Nextracker (NASDAQ:NXT) Shares Down 4.7% - Should You Sell?

Nextracker Inc. (NASDAQ:NXT - Get Free Report) shares fell 4.7% on Thursday . The stock traded as low as $33.58 and last traded at $33.60. 523,821 shares changed hands during trading, a decline of 86% from the average session volume of 3,796,522 shares. The stock had previously closed at $35.24.

Wall Street Analyst Weigh In

A number of research analysts have weighed in on NXT shares. JPMorgan Chase & Co. decreased their price objective on Nextracker from $65.00 to $62.00 and set an "overweight" rating on the stock in a report on Friday, August 2nd. Barclays dropped their price objective 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. Truist Financial lowered their target price on Nextracker from $70.00 to $65.00 and set a "buy" rating on the stock in a report on Monday, July 29th. Guggenheim reduced their price objective on Nextracker from $60.00 to $55.00 and set a "buy" rating on the stock in a research report on Friday, August 16th. Finally, Bank of America lifted their target price on shares of Nextracker from $64.00 to $66.00 and gave the stock a "buy" rating in a research note on Wednesday, July 17th. Five analysts have rated the stock with a hold rating and sixteen have given a buy rating to the company's stock. According to data from MarketBeat.com, the stock has a consensus rating of "Moderate Buy" and a consensus price target of $57.90.

Nextracker Price Performance

The company has a debt-to-equity ratio of 0.13, a quick ratio of 1.91 and a current ratio of 2.11. The stock's fifty day moving average price is $38.26 and its 200-day moving average price is $45.76. The firm has a market cap of $4.93 billion, a PE ratio of 10.11, a P/E/G ratio of 5.32 and a beta of 2.47.

Nextracker (NASDAQ:NXT - Get Free Report) last released its quarterly earnings results on Thursday, August 1st. The company reported $0.93 earnings per share for the quarter, topping the consensus estimate of $0.66 by $0.27. The company had revenue of $719.92 million during the quarter, compared to the consensus estimate of $616.71 million. Nextracker had a negative return on equity of 36.33% and a net margin of 14.87%. Nextracker's revenue was up 50.1% compared to the same quarter last year. During the same quarter last year, the business posted $0.48 earnings per share. As a group, equities analysts forecast that Nextracker Inc. will post 2.57 EPS for the current fiscal year.

Institutional Inflows and Outflows

Hedge funds and other institutional investors have recently modified their holdings of the stock. Virtu Financial LLC raised its stake in shares of Nextracker by 228.3% in the 1st quarter. Virtu Financial LLC now owns 38,393 shares of the company's stock valued at $2,160,000 after purchasing an additional 26,700 shares in the last quarter. Graybill Wealth Management LTD. acquired a new position in shares of Nextracker in the 1st quarter worth approximately $1,643,000. Diversify Advisory Services LLC bought a new stake in shares of Nextracker in the 2nd quarter valued at approximately $1,270,000. Commonwealth Equity Services LLC acquired a new stake in shares of Nextracker during the 1st quarter valued at approximately $2,819,000. Finally, Sei Investments Co. lifted its stake in Nextracker by 509.6% during the first quarter. Sei Investments Co. now owns 244,474 shares of the company's stock worth $13,757,000 after purchasing an additional 204,369 shares during the last quarter. Institutional investors and hedge funds 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.