has a current ratio of 2.11, a quick ratio of 1.91 and a debt-to-equity ratio of 0.13. The firm has a market cap of $5.65 billion, a PE ratio of 11.58, a P/E/G ratio of 5.32 and a beta of 2.47. Nextracker Inc. has a 12 month low of $32.14 and a 12 month high of $62.31. The stock has a fifty day moving average price of $40.00 and a 200-day moving average price of $47.10.

Nextracker (NASDAQ:NXT) last released its quarterly earnings results 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 company had revenue of $719.92 million during the quarter, compared to analysts’ expectations of $616.71 million. During the same period last year, the business posted $0.48 earnings per share. The firm’s revenue was up 50.1% compared to the same quarter last year. Equities research analysts predict that Nextracker Inc. will post 2.57 earnings per share 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.