Nextracker (NASDAQ:NXT) Shares Down 2.1% - Should You Sell?

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

Analysts Set New Price Targets

A number of research firms recently weighed in on NXT. BMO Capital Markets upped their price target on Nextracker from $48.00 to $50.00 and gave the stock a "market perform" rating in a report on Wednesday, January 29th. Wells Fargo & Company dropped their price target on Nextracker from $70.00 to $69.00 and set an "overweight" rating for the company in a research report on Wednesday, January 8th. Citigroup dropped their price target on Nextracker from $50.00 to $45.00 and set a "neutral" rating for the company in a research report on Wednesday, January 8th. JPMorgan Chase & Co. upped their price target on Nextracker from $58.00 to $61.00 and gave the company an "overweight" rating in a research report on Wednesday, January 29th. Finally, Barclays upgraded Nextracker from an "equal weight" rating to an "overweight" rating and upped their price target for the company from $47.00 to $60.00 in a research report on Wednesday, January 29th. Three research analysts have rated the stock with a hold rating, nineteen have given a buy rating and two have given a strong buy rating to the stock. According to MarketBeat, the stock presently has an average rating of "Moderate Buy" and an average price target of $56.50.

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Nextracker Stock Performance

The company has a debt-to-equity ratio of 0.10, a current ratio of 2.20 and a quick ratio of 1.96. The company has a market capitalization of $6.45 billion, a price-to-earnings ratio of 11.27 and a beta of 2.24. The stock has a 50 day simple moving average of $44.72 and a two-hundred day simple moving average of $39.60.

Nextracker (NASDAQ:NXT - Get Free Report) last posted its quarterly earnings results on Tuesday, January 28th. The company reported $0.89 earnings per share for the quarter, beating 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%. As a group, analysts anticipate that Nextracker Inc. will post 3.29 earnings per share for the current year.

Insider Buying and Selling

In other news, President Howard Wenger sold 6,066 shares of the firm's stock in a transaction that occurred 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 completion of the sale, the president now directly owns 209,365 shares of the company's stock, valued at $9,421,425. This trade represents a 2.82 % decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, insider Bruce Ledesma sold 9,891 shares of the firm's stock in a transaction that occurred 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 sale, the insider now directly owns 132,374 shares of the company's stock, valued at $6,095,822.70. This represents a 6.95 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold a total of 25,758 shares of company stock valued at $1,217,520 over the last quarter. 0.27% of the stock is currently owned by insiders.

Institutional Trading of Nextracker

Hedge funds have recently modified their holdings of the business. Allworth Financial LP increased its stake in Nextracker by 52.4% in the 4th 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 increased its stake in Nextracker by 61.5% in the 3rd quarter. Quarry LP now owns 1,119 shares of the company's stock valued at $42,000 after purchasing an additional 426 shares in the last quarter. Sterling Capital Management LLC increased its stake in Nextracker by 448.9% in the 4th quarter. Sterling Capital Management LLC now owns 1,290 shares of the company's stock valued at $47,000 after purchasing an additional 1,055 shares in the last quarter. Virtus Fund Advisers LLC purchased a new position in Nextracker in the 4th quarter valued at approximately $47,000. Finally, Millstone Evans Group LLC purchased a new position in Nextracker in the 4th quarter valued at approximately $48,000. 67.41% of the stock is owned by institutional investors and hedge funds.

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.