Nextracker (NASDAQ:NXT) Stock Price Down 5.4% – Time to Sell?

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

Wall Street Analysts Forecast Growth

NXT has been the topic of several research reports. Robert W. Baird dropped their target price on Nextracker from $71.00 to $53.00 and set an “outperform” rating on the stock in a research report on Thursday, October 31st. Piper Sandler lowered their price target on Nextracker from $60.00 to $47.00 and set an “overweight” rating for the company in a research note on Friday, November 22nd. The Goldman Sachs Group cut their price objective on shares of Nextracker from $63.00 to $54.00 and set a “buy” rating on the stock in a research report on Tuesday, December 17th. JPMorgan Chase & Co. decreased their target price on shares of Nextracker from $62.00 to $58.00 and set an “overweight” rating for the company in a research report on Thursday, October 17th. Finally, TD Cowen assumed coverage on shares of Nextracker in a research note on Thursday, December 19th. They set a “hold” rating and a $41.00 price target on the stock. Five research analysts have rated the stock with a hold rating, sixteen have assigned a buy rating and one has assigned a strong buy rating to the company. Based on data from MarketBeat.com, the stock has a consensus rating of “Moderate Buy” and a consensus target price of $53.10.

Nextracker Stock Up 1.7 %

The firm has a 50 day moving average of $38.73 and a 200-day moving average of $39.26. 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 $6.10 billion, a P/E ratio of 10.45 and a beta of 2.04.

Insider Activity

In other Nextracker news, President Howard Wenger sold 6,066 shares of Nextracker 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 sale, the president now directly owns 209,365 shares of the company’s stock, valued at approximately $9,421,425. The trade was a 2.82 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. 0.27% of the stock is currently owned by company insiders.

Institutional Trading of Nextracker

A number of large investors have recently bought and sold shares of the stock. State Street Corp boosted its stake in shares of Nextracker by 15.8% in the 3rd quarter. State Street Corp now owns 5,070,473 shares of the company’s stock valued at $190,041,000 after purchasing an additional 690,343 shares in the last quarter. Geode Capital Management LLC boosted its position in 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 grew its stake in Nextracker by 25.5% during the third quarter. Wellington Management Group LLP now owns 3,392,992 shares of the company’s stock worth $127,169,000 after buying an additional 688,810 shares during the last quarter. Victory Capital Management Inc. increased its holdings in shares of 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 buying an additional 315,199 shares in the last quarter. Finally, Dimensional Fund Advisors LP grew its position in Nextracker by 35.3% during the 2nd quarter. Dimensional Fund Advisors LP now owns 1,766,871 shares of the company’s stock worth $82,844,000 after acquiring an additional 460,739 shares during the last quarter. 67.41% of the stock is currently owned by 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.