Virtu Financial LLC Purchases 26,700 Shares of Nextracker Inc. (NASDAQ:NXT)

Virtu Financial LLC increased its position in shares of Nextracker Inc. (NASDAQ:NXT) by 228.3% during the 1st quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The fund owned 38,393 shares of the company’s stock after acquiring an additional 26,700 shares during the quarter. Virtu Financial LLC’s holdings in Nextracker were worth $2,160,000 as of its most recent SEC filing.

Other hedge funds and other institutional investors have also bought and sold shares of the company. Farmers & Merchants Trust Co of Chambersburg PA acquired a new stake in shares of Nextracker in the first quarter valued at approximately $25,000. Lindbrook Capital LLC acquired a new stake in shares of Nextracker in the first quarter valued at approximately $34,000. Bruce G. Allen Investments LLC acquired a new stake in shares of Nextracker in the first quarter valued at approximately $37,000. Toth Financial Advisory Corp acquired a new stake in shares of Nextracker in the first quarter valued at approximately $38,000. Finally, Wahed Invest LLC acquired a new stake in shares of Nextracker in the fourth quarter valued at approximately $43,000. Institutional investors own 67.41% of the company’s stock.

Analysts Set New Price Targets

A number of brokerages recently weighed in on NXT. Guggenheim lowered their target price on shares of Nextracker from $73.00 to $60.00 and set a “buy” rating on the stock in a report on Tuesday, April 23rd. Mizuho lowered their target price on shares of Nextracker from $64.00 to $59.00 and set a “buy” rating on the stock in a report on Friday, April 19th. Roth Mkm lowered their target price on shares of Nextracker from $70.00 to $65.00 and set a “buy” rating on the stock in a report on Friday. Bank of America lifted their price objective on shares of Nextracker from $64.00 to $66.00 and gave the stock a “buy” rating in a research report on Wednesday, July 17th. Finally, Truist Financial reduced their price objective on shares of Nextracker from $70.00 to $65.00 and set a “buy” rating for the company in a research report on Monday. Four research analysts have rated the stock with a hold rating and eighteen have assigned a buy rating to the stock. According to MarketBeat.com, the company currently has an average rating of “Moderate Buy” and a consensus price target of $58.68.

Insider Activity

In related 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 sale, the insider now directly owns 17,387 shares in the company, valued at $763,463.17. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this hyperlink. 0.27% of the stock is currently owned by insiders.

Nextracker Price Performance

NASDAQ NXT traded down $4.85 during trading on Friday, hitting $41.98. 8,961,426 shares of the company’s stock were exchanged, compared to its average volume of 4,074,142. 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 $6.09 billion, a PE ratio of 12.49 and a beta of 2.49. Nextracker Inc. has a fifty-two week low of $32.14 and a fifty-two week high of $62.31. The stock’s 50 day moving average price is $51.65 and its two-hundred day moving average price is $51.45.

Nextracker (NASDAQ:NXT) last released its quarterly earnings data on Tuesday, May 14th. The company reported $0.85 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.47 by $0.38. Nextracker had a negative return on equity of 13.70% and a net margin of 12.25%. The company had revenue of $736.52 million during the quarter, compared to the consensus estimate of $681.03 million. Research analysts expect that Nextracker Inc. will post 2.62 EPS for the current year.

About Nextracker

Nextracker Inc, an energy solutions company, provides solar tracker and software solutions for utility-scale and ground-mounted distributed generation solar projects worldwide. The company offers tracking solutions, which includes NX Horizon, a solar tracking solution; NX Gemini, a two-in-portrait format tracker, which holds two rows of solar panels along the central support beam; and NX Horizon-XTR, a terrain-following tracker designed to expand the addressable market for trackers on sites with sloped, uneven, and challenging terrain.