Nextracker (NASDAQ:NXT) Trading Down 3.4% – Here’s Why

Nextracker Inc. (NASDAQ:NXT)’s share price was down 3.4% during mid-day trading on Friday . The stock traded as low as $38.35 and last traded at $38.35. Approximately 897,505 shares changed hands during mid-day trading, a decline of 76% from the average daily volume of 3,667,611 shares. The stock had previously closed at $39.71.

Analyst Upgrades and Downgrades

Several research analysts recently issued reports on NXT shares. 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. Wells Fargo & Company reduced their price objective on shares of Nextracker from $64.00 to $58.00 and set an “overweight” rating for the company in a research note on Tuesday, October 29th. Cantor Fitzgerald restated an “overweight” rating and set a $55.00 price objective on shares of Nextracker in a research note on Friday, August 2nd. JPMorgan Chase & Co. reduced their price objective on shares of Nextracker from $62.00 to $58.00 and set an “overweight” rating for the company in a research note on Thursday, October 17th. Finally, Guggenheim restated a “buy” rating and set a $55.00 price objective on shares of Nextracker in a research note on Friday, November 22nd. Four investment analysts have rated the stock with a hold rating, sixteen have assigned a buy rating and one has given a strong buy rating to the stock. Based on data from MarketBeat.com, Nextracker has an average rating of “Moderate Buy” and a consensus price target of $54.30.

Nextracker Stock Performance

The business has a fifty day simple moving average of $36.75 and a two-hundred day simple moving average of $42.98. 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 company has a market cap of $5.55 billion, a PE ratio of 9.90 and a beta of 2.32.

Institutional Trading of Nextracker

Several hedge funds and other institutional investors have recently made changes to their positions in NXT. Diversify Advisory Services LLC acquired a new position in shares of Nextracker in the 2nd quarter valued at $1,270,000. Swedbank AB acquired a new stake in Nextracker during the 2nd quarter worth about $4,622,000. Secure Asset Management LLC acquired a new stake in Nextracker during the 3rd quarter worth about $1,370,000. Price T Rowe Associates Inc. MD grew its position in Nextracker by 534.2% during the 1st quarter. Price T Rowe Associates Inc. MD now owns 175,047 shares of the company’s stock worth $9,851,000 after purchasing an additional 147,446 shares during the period. Finally, BNP PARIBAS ASSET MANAGEMENT Holding S.A. grew its position in Nextracker by 33.5% during the 3rd quarter. BNP PARIBAS ASSET MANAGEMENT Holding S.A. now owns 1,226,862 shares of the company’s stock worth $45,983,000 after purchasing an additional 307,956 shares during the period. Hedge funds and other institutional investors own 67.41% of the company’s stock.

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.