Nextracker Inc. (NASDAQ:NXT) Short Interest Down 18.1% in February

Nextracker Inc. (NASDAQ:NXT - Get Free Report) saw a significant drop in short interest in February. As of February 28th, there was short interest totalling 8,320,000 shares, a drop of 18.1% from the February 13th total of 10,160,000 shares. Currently, 6.0% of the company's stock are sold short. Based on an average daily volume of 2,650,000 shares, the short-interest ratio is currently 3.1 days.

Insider Activity at Nextracker

In other Nextracker news, CAO David P. Bennett sold 9,801 shares of Nextracker stock in a transaction dated Wednesday, January 29th. The shares were sold at an average price of $49.90, for a total value of $489,069.90. Following the sale, the chief accounting officer now owns 124,577 shares of the company's stock, valued at approximately $6,216,392.30. The trade was a 7.29 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is accessible through this link. Also, insider Bruce Ledesma sold 9,891 shares of Nextracker stock in a transaction dated Monday, February 10th. The stock was sold at an average price of $46.05, for a total transaction of $455,480.55. Following the completion of the sale, the insider now directly owns 132,374 shares in the company, valued at approximately $6,095,822.70. This represents a 6.95 % decrease in their position. The disclosure for this sale can be found here. Insiders have sold 25,758 shares of company stock valued at $1,217,520 over the last ninety days. Corporate insiders own 0.27% of the company's stock.

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Institutional Investors Weigh In On Nextracker

Hedge funds have recently made changes to their positions in the business. IFP Advisors Inc lifted its holdings in shares of Nextracker by 516.4% in the 4th quarter. IFP Advisors Inc now owns 3,304 shares of the company's stock worth $121,000 after acquiring an additional 2,768 shares during the last quarter. Robeco Schweiz AG bought a new stake in shares of Nextracker in the 4th quarter worth approximately $22,112,000. New York State Common Retirement Fund lifted its holdings in shares of Nextracker by 65.6% in the 4th quarter. New York State Common Retirement Fund now owns 469,163 shares of the company's stock worth $17,139,000 after acquiring an additional 185,858 shares during the last quarter. Zurcher Kantonalbank Zurich Cantonalbank lifted its holdings in shares of Nextracker by 10.2% in the 4th quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 1,753,848 shares of the company's stock worth $64,068,000 after acquiring an additional 161,873 shares during the last quarter. Finally, Geode Capital Management LLC lifted its holdings in shares of Nextracker by 23.3% in the 3rd quarter. Geode Capital Management LLC now owns 3,593,938 shares of the company's stock worth $134,724,000 after acquiring an additional 679,272 shares during the last quarter. 67.41% of the stock is currently owned by institutional investors.

Nextracker Price Performance

NXT stock traded down $0.70 during midday trading on Friday, reaching $44.27. The company had a trading volume of 3,499,002 shares, compared to its average volume of 3,038,568. The company has a debt-to-equity ratio of 0.10, a current ratio of 2.20 and a quick ratio of 1.96. Nextracker has a 1 year low of $30.93 and a 1 year high of $62.31. The company has a market capitalization of $6.45 billion, a P/E ratio of 11.26 and a beta of 2.24. The firm has a 50-day moving average price of $45.00 and a 200-day moving average price of $39.77.

Nextracker (NASDAQ:NXT - Get Free Report) last released its quarterly earnings results on Tuesday, January 28th. The company reported $0.89 EPS for the quarter, topping analysts' consensus estimates of $0.58 by $0.31. Nextracker had a net margin of 20.12% and a return on equity of 41.22%. On average, research analysts anticipate that Nextracker will post 3.29 earnings per share for the current fiscal year.

Analyst Ratings Changes

Several brokerages have commented on NXT. TD Cowen began coverage on shares of Nextracker in a research report on Thursday, December 19th. They issued a "hold" rating and a $41.00 price objective on the stock. Piper Sandler lifted their price objective on shares of Nextracker from $47.00 to $50.00 and gave the stock an "overweight" rating in a research report on Wednesday, January 29th. Guggenheim lifted their price objective on shares of Nextracker from $50.00 to $62.00 and gave the stock a "buy" rating in a research report on Wednesday, January 29th. The Goldman Sachs Group lifted their target price 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. Finally, Wells Fargo & Company reduced 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. Three equities research analysts have rated the stock with a hold rating, twenty have given a buy rating and two have assigned a strong buy rating to the stock. Based on data from MarketBeat, Nextracker currently has a consensus rating of "Moderate Buy" and an average price target of $56.43.

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.