GAMMA Investing LLC increases holdings in Nextracker Inc. (NASDAQ:NXT)

GAMMA Investing LLC increased its holdings in Nextracker Inc. (NASDAQ:NXT – Free Report) by 73.2% during the second quarter, Holdings Channel.com reports. The institutional investor owned 660 shares of the company’s stock after acquiring an additional 279 shares during the period. GAMMA Investing LLC’s holdings in Nextracker were worth $31,000 as of its most recent SEC filing.

A number of other hedge funds have also bought and sold shares of the company. DekaBank Deutsche Girozentrale grew its position in Nextracker by 1,356.7% in the first quarter. DekaBank Deutsche Girozentrale now owns 375,263 shares of the company’s stock worth $21,769,000 after buying an additional 349,501 shares during the last quarter. Boston Partners purchased a new position in Nextracker in the first quarter worth about $14,125,000. Teachers Retirement System of The State of Kentucky purchased a new position in Nextracker in the first quarter worth about $1,821,000. Cetera Advisors LLC acquired a new position in Nextracker in the first quarter worth about $288,000. Finally, Virtu Financial LLC increased its position in Nextracker by 228.3% in the first quarter. Virtu Financial LLC now owns 38,393 shares of the company’s stock worth $2,160,000 after buying an additional 26,700 shares in the last quarter. Hedge funds and other institutional investors own 67.41% of the company’s shares.

Nextracker trading down 1.0%

Shares of NASDAQ:NXT opened at $39.78 on Monday. Nextracker Inc. has a 12-month low of $32.14 and a 12-month high of $62.31. The company has a current ratio of 1.98, a quick ratio of 1.76, and a debt-to-equity ratio of 0.15. The company has a market cap of $5.77 billion, a PE ratio of 11.84 and a beta of 2.49. The stock has a 50-day moving average of $49.74 and a 200-day moving average of $51.43.

Nextracker (NASDAQ:NXT – Get Your Free Report ) last posted its quarterly earnings results on Thursday, August 1st. The company reported $0.93 earnings per share for the quarter, topping the consensus estimate of $0.66 by $0.27. Nextracker had a negative return on equity of 20.75% and a net margin of 14.87%. The business had revenue of $719.92 million during the quarter, compared to the consensus estimate of $616.71 million. In the same period of the previous year, the company posted EPS of $0.48. The company’s revenue for the quarter was up 50.1% compared to the same quarter last year. As a group, equities research analysts expect that Nextracker Inc. to post 2.62 EPS for the current year.

Analysts set new price targets

NXT has been the subject of several recent analyst reports. JPMorgan Chase & Co. cut their price target on Nextracker from $65.00 to $62.00 and set an “overweight” rating for the company in a research report on Friday, August 2nd. Mizuho cut their price target on shares of Nextracker from $64.00 to $59.00 and set a “buy” rating for the company in a research report on Friday, April 19th. Susquehanna assumed coverage on shares of Nextracker in a research report on Friday, June 28th. They set a “positive” rating and a $59.00 price target for the company. Wells Fargo & Company cut their price target on shares of Nextracker from $68.00 to $64.00 and set an “overweight” rating for the company in a research report on Wednesday, May 15th. Finally, Scotiabank cut their price target on shares of Nextracker from $55.00 to $50.00 and set a “sector outperform” rating for the company in a research report on Monday, April 29th . Four research analysts have rated the stock with a hold rating and eighteen have given a buy rating to the company. The stock presently has an average rating of “Moderate Buy” and an average price target of $58.68, according to MarketBeat.

Get the latest stock analysis on NXT

Insiders place their bets

In other Nextracker news, insider Bruce Ledesma sold 12,135 shares of the company’s stock in a transaction that occurred on Monday, May 20th. The stock was sold at an average price of $43.91, for a total value of $532,847.85. Following the completion of the transaction, the insider now directly owns 17,387 shares in the company, valued at approximately $763,463.17. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available on the SEC’s website. 0.27% of shares are currently held by corporate insiders.

About Nextracker

(Free report)

Nextracker Inc, an energy solutions company, provides solar tracking and software solutions for utility-scale solar and distributed generation projects in the United States and internationally. The company offers tracking solutions that include NX Horizon, a solar tracking solution; and NX Horizon-XTR, a terrain tracker designed to expand the addressable tracker market on sites with sloping, rough and challenging terrain.

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Want to see what other hedge funds own NXT? Visit HoldingsChannel.com to get the latest 13F filings and insider trading for Nextracker Inc. (NASDAQ:NXT – Free Report).

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