Legato Capital Management LLC reduced its stake in Nextracker Inc. (NASDAQ:NXT – Free Report) by 22.3% during the second quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The firm owned 7,075 shares of the company’s stock after selling 2,030 shares during the period. Legato Capital Management LLC’s holdings in Nextracker were worth $332,000 at the end of the most recent reporting period.
Several other hedge funds and other institutional investors have also recently bought and sold shares of NXT. Strs Ohio increased its position in shares of Nextracker by 107.7% in the fourth quarter. Strs Ohio now owns 5,400 shares of the company’s stock valued at $252,000 after acquiring an additional 2,800 shares during the period. Mackenzie Financial Corp purchased a new position in Nextracker during the 4th quarter valued at about $232,000. Zurcher Kantonalbank Zurich Cantonalbank raised its position in Nextracker by 98.7% during the 4th quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 19,983 shares of the company’s stock valued at $936,000 after purchasing an additional 9,926 shares during the last quarter. Russell Investments Group Ltd. lifted its holdings in Nextracker by 13.5% in the 4th quarter. Russell Investments Group Ltd. now owns 244,186 shares of the company’s stock worth $11,440,000 after buying an additional 29,069 shares during the period. Finally, Van ECK Associates Corp bought a new stake in shares of Nextracker in the 4th quarter worth approximately $2,176,000. Institutional investors own 67.41% of the company’s stock.
Nextracker Stock Down 1.6 %
Nextracker stock traded down $0.67 during trading hours on Tuesday, hitting $41.54. The stock had a trading volume of 1,304,009 shares, compared to its average volume of 3,944,384. The stock’s 50-day moving average price is $45.88 and its 200-day moving average price is $50.56. The stock has a market capitalization of $6.03 billion, a P/E ratio of 12.56 and a beta of 2.49. Nextracker Inc. has a 12-month low of $32.14 and a 12-month high of $62.31. The company has a quick ratio of 1.76, a current ratio of 1.98 and a debt-to-equity ratio of 0.15.
Wall Street Analyst Weigh In
Several research firms recently weighed in on NXT. BMO Capital Markets cut their price target on shares of Nextracker from $62.00 to $56.00 and set a “market perform” rating on the stock in a report on Wednesday, May 15th. Susquehanna assumed coverage on shares of Nextracker in a research note on Friday, June 28th. They set a “positive” rating and a $59.00 target price on the stock. Wells Fargo & Company decreased their price target on shares of Nextracker from $68.00 to $64.00 and set an “overweight” rating for the company in a research note on Wednesday, May 15th. Truist Financial lowered their price objective on shares of Nextracker from $70.00 to $65.00 and set a “buy” rating for the company in a report on Monday, July 29th. Finally, JPMorgan Chase & Co. reduced their target price on Nextracker from $65.00 to $62.00 and set an “overweight” rating on the stock in a report on Friday, August 2nd. Four research analysts have rated the stock with a hold rating and eighteen have assigned a buy rating to the company. According to data from MarketBeat, the stock presently has an average rating of “Moderate Buy” and an average price target of $58.45.
Get Our Latest Analysis on Nextracker
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.
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