Nextracker (NASDAQ:NXT) Shares Down 2.1% - Time to Sell?

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

Wall Street Analyst Weigh In

Several equities research analysts have recently issued reports on the company. BNP Paribas raised Nextracker to a "strong-buy" rating in a report on Wednesday, January 29th. Northland Capmk raised Nextracker to a "strong-buy" rating in a research note on Tuesday, November 19th. Jefferies Financial Group upgraded Nextracker from a "hold" rating to a "buy" rating and increased their target price for the company from $46.00 to $56.00 in a research report on Wednesday, January 29th. Barclays upgraded shares of Nextracker from an "equal weight" rating to an "overweight" rating and boosted their price target for the stock from $47.00 to $60.00 in a research report on Wednesday, January 29th. Finally, Susquehanna increased their price objective on shares of Nextracker from $50.00 to $54.00 and gave the company a "positive" rating in a research report on Wednesday, January 29th. Three investment analysts have rated the stock with a hold rating, nineteen have given a buy rating and two have issued a strong buy rating to the company's stock. Based on data from MarketBeat.com, the stock currently has an average rating of "Moderate Buy" and a consensus price target of $56.50.

Nextracker Stock Performance

The company has a quick ratio of 1.96, a current ratio of 2.20 and a debt-to-equity ratio of 0.10. The firm has a market capitalization of $6.46 billion, a PE ratio of 11.25 and a beta of 2.24. The firm has a 50-day moving average price of $44.62 and a 200 day moving average price of $39.61.

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Nextracker (NASDAQ:NXT - Get Free Report) last issued its quarterly earnings results on Tuesday, January 28th. The company reported $0.89 earnings per share (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 year.

Insider Buying and Selling at Nextracker

In other Nextracker news, insider Bruce Ledesma sold 9,891 shares of the 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 sale, the insider now directly owns 132,374 shares of the company's stock, valued at approximately $6,095,822.70. This represents a 6.95 % decrease in their position. The sale was disclosed in a document filed with the SEC, which is available at this link. Also, President Howard Wenger sold 6,066 shares of the firm's stock in a transaction on Thursday, January 16th. The shares were sold at an average price of $45.00, for a total transaction of $272,970.00. Following the completion of the sale, the president now owns 209,365 shares in the company, valued at $9,421,425. The trade was a 2.82 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold 25,758 shares of company stock valued at $1,217,520 in the last 90 days. Company insiders own 0.27% of the company's stock.

Hedge Funds Weigh In On Nextracker

Several large investors have recently bought and sold shares of the business. Neo Ivy Capital Management boosted its position in shares of Nextracker by 175.9% during the 4th quarter. Neo Ivy Capital Management now owns 5,424 shares of the company's stock worth $198,000 after acquiring an additional 3,458 shares in the last quarter. Vise Technologies Inc. purchased a new position in Nextracker in the fourth quarter valued at approximately $271,000. CSS LLC IL acquired a new stake in Nextracker during the fourth quarter worth approximately $345,000. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC lifted its position in shares of Nextracker by 5.9% during the 4th quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC now owns 365,648 shares of the company's stock worth $13,357,000 after buying an additional 20,430 shares during the last quarter. Finally, Sourcerock Group LLC purchased a new stake in shares of Nextracker during the 4th quarter worth approximately $18,651,000. Hedge funds and other institutional investors own 67.41% of the company's stock.

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.

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