Sycomore Asset Management Reduces Stock Holdings in Nextracker Inc. (NASDAQ:NXT)

Sycomore Asset Management reduced its stake in Nextracker Inc. (NASDAQ:NXT) by 12.1% during the 3rd quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The fund owned 210,876 shares of the company’s stock after selling 29,007 shares during the period. Nextracker accounts for about 1.2% of Sycomore Asset Management’s holdings, making the stock its 28th biggest position. Sycomore Asset Management’s holdings in Nextracker were worth $7,921,000 as of its most recent filing with the Securities & Exchange Commission.

A number of other hedge funds have also modified their holdings of the business. 1832 Asset Management L.P. raised its stake in shares of Nextracker by 0.3% during the 1st quarter. 1832 Asset Management L.P. now owns 80,190 shares of the company’s stock worth $4,512,000 after buying an additional 275 shares during the last quarter. GAMMA Investing LLC grew its stake in Nextracker by 73.2% during the 2nd quarter. GAMMA Investing LLC now owns 660 shares of the company’s stock worth $31,000 after buying an additional 279 shares during the last quarter. Hilltop National Bank grew its stake in shares of Nextracker by 40.6% in the second 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 holdings in shares of Nextracker by 1.1% during the second 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. Finally, Wedbush Securities Inc. raised its position in Nextracker by 8.2% during 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 during the period. 67.41% of the stock is currently owned by hedge funds and other institutional investors.

Analyst Upgrades and Downgrades

A number of research analysts have recently commented on the company. JPMorgan Chase & Co. lowered their price objective on Nextracker from $62.00 to $58.00 and set an “overweight” rating on the stock in a report on Thursday, October 17th. Bank of America lowered their price objective on shares of Nextracker from $65.00 to $52.00 and set a “buy” rating for the company in a research report on Thursday, November 7th. Cantor Fitzgerald reaffirmed an “overweight” rating and set a $55.00 target price on shares of Nextracker in a report on Friday, August 2nd. Barclays dropped their target price on shares of Nextracker from $61.00 to $47.00 and set an “equal weight” rating on the stock in a report on Thursday, October 3rd. Finally, Robert W. Baird decreased their price target on shares of Nextracker from $71.00 to $53.00 and set an “outperform” rating for the company in a research note on Thursday, October 31st. Five analysts have rated the stock with a hold rating and fifteen have assigned a buy rating to the company’s stock. Based on data from MarketBeat, Nextracker currently has a consensus rating of “Moderate Buy” and an average price target of $54.95.

Nextracker Stock Performance

NASDAQ:NXT traded up $0.01 during trading hours on Thursday, hitting $37.31. 685,345 shares of the company traded hands, compared to its average volume of 3,740,207. The stock has a market capitalization of $5.43 billion, a price-to-earnings ratio of 9.30 and a beta of 2.32. The company has a current ratio of 2.21, a quick ratio of 1.99 and a debt-to-equity ratio of 0.11. The firm has a 50-day moving average of $36.18 and a 200 day moving average of $43.40. Nextracker Inc. has a twelve month low of $30.93 and a twelve month high of $62.31.

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.