Nextracker (NASDAQ:NXT) Trading Down 4.9% – What’s Next?

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

Analyst Upgrades and Downgrades

A number of analysts have recently issued reports on the company. Citigroup dropped their target price on Nextracker from $50.00 to $45.00 and set a “neutral” rating on the stock in a research report on Wednesday, January 8th. Jefferies Financial Group upgraded Nextracker from a “hold” rating to a “buy” rating and lifted their price objective for the stock from $46.00 to $56.00 in a report on Wednesday, January 29th. Guggenheim increased their target price on Nextracker from $50.00 to $62.00 and gave the company a “buy” rating in a research note on Wednesday, January 29th. TD Cowen started coverage on shares of Nextracker in a research note on Thursday, December 19th. They issued a “hold” rating and a $41.00 price target for the company. Finally, Barclays raised shares of Nextracker from an “equal weight” rating to an “overweight” rating and raised their price objective for the stock from $47.00 to $60.00 in a report on Wednesday, January 29th. Three equities 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.com, the company has an average rating of “Moderate Buy” and a consensus target price of $56.50.

Nextracker Price Performance

The company has a debt-to-equity ratio of 0.10, a quick ratio of 1.96 and a current ratio of 2.20. The stock has a market capitalization of $6.71 billion, a price-to-earnings ratio of 11.74 and a beta of 2.13. The business’s 50 day simple moving average is $40.37 and its 200-day simple moving average is $39.12.

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

Insider Activity 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 completion of the sale, the chief accounting officer now directly owns 124,577 shares of the company’s stock, valued at $6,216,392.30. This trade represents a 7.29 % decrease in their position. The transaction was disclosed in a legal filing with the SEC, which is available through this link. Also, President Howard Wenger sold 6,066 shares of the business’s stock in a transaction on Thursday, January 16th. The stock was sold at an average price of $45.00, for a total value of $272,970.00. Following the sale, the president now directly owns 209,365 shares in the company, valued at $9,421,425. This trade represents a 2.82 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Company insiders own 0.27% of the company’s stock.

Hedge Funds Weigh In On Nextracker

Hedge funds and other institutional investors have recently modified their holdings of the stock. Allworth Financial LP lifted its holdings in shares of Nextracker by 52.4% in the fourth quarter. Allworth Financial LP now owns 803 shares of the company’s stock valued at $29,000 after purchasing an additional 276 shares in the last quarter. Quarry LP lifted its stake in Nextracker by 61.5% in the 3rd quarter. Quarry LP now owns 1,119 shares of the company’s stock worth $42,000 after acquiring an additional 426 shares in the last quarter. GAMMA Investing LLC boosted its position in Nextracker by 83.2% during the 3rd quarter. GAMMA Investing LLC now owns 1,209 shares of the company’s stock worth $45,000 after acquiring an additional 549 shares during the period. Principal Securities Inc. grew its stake in Nextracker by 41.8% during the 4th quarter. Principal Securities Inc. now owns 1,390 shares of the company’s stock valued at $51,000 after acquiring an additional 410 shares in the last quarter. Finally, Nisa Investment Advisors LLC increased its holdings in shares of Nextracker by 38.4% in the 4th quarter. Nisa Investment Advisors LLC now owns 1,859 shares of the company’s stock valued at $68,000 after purchasing an additional 516 shares during the period. Institutional investors and hedge funds own 67.41% of the company’s stock.

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.