Short Interest in Nextracker Inc. (NASDAQ:NXT) Drops By 18.1%

Nextracker Inc. (NASDAQ:NXT - Get Free Report) was the target of a significant drop in short interest in the month of 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. Approximately 6.0% of the company's stock are short sold. Based on an average daily trading volume, of 2,650,000 shares, the short-interest ratio is presently 3.1 days.

Analyst Upgrades and Downgrades

NXT has been the subject of several recent research reports. Guggenheim lifted their target price on shares of Nextracker from $50.00 to $62.00 and gave the company a "buy" rating in a report on Wednesday, January 29th. Susquehanna lifted their target price on shares of Nextracker from $50.00 to $54.00 and gave the company a "positive" rating in a report on Wednesday, January 29th. TD Cowen initiated coverage on shares of Nextracker in a report on Thursday, December 19th. They set a "hold" rating and a $41.00 target price for the company. Northland Securities reiterated an "outperform" rating and set a $55.00 target price (up from $48.00) on shares of Nextracker in a report on Wednesday, January 29th. Finally, Truist Financial reissued a "buy" rating and set a $56.00 price target (up previously from $54.00) on shares of Nextracker in a research report on Wednesday, January 29th. Three equities research analysts have rated the stock with a hold rating, twenty have issued a buy rating and two have given a strong buy rating to the company. Based on data from MarketBeat, Nextracker currently has a consensus rating of "Moderate Buy" and an average target price of $56.43.

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Nextracker Stock Performance

NASDAQ:NXT traded down $0.70 during trading hours on Friday, reaching $44.27. The company had a trading volume of 3,499,002 shares, compared to its average volume of 3,044,431. The company has a current ratio of 2.20, a quick ratio of 1.96 and a debt-to-equity ratio of 0.10. Nextracker has a 52 week low of $30.93 and a 52 week high of $62.31. The firm has a market cap of $6.45 billion, a price-to-earnings ratio of 11.26 and a beta of 2.24. The firm's 50 day moving average price is $45.00 and its 200-day moving average price is $39.80.

Nextracker (NASDAQ:NXT - Get Free Report) last issued its quarterly earnings data on Tuesday, January 28th. The company reported $0.89 earnings per share (EPS) for the quarter, beating 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, analysts forecast that Nextracker will post 3.29 EPS for the current year.

Insiders Place Their Bets

In other Nextracker news, President Howard Wenger sold 6,066 shares of the firm's stock in a transaction dated Thursday, January 16th. The shares were 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 in the company, valued at $9,421,425. This trade represents a 2.82 % decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is available at this link. Also, insider Bruce Ledesma sold 9,891 shares of Nextracker stock in a transaction that occurred on Monday, February 10th. The shares were sold at an average price of $46.05, for a total transaction of $455,480.55. Following the transaction, the insider now owns 132,374 shares of the company's stock, valued at $6,095,822.70. The trade was a 6.95 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold 25,758 shares of company stock worth $1,217,520 over the last three months. Company insiders own 0.27% of the company's stock.

Institutional Investors Weigh In On Nextracker

A number of hedge funds have recently modified their holdings of the business. IFP Advisors Inc lifted its stake in 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 purchasing an additional 2,768 shares in the last quarter. Robeco Schweiz AG bought a new stake in shares of Nextracker in the 4th quarter worth about $22,112,000. New York State Common Retirement Fund increased 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 buying an additional 185,858 shares during the last quarter. Zurcher Kantonalbank Zurich Cantonalbank increased 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 buying an additional 161,873 shares during the last quarter. Finally, Geode Capital Management LLC increased 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 buying an additional 679,272 shares during the last quarter. 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.