Duff & Phelps Investment Management Co. Sells 1,740 Shares of Nextracker Inc. (NASDAQ:NXT)

Duff & Phelps Investment Management Co. decreased its holdings in Nextracker Inc. (NASDAQ:NXT) by 11.6% in the second quarter, HoldingsChannel reports. The institutional investor owned 13,256 shares of the company’s stock after selling 1,740 shares during the period. Duff & Phelps Investment Management Co.’s holdings in Nextracker were worth $621,000 at the end of the most recent reporting period.

A number of other hedge funds and other institutional investors also recently made changes to their positions in the business. Virtu Financial LLC grew its position in Nextracker by 228.3% in the first quarter. Virtu Financial LLC now owns 38,393 shares of the company’s stock valued at $2,160,000 after acquiring an additional 26,700 shares during the period. Hsbc Holdings PLC increased its position 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 purchasing an additional 53,904 shares in the last quarter. Graybill Wealth Management LTD. bought a new position in Nextracker during the 1st quarter valued at about $1,643,000. Diversify Advisory Services LLC bought a new position in Nextracker during the 2nd quarter valued at about $1,270,000. Finally, Commonwealth Equity Services LLC acquired a new position in Nextracker in the first quarter valued at about $2,819,000. 67.41% of the stock is owned by institutional investors.

Nextracker Stock Up 3.6 %

NASDAQ:NXT opened at $38.90 on Monday. The company has a quick ratio of 1.91, a current ratio of 2.11 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 fifty day simple moving average is $40.00 and its 200-day simple moving average is $46.92. The firm has a market capitalization of $5.65 billion, a P/E ratio of 11.58, a P/E/G ratio of 5.32 and a beta of 2.47.

Nextracker (NASDAQ:NXT) last issued its earnings results on Thursday, August 1st. The company reported $0.93 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.66 by $0.27. The firm had revenue of $719.92 million for the quarter, compared to analysts’ expectations of $616.71 million. Nextracker had a negative return on equity of 36.33% and a net margin of 14.87%. The company’s revenue was up 50.1% compared to the same quarter last year. During the same quarter last year, the business earned $0.48 earnings per share. Equities research analysts expect that Nextracker Inc. will post 2.57 earnings per share for the current year.

Analyst Ratings Changes

A number of research firms have recently issued reports on NXT. Roth Mkm cut their target price on shares of Nextracker from $70.00 to $65.00 and set a “buy” rating for the company in a research note on Friday, August 2nd. JPMorgan Chase & Co. cut their price objective on Nextracker from $65.00 to $62.00 and set an “overweight” rating for the company in a research report on Friday, August 2nd. Susquehanna initiated coverage on Nextracker in a report on Friday, June 28th. They set a “positive” rating and a $59.00 target price on the stock. Barclays lowered their target price on Nextracker from $63.00 to $61.00 and set an “equal weight” rating for the company in a research note on Tuesday, July 16th. Finally, Cantor Fitzgerald reiterated an “overweight” rating and set a $55.00 price target on shares of Nextracker in a research report on Friday, August 2nd. Five investment analysts have rated the stock with a hold rating and seventeen have issued a buy rating to the company. Based on data from MarketBeat, the company presently has a consensus rating of “Moderate Buy” and a consensus target price of $58.18.

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.