Reynders McVeigh Capital Management LLC Boosts Stake in Nextracker Inc. (NASDAQ:NXT)

Reynders McVeigh Capital Management LLC raised its position in Nextracker Inc. (NASDAQ:NXT) by 44.5% in the third quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The fund owned 90,458 shares of the company’s stock after buying an additional 27,871 shares during the period. Reynders McVeigh Capital Management LLC’s holdings in Nextracker were worth $3,390,000 at the end of the most recent quarter.

Several other large investors have also modified their holdings of NXT. GAMMA Investing LLC lifted its position in shares of Nextracker by 73.2% during the second quarter. GAMMA Investing LLC now owns 660 shares of the company’s stock worth $31,000 after purchasing an additional 279 shares during the last quarter. TFC Financial Management Inc. bought a new position in shares of Nextracker during the second quarter worth about $32,000. Fifth Third Bancorp lifted its position in shares of Nextracker by 1,602.5% during the second quarter. Fifth Third Bancorp now owns 681 shares of the company’s stock worth $32,000 after purchasing an additional 641 shares during the last quarter. Rothschild Investment LLC bought a new position in shares of Nextracker during the second quarter worth about $35,000. Finally, Arcadia Investment Management Corp MI acquired a new stake in Nextracker during the third quarter worth about $75,000. Institutional investors own 67.41% of the company’s stock.

Analyst Upgrades and Downgrades

Several equities research analysts recently weighed in on NXT shares. Wells Fargo & Company dropped their price objective on shares of Nextracker from $64.00 to $58.00 and set an “overweight” rating on the stock in a research note on Tuesday, October 29th. Truist Financial increased their price objective on shares of Nextracker from $50.00 to $54.00 and gave the stock a “buy” rating in a research note on Friday, November 1st. BMO Capital Markets dropped their price objective on shares of Nextracker from $56.00 to $44.00 and set a “market perform” rating on the stock in a research note on Monday, October 14th. Northland Securities reiterated an “outperform” rating and set a $48.00 price objective on shares of Nextracker in a research note on Tuesday, November 19th. Finally, Barclays dropped their price objective on shares of Nextracker from $61.00 to $47.00 and set an “equal weight” rating on the stock in a research note on Thursday, October 3rd. Four analysts have rated the stock with a hold rating, sixteen have assigned a buy rating and one has assigned a strong buy rating to the company’s stock. Based on data from MarketBeat, the stock currently has a consensus rating of “Moderate Buy” and a consensus price target of $54.30.

Nextracker Trading Down 1.9 %

Nextracker stock opened at $39.14 on Wednesday. The stock has a market capitalization of $5.70 billion, a PE ratio of 9.76 and a beta of 2.09. Nextracker Inc. has a 12-month low of $30.93 and a 12-month high of $62.31. The company has a debt-to-equity ratio of 0.11, a current ratio of 2.21 and a quick ratio of 1.99. The firm has a 50 day simple moving average of $36.89 and a 200-day simple moving average of $42.86.

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.