Greenwich Wealth Management LLC Buys New Shares in Nextracker Inc. (NASDAQ:NXT)

Greenwich Wealth Management LLC purchased a new position in shares of Nextracker Inc. (NASDAQ:NXT) during the 2nd quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The institutional investor purchased 8,445 shares of the company’s stock, valued at approximately $396,000.

Several other institutional investors and hedge funds have also recently added to or reduced their stakes in the company. Charles Schwab Investment Management Inc. lifted its position in shares of Nextracker by 1.3% in the fourth quarter. Charles Schwab Investment Management Inc. now owns 385,820 shares of the company’s stock valued at $18,076,000 after buying an additional 5,012 shares during the last quarter. SCP Investment LP bought a new position in Nextracker during the fourth quarter worth $424,000. Teacher Retirement System of Texas bought a new position in Nextracker during the fourth quarter worth $265,000. Jump Financial LLC acquired a new position in shares of Nextracker in the fourth quarter valued at $469,000. Finally, Massachusetts Financial Services Co. MA raised its position in shares of Nextracker by 33.1% in the fourth quarter. Massachusetts Financial Services Co. MA now owns 303,345 shares of the company’s stock valued at $14,212,000 after purchasing an additional 75,510 shares during the period. 67.41% of the stock is owned by institutional investors.

Nextracker Price Performance

Shares of NASDAQ:NXT opened at $37.67 on Monday. The firm has a market cap of $5.48 billion, a PE ratio of 11.21, a price-to-earnings-growth ratio of 5.16 and a beta of 2.47. The firm’s fifty day moving average is $42.30 and its 200-day moving average is $48.43. 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 Inc. has a 52 week low of $32.14 and a 52 week high of $62.31.

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

Wall Street Analyst Weigh In

A number of brokerages recently commented on NXT. Bank of America upped their price target on shares of Nextracker from $64.00 to $66.00 and gave the company a “buy” rating in a research note on Wednesday, July 17th. Cantor Fitzgerald reiterated an “overweight” rating and set a $55.00 target price on shares of Nextracker in a research note on Friday, August 2nd. Jefferies Financial Group started coverage on Nextracker in a research note on Wednesday, September 4th. They issued a “hold” rating and a $46.00 price target for the company. JPMorgan Chase & Co. lowered their price objective on Nextracker from $65.00 to $62.00 and set an “overweight” rating on the stock in a research report on Friday, August 2nd. Finally, Susquehanna assumed coverage on shares of Nextracker in a research report on Friday, June 28th. They issued a “positive” rating and a $59.00 target price for the company. Five analysts have rated the stock with a hold rating and eighteen have issued a buy rating to the company. According to MarketBeat.com, Nextracker has a consensus rating of “Moderate Buy” and a consensus price target of $57.91.

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.