Nextracker (NASDAQ:NXT) Trading Down 2.1% - What's Next?

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

Wall Street Analyst Weigh In

NXT has been the subject of several analyst reports. Piper Sandler raised their target price on Nextracker from $47.00 to $50.00 and gave the stock an "overweight" rating in a research report on Wednesday, January 29th. Northland Securities reissued an "outperform" rating and issued a $55.00 price objective (up from $48.00) on shares of Nextracker in a research report on Wednesday, January 29th. Barclays raised Nextracker from an "equal weight" rating to an "overweight" rating and lifted their price objective for the stock from $47.00 to $60.00 in a research report on Wednesday, January 29th. TD Cowen started coverage on Nextracker in a research report on Thursday, December 19th. They issued a "hold" rating and a $41.00 price objective for the company. Finally, The Goldman Sachs Group lifted their price objective on Nextracker from $54.00 to $61.00 and gave the stock a "buy" rating in a research report on Wednesday, January 29th. Three research analysts have rated the stock with a hold rating, nineteen have issued a buy rating and two have issued a strong buy rating to the stock. According to data from MarketBeat, the stock presently has an average rating of "Moderate Buy" and an average price target of $56.50.

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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 cap of $6.45 billion, a PE ratio of 11.27 and a beta of 2.24. The business has a 50 day moving average price of $44.72 and a two-hundred day moving average price of $39.61.

Nextracker (NASDAQ:NXT - Get Free Report) last posted 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%. Research analysts expect that Nextracker Inc. will post 3.29 earnings per share for the current fiscal year.

Insider Buying and Selling at Nextracker

In related news, 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 directly owns 132,374 shares in the company, valued at approximately $6,095,822.70. The trade was a 6.95 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, President Howard Wenger sold 6,066 shares of the company's stock in a transaction 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 completion of the transaction, the president now owns 209,365 shares of the company's stock, 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. Insiders have sold 25,758 shares of company stock valued at $1,217,520 in the last 90 days. 0.27% of the stock is currently owned by company insiders.

Institutional Inflows and Outflows

Several hedge funds and other institutional investors have recently added to or reduced their stakes in NXT. Allworth Financial LP boosted its position in Nextracker by 52.4% during the fourth quarter. Allworth Financial LP now owns 803 shares of the company's stock valued at $29,000 after buying an additional 276 shares during the period. Quarry LP boosted its position in Nextracker by 61.5% during the third quarter. Quarry LP now owns 1,119 shares of the company's stock valued at $42,000 after buying an additional 426 shares during the period. Sterling Capital Management LLC boosted its position in Nextracker by 448.9% during the fourth quarter. Sterling Capital Management LLC now owns 1,290 shares of the company's stock valued at $47,000 after buying an additional 1,055 shares during the period. Virtus Fund Advisers LLC purchased a new stake in Nextracker during the fourth quarter valued at about $47,000. Finally, Millstone Evans Group LLC purchased a new stake in Nextracker during the fourth quarter valued at about $48,000. 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.