Ensign Peak Advisors Inc Raises Holdings in Nextracker Inc. (NASDAQ:NXT)

Ensign Peak Advisors Inc grew its stake in shares of Nextracker Inc. (NASDAQ:NXT) by 9.5% during the second quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The fund owned 32,765 shares of the company’s stock after acquiring an additional 2,850 shares during the quarter. Ensign Peak Advisors Inc’s holdings in Nextracker were worth $1,536,000 as of its most recent SEC filing.

A number of other large investors have also recently made changes to their positions in NXT. Farmers & Merchants Trust Co of Chambersburg PA purchased a new stake in Nextracker in the first quarter worth approximately $25,000. GAMMA Investing LLC boosted its stake in shares of Nextracker by 73.2% in the 2nd quarter. GAMMA Investing LLC now owns 660 shares of the company’s stock worth $31,000 after buying an additional 279 shares during the last quarter. TFC Financial Management Inc. bought a new stake in shares of Nextracker in the second quarter worth $32,000. Fifth Third Bancorp increased its position 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 acquiring an additional 641 shares during the last quarter. Finally, Lindbrook Capital LLC bought a new position in Nextracker in the first quarter valued at about $34,000. 67.41% of the stock is currently owned by institutional investors.

Nextracker Stock Up 3.6 %

Shares of NXT opened at $38.90 on Friday. The company has a debt-to-equity ratio of 0.13, a current ratio of 2.11 and a quick ratio of 1.91. The stock has a market capitalization of $5.65 billion, a price-to-earnings ratio of 11.58, a price-to-earnings-growth ratio of 5.32 and a beta of 2.47. Nextracker Inc. has a 1 year low of $32.14 and a 1 year high of $62.31. The business’s 50 day simple moving average is $40.00 and its 200-day simple moving average is $47.10.

Nextracker (NASDAQ:NXT) last released its quarterly earnings data on Thursday, August 1st. The company reported $0.93 EPS for the quarter, beating 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 during the quarter, compared to analyst estimates of $616.71 million. During the same quarter last year, the business earned $0.48 earnings per share. Nextracker’s quarterly revenue was up 50.1% compared to the same quarter last year. As a group, equities analysts expect that Nextracker Inc. will post 2.57 earnings per share for the current fiscal year.

Wall Street Analysts Forecast Growth

Several equities research analysts have recently commented on the stock. Truist Financial reduced their price target on shares of Nextracker from $70.00 to $65.00 and set a “buy” rating for the company in a research report on Monday, July 29th. Bank of America lifted their target price on Nextracker from $64.00 to $66.00 and gave the company a “buy” rating in a research report on Wednesday, July 17th. Roth Mkm reduced their price target on Nextracker from $70.00 to $65.00 and set a “buy” rating for the company in a research report on Friday, August 2nd. JPMorgan Chase & Co. lowered their price objective on Nextracker from $65.00 to $62.00 and set an “overweight” rating on the stock in a research report on Friday, August 2nd. Finally, Susquehanna began coverage on shares of Nextracker in a report on Friday, June 28th. They issued a “positive” rating and a $59.00 target price for the company. Five analysts have rated the stock with a hold rating and seventeen have assigned a buy rating to the company’s stock. According to data from MarketBeat, the company presently has a consensus rating of “Moderate Buy” and an average price target of $58.18.

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.