Logan Capital Management Inc. Sells 11,466 Shares of Nextracker Inc. (NASDAQ:NXT)

Logan Capital Management Inc. cut its position in shares of Nextracker Inc. (NASDAQ:NXT) by 77.7% during the 3rd quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The fund owned 3,283 shares of the company’s stock after selling 11,466 shares during the quarter. Logan Capital Management Inc.’s holdings in Nextracker were worth $123,000 as of its most recent SEC filing.

Other large investors also recently modified their holdings of the company. Fifth Third Bancorp lifted its stake in Nextracker by 1,602.5% in the second quarter. Fifth Third Bancorp now owns 681 shares of the company’s stock worth $32,000 after purchasing an additional 641 shares during the last quarter. TFC Financial Management Inc. bought a new stake in shares of Nextracker in the 2nd quarter valued at about $32,000. Rothschild Investment LLC purchased a new stake in Nextracker during the 2nd quarter valued at about $35,000. Quarry LP grew its position in Nextracker by 61.5% during the 3rd quarter. Quarry LP now owns 1,119 shares of the company’s stock worth $42,000 after acquiring an additional 426 shares during the last quarter. Finally, GAMMA Investing LLC grew its position in Nextracker by 83.2% during the 3rd quarter. GAMMA Investing LLC now owns 1,209 shares of the company’s stock worth $45,000 after acquiring an additional 549 shares during the last quarter. 67.41% of the stock is owned by hedge funds and other institutional investors.

Wall Street Analysts Forecast Growth

NXT has been the subject of a number of analyst reports. BMO Capital Markets dropped their price objective on Nextracker from $56.00 to $44.00 and set a “market perform” rating for the company in a research note on Monday, October 14th. Susquehanna dropped their price target on shares of Nextracker from $59.00 to $50.00 and set a “positive” rating for the company in a research report on Wednesday, October 16th. JPMorgan Chase & Co. cut their price target on shares of Nextracker from $62.00 to $58.00 and set an “overweight” rating on the stock in a report on Thursday, October 17th. Jefferies Financial Group started coverage on shares of Nextracker in a research note on Wednesday, September 4th. They set a “hold” rating and a $46.00 price objective for the company. Finally, Northland Capmk upgraded shares of Nextracker to a “strong-buy” rating in a report on Tuesday, November 19th. Four equities research analysts have rated the stock with a hold rating, sixteen have assigned a buy rating and one has assigned a strong buy rating to the company’s stock. According to data from MarketBeat.com, the stock currently has a consensus rating of “Moderate Buy” and an average target price of $54.30.

Nextracker Stock Up 0.7 %

Shares of Nextracker stock opened at $35.47 on Friday. Nextracker Inc. has a 1 year low of $30.93 and a 1 year high of $62.31. The firm has a market cap of $5.16 billion, a price-to-earnings ratio of 8.85 and a beta of 2.09. The company has a 50-day moving average of $36.82 and a 200 day moving average of $42.15. The company has a debt-to-equity ratio of 0.11, a current ratio of 2.21 and a quick ratio of 1.99.

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.