Nextracker (NASDAQ:NXT) Shares Down 4.9% – Here’s Why

Nextracker Inc. (NASDAQ:NXT)’s share price traded down 4.9% during trading on Wednesday . The company traded as low as $47.29 and last traded at $47.30. 3,662,577 shares were traded during trading, an increase of 10% from the average session volume of 3,330,026 shares. The stock had previously closed at $49.75.

Wall Street Analyst Weigh In

NXT has been the subject of several recent research reports. Northland Capmk raised shares of Nextracker to a “strong-buy” rating in a research report on Tuesday, November 19th. The Goldman Sachs Group raised their target price on shares of Nextracker from $54.00 to $61.00 and gave the stock a “buy” rating in a report on Wednesday, January 29th. BNP Paribas raised Nextracker to a “strong-buy” rating in a research report on Wednesday, January 29th. Piper Sandler upped their target price on shares of Nextracker from $47.00 to $50.00 and gave the stock an “overweight” rating in a research note on Wednesday, January 29th. Finally, TD Cowen started coverage on Nextracker in a research report on Thursday, December 19th. They issued a “hold” rating and a $41.00 target price on the stock. Three equities research analysts have rated the stock with a hold rating, nineteen have given a buy rating and two have assigned a strong buy rating to the stock. According to data from MarketBeat, the company currently has an average rating of “Moderate Buy” and an average price target of $56.50.

Nextracker Stock Down 6.0 %

The company has a market capitalization of $6.81 billion, a price-to-earnings ratio of 11.90 and a beta of 2.13. The company has a current ratio of 2.20, a quick ratio of 1.96 and a debt-to-equity ratio of 0.10. The company has a 50-day moving average of $40.07 and a 200-day moving average of $39.00.

Nextracker (NASDAQ:NXT) last posted its earnings results on Tuesday, January 28th. The company reported $0.89 earnings per share for the quarter, beating the consensus estimate of $0.58 by $0.31. Nextracker had a net margin of 20.12% and a return on equity of 41.22%. On average, equities analysts predict that Nextracker Inc. will post 3.29 earnings per share for the current fiscal year.

Insider Activity

In other news, CAO David P. Bennett sold 9,801 shares of Nextracker stock in a transaction dated Wednesday, January 29th. The stock was sold at an average price of $49.90, for a total transaction of $489,069.90. Following the sale, the chief accounting officer now owns 124,577 shares in the company, valued at approximately $6,216,392.30. The trade was a 7.29 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Also, President Howard Wenger sold 6,066 shares of the business’s stock in a transaction that occurred on Thursday, January 16th. The shares were sold at an average price of $45.00, for a total value of $272,970.00. Following the completion of the sale, the president now owns 209,365 shares of the company’s stock, valued at approximately $9,421,425. This represents a 2.82 % decrease in their position. The disclosure for this sale can be found here. Corporate insiders own 0.27% of the company’s stock.

Hedge Funds Weigh In On Nextracker

Institutional investors have recently modified their holdings of the business. State Street Corp boosted its stake in shares of Nextracker by 15.8% in the third quarter. State Street Corp now owns 5,070,473 shares of the company’s stock valued at $190,041,000 after buying an additional 690,343 shares in the last quarter. Geode Capital Management LLC increased its position in shares of Nextracker by 23.3% in the third quarter. Geode Capital Management LLC now owns 3,593,938 shares of the company’s stock valued at $134,724,000 after buying an additional 679,272 shares in the last quarter. Wellington Management Group LLP increased its holdings in Nextracker by 25.5% during the 3rd quarter. Wellington Management Group LLP now owns 3,392,992 shares of the company’s stock valued at $127,169,000 after acquiring an additional 688,810 shares in the last quarter. Victory Capital Management Inc. raised its position in Nextracker by 15.4% during the third quarter. Victory Capital Management Inc. now owns 2,367,636 shares of the company’s stock worth $88,739,000 after acquiring an additional 315,199 shares during the last quarter. Finally, Handelsbanken Fonder AB lifted its holdings in shares of Nextracker by 36.0% in the fourth quarter. Handelsbanken Fonder AB now owns 2,278,217 shares of the company’s stock valued at $83,223,000 after purchasing an additional 602,600 shares in the last quarter. 67.41% of the stock is owned by institutional investors and hedge funds.

Nextracker Company 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.