Short Interest in Nextracker Inc. (NASDAQ:NXT) Declines By 18.1%

Nextracker Inc. (NASDAQ:NXT) was the recipient of a significant decrease in short interest during the month of February. As of February 28th, there was short interest totalling 8,320,000 shares, a decrease of 18.1% from the February 13th total of 10,160,000 shares. Based on an average daily trading volume, of 2,650,000 shares, the days-to-cover ratio is currently 3.1 days. Currently, 6.0% of the company’s stock are sold short.

Nextracker Price Performance

Shares of NASDAQ:NXT traded up $0.69 during trading on Wednesday, reaching $45.17. The stock had a trading volume of 1,317,470 shares, compared to its average volume of 3,049,357. The company has a debt-to-equity ratio of 0.10, a current ratio of 2.20 and a quick ratio of 1.96. The business’s 50-day moving average price is $44.89 and its 200 day moving average price is $39.71. Nextracker has a 52 week low of $30.93 and a 52 week high of $62.31. The stock has a market capitalization of $6.58 billion, a PE ratio of 11.49 and a beta of 2.24.

Nextracker (NASDAQ:NXT) last released its earnings results on Tuesday, January 28th. The company reported $0.89 EPS for the quarter, topping analysts’ consensus estimates of $0.58 by $0.31. Nextracker had a net margin of 20.12% and a return on equity of 41.22%. As a group, equities analysts predict that Nextracker will post 3.29 earnings per share for the current year.

Insiders Place Their Bets

In other news, CAO David P. Bennett sold 9,801 shares of the firm’s stock in a transaction dated Wednesday, January 29th. The stock was sold at an average price of $49.90, for a total value of $489,069.90. Following the sale, the chief accounting officer now directly owns 124,577 shares of the company’s stock, valued at approximately $6,216,392.30. This trade represents a 7.29 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Also, President Howard Wenger sold 6,066 shares of the firm’s stock in a transaction dated 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 directly owns 209,365 shares in the company, valued at approximately $9,421,425. This represents a 2.82 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold 25,758 shares of company stock valued at $1,217,520 over the last three months. 0.27% of the stock is currently owned by insiders.

Institutional Investors Weigh In On Nextracker

Several institutional investors have recently added to or reduced their stakes in NXT. Shell Asset Management Co. lifted its position in Nextracker by 0.4% during the 4th quarter. Shell Asset Management Co. now owns 57,329 shares of the company’s stock worth $2,094,000 after buying an additional 228 shares in the last quarter. Allworth Financial LP grew its stake in Nextracker by 52.4% in the 4th quarter. Allworth Financial LP now owns 803 shares of the company’s stock valued at $29,000 after buying an additional 276 shares during the last quarter. Signaturefd LLC grew its position in shares of Nextracker by 14.7% during the 4th quarter. Signaturefd LLC now owns 2,344 shares of the company’s stock worth $86,000 after purchasing an additional 301 shares in the last quarter. Principal Securities Inc. grew its position in shares of Nextracker by 41.8% during the 4th quarter. Principal Securities Inc. now owns 1,390 shares of the company’s stock worth $51,000 after purchasing an additional 410 shares in the last quarter. Finally, Quarry LP grew its position in shares of Nextracker by 61.5% during the 3rd quarter. Quarry LP now owns 1,119 shares of the company’s stock worth $42,000 after purchasing an additional 426 shares in the last quarter. 67.41% of the stock is owned by institutional investors.

Analyst Ratings Changes

A number of research firms recently weighed in on NXT. Royal Bank of Canada began coverage on Nextracker in a research report on Monday. They set an “outperform” rating and a $55.00 target price on the stock. Northland Securities reissued an “outperform” rating and set a $55.00 target price (up from $48.00) on shares of Nextracker in a research report on Wednesday, January 29th. Northland Capmk raised Nextracker to a “strong-buy” rating in a research report on Tuesday, November 19th. Piper Sandler lifted their target price on Nextracker from $47.00 to $50.00 and gave the stock an “overweight” rating in a research report on Wednesday, January 29th. Finally, Wells Fargo & Company decreased their target price on Nextracker from $70.00 to $69.00 and set an “overweight” rating on the stock in a research report on Wednesday, January 8th. Three research analysts have rated the stock with a hold rating, twenty have issued a buy rating and two have assigned a strong buy rating to the company’s stock. According to data from MarketBeat.com, the stock presently has a consensus rating of “Moderate Buy” and an average price target of $56.43.

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.