Nextracker (NASDAQ:NXT) Stock Price Down 2.1% – Here’s Why

Nextracker Inc. (NASDAQ:NXT) was down 2.1% during mid-day trading on Friday . The company traded as low as $44.97 and last traded at $44.19. Approximately 319,711 shares traded hands during mid-day trading, a decline of 90% from the average daily volume of 3,093,946 shares. The stock had previously closed at $45.16.

Analysts Set New Price Targets

Several research analysts have commented on the company. BNP Paribas raised Nextracker to a “strong-buy” rating in a research report on Wednesday, January 29th. Northland Securities reaffirmed an “outperform” rating and issued a $55.00 target price (up from $48.00) on shares of Nextracker in a report on Wednesday, January 29th. The Goldman Sachs Group increased their price target on shares of Nextracker from $54.00 to $61.00 and gave the stock a “buy” rating in a research note on Wednesday, January 29th. Wells Fargo & Company decreased their target price on shares of Nextracker from $70.00 to $69.00 and set an “overweight” rating for the company in a research note on Wednesday, January 8th. Finally, Barclays upgraded Nextracker from an “equal weight” rating to an “overweight” rating and lifted their target price for the company from $47.00 to $60.00 in a research note on Wednesday, January 29th. Three research analysts have rated the stock with a hold rating, nineteen have issued a buy rating and two have given a strong buy rating to the company. Based on data from MarketBeat, Nextracker presently has a consensus rating of “Moderate Buy” and a consensus price target of $56.50.

Nextracker Stock Down 1.8 %

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 firm has a market capitalization of $6.46 billion, a price-to-earnings ratio of 11.25 and a beta of 2.24. The firm’s 50-day moving average price is $44.62 and its 200 day moving average price is $39.61.

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

Insider Buying and Selling at Nextracker

In other news, CAO David P. Bennett sold 9,801 shares of the firm’s stock in a transaction on 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 $6,216,392.30. This trade represents 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 available through this link. Also, insider Bruce Ledesma sold 9,891 shares of the company’s stock in a transaction on Monday, February 10th. The shares were sold at an average price of $46.05, for a total value of $455,480.55. Following the completion of the transaction, the insider now owns 132,374 shares of the company’s stock, valued at $6,095,822.70. The trade was a 6.95 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last ninety days, insiders have sold 25,758 shares of company stock worth $1,217,520. Corporate insiders own 0.27% of the company’s stock.

Institutional Investors Weigh In On Nextracker

A number of institutional investors have recently bought and sold shares of NXT. Neo Ivy Capital Management raised its stake in Nextracker by 175.9% during the fourth quarter. Neo Ivy Capital Management now owns 5,424 shares of the company’s stock worth $198,000 after purchasing an additional 3,458 shares during the period. Vise Technologies Inc. purchased a new position in shares of Nextracker in the 4th quarter worth $271,000. CSS LLC IL acquired a new position in Nextracker in the fourth quarter valued at $345,000. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC grew its position in Nextracker by 5.9% during the fourth quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC now owns 365,648 shares of the company’s stock valued at $13,357,000 after acquiring an additional 20,430 shares during the period. Finally, Sourcerock Group LLC purchased a new stake in Nextracker during the fourth quarter valued at about $18,651,000. 67.41% of the stock is currently owned by hedge funds and other institutional investors.

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.