Zurcher Kantonalbank Zurich Cantonalbank Boosts Stake in Nextracker Inc. (NASDAQ:NXT)

Zurcher Kantonalbank Zurich Cantonalbank raised its holdings in shares of Nextracker Inc. (NASDAQ:NXT) by 88.1% in the 3rd quarter, Holdings Channel reports. The institutional investor owned 1,591,975 shares of the company’s stock after purchasing an additional 745,665 shares during the quarter. Zurcher Kantonalbank Zurich Cantonalbank’s holdings in Nextracker were worth $59,667,000 at the end of the most recent quarter.

A number of other hedge funds have also recently modified their holdings of the business. BBR Partners LLC purchased a new position in shares of Nextracker during the third quarter worth approximately $359,000. MetLife Investment Management LLC grew its stake in Nextracker by 18.3% in the third quarter. MetLife Investment Management LLC now owns 153,683 shares of the company’s stock worth $5,760,000 after purchasing an additional 23,825 shares in the last quarter. Healthcare of Ontario Pension Plan Trust Fund raised its position in Nextracker by 2.3% during the 3rd quarter. Healthcare of Ontario Pension Plan Trust Fund now owns 367,895 shares of the company’s stock valued at $13,789,000 after purchasing an additional 8,220 shares in the last quarter. Blueshift Asset Management LLC lifted its holdings in shares of Nextracker by 140.6% in the 3rd quarter. Blueshift Asset Management LLC now owns 10,385 shares of the company’s stock worth $389,000 after buying an additional 6,068 shares during the period. Finally, Bridgewater Associates LP grew its position in shares of Nextracker by 78.9% during the 3rd quarter. Bridgewater Associates LP now owns 328,713 shares of the company’s stock worth $12,320,000 after buying an additional 144,921 shares in the last quarter. Institutional investors own 67.41% of the company’s stock.

Analysts Set New Price Targets

Several analysts recently weighed in on the company. Jefferies Financial Group started coverage on Nextracker in a report on Wednesday, September 4th. They issued a “hold” rating and a $46.00 price objective for the company. Barclays lowered their price target on shares of Nextracker from $61.00 to $47.00 and set an “equal weight” rating for the company in a research report on Thursday, October 3rd. Piper Sandler cut their price objective on shares of Nextracker from $60.00 to $47.00 and set an “overweight” rating on the stock in a report on Friday, November 22nd. Cantor Fitzgerald restated an “overweight” rating and set a $55.00 target price on shares of Nextracker in a report on Friday, August 2nd. Finally, Roth Mkm dropped their target price on Nextracker from $70.00 to $65.00 and set a “buy” rating on the stock in a research report on Friday, August 2nd. Four investment analysts have rated the stock with a hold rating, sixteen have assigned a buy rating and one has issued a strong buy rating to the stock. Based on data from MarketBeat.com, Nextracker has an average rating of “Moderate Buy” and an average price target of $54.30.

Nextracker Trading Up 2.2 %

Shares of Nextracker stock opened at $39.71 on Thursday. Nextracker Inc. has a 1 year low of $30.93 and a 1 year high of $62.31. The company has a debt-to-equity ratio of 0.11, a current ratio of 2.21 and a quick ratio of 1.99. The stock has a market cap of $5.78 billion, a PE ratio of 9.90 and a beta of 2.32. The firm has a fifty day moving average price of $36.69 and a 200 day moving average price of $43.00.

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.