Assenagon Asset Management S.A. Grows Position in Nextracker Inc. (NASDAQ:NXT)

Assenagon Asset Management S.A. raised its position in Nextracker Inc. (NASDAQ:NXT) by 158.9% in the third quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The fund owned 963,698 shares of the company’s stock after buying an additional 591,488 shares during the quarter. Assenagon Asset Management S.A. owned approximately 0.66% of Nextracker worth $36,119,000 as of its most recent filing with the Securities and Exchange Commission.

Several other large investors have also modified their holdings of NXT. GAMMA Investing LLC raised its stake in Nextracker by 73.2% during the 2nd quarter. GAMMA Investing LLC now owns 660 shares of the company’s stock valued at $31,000 after acquiring an additional 279 shares during the last quarter. TFC Financial Management Inc. purchased a new stake in shares of Nextracker during the second quarter worth approximately $32,000. Fifth Third Bancorp grew its position in 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 buying an additional 641 shares during the last quarter. Rothschild Investment LLC purchased a new position in Nextracker in the 2nd quarter valued at $35,000. Finally, Toth Financial Advisory Corp acquired a new position in Nextracker in the 1st quarter valued at $38,000. 67.41% of the stock is owned by institutional investors and hedge funds.

Nextracker Stock Performance

Nextracker stock opened at $31.29 on Friday. Nextracker Inc. has a fifty-two week low of $30.93 and a fifty-two week high of $62.31. The company has a market capitalization of $4.55 billion, a price-to-earnings ratio of 8.30 and a beta of 2.47. The stock has a fifty day moving average of $36.90 and a two-hundred day moving average of $44.29. The company has a debt-to-equity ratio of 0.13, a quick ratio of 1.91 and a current ratio of 2.11.

Nextracker (NASDAQ:NXT) last announced its earnings results on Thursday, August 1st. The company reported $0.93 earnings per share 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 firm had revenue of $719.92 million during the quarter, compared to the consensus estimate of $616.71 million. During the same quarter in the previous year, the company posted $0.48 EPS. The firm’s revenue for the quarter was up 50.1% on a year-over-year basis. On average, analysts anticipate that Nextracker Inc. will post 2.52 EPS for the current fiscal year.

Analyst Upgrades and Downgrades

NXT has been the topic of several analyst reports. BMO Capital Markets lowered their target price on shares of Nextracker from $56.00 to $44.00 and set a “market perform” rating on the stock in a report on Monday, October 14th. Barclays dropped their target price on Nextracker from $61.00 to $47.00 and set an “equal weight” rating on the stock in a research report on Thursday, October 3rd. Susquehanna cut their target price on Nextracker from $59.00 to $50.00 and set a “positive” rating for the company in a research note on Wednesday, October 16th. Truist Financial decreased their price target on Nextracker from $65.00 to $50.00 and set a “buy” rating on the stock in a research note on Wednesday, October 16th. Finally, Guggenheim cut their price objective on Nextracker from $60.00 to $55.00 and set a “buy” rating for the company in a research report on Friday, August 16th. Five equities research analysts have rated the stock with a hold rating and fifteen have issued a buy rating to the company’s stock. According to MarketBeat.com, the company presently has an average rating of “Moderate Buy” and an average target price of $56.65.

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.