Nextracker (NASDAQ:NXT) Shares Down 5.4% – Should You Sell?

Nextracker Inc. (NASDAQ:NXT) dropped 5.4% during mid-day trading on Tuesday . The company traded as low as $41.63 and last traded at $41.82. Approximately 1,264,337 shares were traded during trading, a decline of 50% from the average daily volume of 2,546,112 shares. The stock had previously closed at $44.19.

Analyst Upgrades and Downgrades

A number of brokerages recently commented on NXT. Guggenheim reissued a “buy” rating and issued a $55.00 price target on shares of Nextracker in a report on Friday, November 22nd. Piper Sandler reduced their target price on Nextracker from $60.00 to $47.00 and set an “overweight” rating for the company in a research note on Friday, November 22nd. Barclays dropped their price target on shares of Nextracker from $61.00 to $47.00 and set an “equal weight” rating for the company in a research note on Thursday, October 3rd. The Goldman Sachs Group reduced their price objective on shares of Nextracker from $63.00 to $54.00 and set a “buy” rating on the stock in a research note on Tuesday, December 17th. Finally, Northland Securities reissued an “outperform” rating and issued a $48.00 target price on shares of Nextracker in a research report on Tuesday, November 19th. Five analysts have rated the stock with a hold rating, sixteen have issued a buy rating and one has given a strong buy rating to the company’s stock. According to MarketBeat.com, the company has an average rating of “Moderate Buy” and a consensus target price of $53.10.

Nextracker Price Performance

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 stock has a market capitalization of $6.18 billion, a price-to-earnings ratio of 10.59 and a beta of 2.04. The company has a 50-day simple moving average of $38.57 and a two-hundred day simple moving average of $39.27.

Insider Transactions at Nextracker

In other news, President Howard Wenger sold 6,066 shares of the business’s stock in a transaction that occurred on Thursday, January 16th. The stock was sold at an average price of $45.00, for a total transaction of $272,970.00. Following the completion of the transaction, the president now directly owns 209,365 shares in the company, valued at approximately $9,421,425. The trade was a 2.82 % decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is accessible through the SEC website. Insiders own 0.27% of the company’s stock.

Institutional Trading of Nextracker

Several hedge funds have recently added to or reduced their stakes in NXT. Quarry LP boosted its holdings in shares of Nextracker by 61.5% in the third quarter. Quarry LP now owns 1,119 shares of the company’s stock valued at $42,000 after acquiring an additional 426 shares in the last quarter. GAMMA Investing LLC increased its stake in Nextracker by 83.2% in the 3rd quarter. GAMMA Investing LLC now owns 1,209 shares of the company’s stock worth $45,000 after purchasing an additional 549 shares in the last quarter. Nisa Investment Advisors LLC raised its holdings in Nextracker by 38.4% during the 4th quarter. Nisa Investment Advisors LLC now owns 1,859 shares of the company’s stock worth $68,000 after buying an additional 516 shares during the period. Neo Ivy Capital Management purchased a new stake in Nextracker during the third quarter valued at about $74,000. Finally, Arcadia Investment Management Corp MI acquired a new position in Nextracker in the 3rd quarter worth approximately $75,000. 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.