Zurcher Kantonalbank Zurich Cantonalbank Has $39.68 Million Holdings in Nextracker Inc. (NASDAQ:NXT)

Zurcher Kantonalbank Zurich Cantonalbank raised its position in Nextracker Inc. (NASDAQ:NXT) by 1,800.5% during the 2nd quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The firm owned 846,310 shares of the company’s stock after purchasing an additional 801,780 shares during the quarter. Zurcher Kantonalbank Zurich Cantonalbank’s holdings in Nextracker were worth $39,675,000 at the end of the most recent reporting period.

A number of other institutional investors also recently modified their holdings of NXT. Farmers & Merchants Trust Co of Chambersburg PA bought a new stake in shares of Nextracker in the first quarter worth $25,000. GAMMA Investing LLC lifted its position in Nextracker by 73.2% during the 2nd quarter. GAMMA Investing LLC now owns 660 shares of the company’s stock worth $31,000 after buying an additional 279 shares in the last quarter. TFC Financial Management Inc. acquired a new position in shares of Nextracker during the 2nd quarter worth about $32,000. Fifth Third Bancorp grew its holdings in shares of Nextracker by 1,602.5% in the 2nd quarter. Fifth Third Bancorp now owns 681 shares of the company’s stock valued at $32,000 after acquiring an additional 641 shares in the last quarter. Finally, Lindbrook Capital LLC acquired a new stake in shares of Nextracker in the first quarter valued at about $34,000. 67.41% of the stock is currently owned by institutional investors.

Analyst Ratings Changes

A number of research analysts have weighed in on the company. Fox Advisors upgraded Nextracker from an “equal weight” rating to an “overweight” rating and set a $60.00 price target for the company in a research note on Wednesday, May 15th. Wells Fargo & Company lowered their price target on Nextracker from $68.00 to $64.00 and set an “overweight” rating on the stock in a research report on Wednesday, May 15th. JPMorgan Chase & Co. lowered their price target on Nextracker from $65.00 to $62.00 and set an “overweight” rating on the stock in a research report on Friday, August 2nd. Roth Mkm lowered their price target on Nextracker from $70.00 to $65.00 and set a “buy” rating on the stock in a research report on Friday, August 2nd. Finally, BMO Capital Markets lowered their price target on Nextracker from $62.00 to $56.00 and set a “market perform” rating on the stock in a research report on Wednesday, May 15th. Four investment analysts have rated the stock with a hold rating and eighteen have issued a buy rating to the company’s stock. Based on data from MarketBeat, Nextracker currently has a consensus rating of “Moderate Buy” and a consensus target price of $58.45.

Nextracker Stock Performance

NXT traded up $0.33 during trading on Thursday, hitting $40.57. The stock had a trading volume of 1,734,988 shares, compared to its average volume of 3,923,149. The company has a 50 day moving average price of $45.19 and a 200-day moving average price of $50.37. The firm has a market cap of $5.89 billion, a price-to-earnings ratio of 12.07 and a beta of 2.49. Nextracker Inc. has a one year low of $32.14 and a one year high of $62.31. The company has a debt-to-equity ratio of 0.15, a current ratio of 1.98 and a quick ratio of 1.76.

Nextracker (NASDAQ:NXT) last released its quarterly earnings results on Thursday, August 1st. The company reported $0.93 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.66 by $0.27. The business had revenue of $719.92 million during the quarter, compared to the consensus estimate of $616.71 million. Nextracker had a negative return on equity of 20.75% and a net margin of 14.87%. The firm’s quarterly revenue was up 50.1% on a year-over-year basis. During the same period in the previous year, the company posted $0.48 EPS. As a group, research analysts predict that Nextracker Inc. will post 2.62 EPS for the current year.

Nextracker 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.