Cinctive Capital Management LP Takes $16.62 Million Position in Nextracker Inc. (NASDAQ:NXT)

Cinctive Capital Management LP purchased a new position in shares of Nextracker Inc. (NASDAQ:NXT) during the 3rd quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The firm purchased 443,487 shares of the company’s stock, valued at approximately $16,622,000. Nextracker makes up 0.9% of Cinctive Capital Management LP’s portfolio, making the stock its 22nd largest position. Cinctive Capital Management LP owned about 0.30% of Nextracker as of its most recent filing with the Securities and Exchange Commission.

A number of other hedge funds have also added to or reduced their stakes in NXT. GAMMA Investing LLC raised its stake in Nextracker by 73.2% during the second quarter. GAMMA Investing LLC now owns 660 shares of the company’s stock worth $31,000 after acquiring an additional 279 shares in the last quarter. Hilltop National Bank increased its position in Nextracker by 40.6% during the 2nd quarter. Hilltop National Bank now owns 1,187 shares of the company’s stock worth $56,000 after purchasing an additional 343 shares in the last quarter. Arizona State Retirement System lifted its stake in Nextracker by 1.1% in the 2nd quarter. Arizona State Retirement System now owns 34,403 shares of the company’s stock valued at $1,613,000 after purchasing an additional 372 shares during the last quarter. Wedbush Securities Inc. boosted its position in Nextracker by 8.2% in the second quarter. Wedbush Securities Inc. now owns 6,080 shares of the company’s stock valued at $285,000 after buying an additional 461 shares in the last quarter. Finally, Graybill Wealth Management LTD. grew its stake in shares of Nextracker by 1.7% during the second quarter. Graybill Wealth Management LTD. now owns 29,678 shares of the company’s stock worth $1,391,000 after buying an additional 483 shares during the last quarter. 67.41% of the stock is owned by institutional investors.

Nextracker Stock Performance

Shares of NXT stock opened at $38.16 on Monday. The company has a quick ratio of 1.99, a current ratio of 2.21 and a debt-to-equity ratio of 0.11. Nextracker Inc. has a 52 week low of $30.93 and a 52 week high of $62.31. The firm has a 50 day moving average of $36.78 and a 200-day moving average of $42.92. The company has a market cap of $5.55 billion, a price-to-earnings ratio of 9.52 and a beta of 2.32.

Wall Street Analysts Forecast Growth

NXT has been the topic of several recent research reports. Truist Financial raised their price objective on Nextracker from $50.00 to $54.00 and gave the company a “buy” rating in a report on Friday, November 1st. Northland Capmk raised Nextracker to a “strong-buy” rating in a research note on Tuesday, November 19th. Northland Securities reaffirmed an “outperform” rating and issued a $48.00 price objective on shares of Nextracker in a research note on Tuesday, November 19th. Jefferies Financial Group initiated coverage on shares of Nextracker in a research report on Wednesday, September 4th. They set a “hold” rating and a $46.00 target price on the stock. Finally, Susquehanna reduced their target price on shares of Nextracker from $59.00 to $50.00 and set a “positive” rating on the stock in a report on Wednesday, October 16th. 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 stock. According to MarketBeat, Nextracker presently has a consensus rating of “Moderate Buy” and an average target price of $54.30.

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.