State Street Corp Has $190.04 Million Stock Holdings in Nextracker Inc. (NASDAQ:NXT)

State Street Corp grew its position in Nextracker Inc. (NASDAQ:NXT) by 15.8% during the 3rd quarter, according to the company in its most recent disclosure with the SEC. The firm owned 5,070,473 shares of the company’s stock after purchasing an additional 690,343 shares during the period. State Street Corp’s holdings in Nextracker were worth $190,041,000 at the end of the most recent reporting period.

Several other institutional investors and hedge funds also recently made changes to their positions in NXT. Victory Capital Management Inc. grew its stake in Nextracker by 15.4% in the third quarter. Victory Capital Management Inc. now owns 2,367,636 shares of the company’s stock valued at $88,739,000 after acquiring an additional 315,199 shares during the period. Dimensional Fund Advisors LP increased its position in shares of Nextracker by 35.3% during the second quarter. Dimensional Fund Advisors LP now owns 1,766,871 shares of the company’s stock worth $82,844,000 after acquiring an additional 460,739 shares in the last quarter. Handelsbanken Fonder AB lifted its position in Nextracker by 5.3% in the 3rd quarter. Handelsbanken Fonder AB now owns 1,675,617 shares of the company’s stock valued at $62,802,000 after acquiring an additional 84,069 shares in the last quarter. Zurcher Kantonalbank Zurich Cantonalbank lifted its position in Nextracker by 88.1% in the 3rd quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 1,591,975 shares of the company’s stock valued at $59,667,000 after acquiring an additional 745,665 shares in the last quarter. Finally, Janus Henderson Group PLC boosted its stake in Nextracker by 4.5% in the 3rd quarter. Janus Henderson Group PLC now owns 1,529,201 shares of the company’s stock worth $57,285,000 after purchasing an additional 65,177 shares during the period. Institutional investors and hedge funds own 67.41% of the company’s stock.

Analyst Ratings Changes

A number of research firms recently issued reports on NXT. Bank of America decreased their price objective on Nextracker from $65.00 to $52.00 and set a “buy” rating for the company in a report on Thursday, November 7th. Northland Securities reiterated an “outperform” rating and issued a $48.00 price target on shares of Nextracker in a research note on Tuesday, November 19th. Wells Fargo & Company reduced their price objective on shares of Nextracker from $64.00 to $58.00 and set an “overweight” rating for the company in a research note on Tuesday, October 29th. Barclays lowered 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. Finally, Jefferies Financial Group initiated coverage on Nextracker in a report on Wednesday, September 4th. They issued a “hold” rating and a $46.00 price objective for the company. Four analysts have rated the stock with a hold rating, sixteen have assigned a buy rating and one has given a strong buy rating to the company’s stock. According to data from MarketBeat.com, the stock presently has an average rating of “Moderate Buy” and a consensus target price of $54.30.

Nextracker Stock Performance

NASDAQ NXT opened at $35.21 on Friday. Nextracker Inc. has a 12-month low of $30.93 and a 12-month high of $62.31. The firm has a 50-day moving average price of $36.86 and a two-hundred day moving average price of $42.35. The company has a market capitalization of $5.12 billion, a P/E ratio of 8.78 and a beta of 2.09. The company has a quick ratio of 1.99, a current ratio of 2.21 and a debt-to-equity ratio of 0.11.

About Nextracker

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.