Nextracker (NASDAQ:NXT) Trading Down 3.4% – Here’s Why

Nextracker Inc. (NASDAQ:NXT)’s stock price traded down 3.4% during trading on Friday . The company traded as low as $38.35 and last traded at $38.35. 897,505 shares were traded during trading, a decline of 76% from the average session volume of 3,667,611 shares. The stock had previously closed at $39.71.

Analysts Set New Price Targets

A number of equities analysts recently weighed in on the stock. Guggenheim reissued a “buy” rating and set a $55.00 target price on shares of Nextracker in a research note on Friday, November 22nd. Robert W. Baird decreased their target price on shares of Nextracker from $71.00 to $53.00 and set an “outperform” rating for the company in a research report on Thursday, October 31st. Susquehanna decreased their target price on shares of Nextracker from $59.00 to $50.00 and set a “positive” rating for the company in a research report on Wednesday, October 16th. JPMorgan Chase & Co. cut their price target on shares of Nextracker from $62.00 to $58.00 and set an “overweight” rating on the stock in a report on Thursday, October 17th. Finally, Northland Capmk upgraded shares of Nextracker to a “strong-buy” rating in a report on Tuesday, November 19th. Four analysts have rated the stock with a hold rating, sixteen have given a buy rating and one has issued a strong buy rating to the company. Based on data from MarketBeat, the company presently has an average rating of “Moderate Buy” and an average target price of $54.30.

Nextracker Stock Down 3.9 %

The company has a market cap of $5.55 billion, a PE ratio of 9.90 and a beta of 2.32. The company has a debt-to-equity ratio of 0.11, a quick ratio of 1.99 and a current ratio of 2.21. The stock’s 50 day moving average price is $36.75 and its 200-day moving average price is $42.98.

Institutional Investors Weigh In On Nextracker

Several institutional investors have recently added to or reduced their stakes in NXT. Holocene Advisors LP purchased a new stake in Nextracker during the 3rd quarter valued at $45,416,000. BNP PARIBAS ASSET MANAGEMENT Holding S.A. purchased a new stake in shares of Nextracker in the 2nd quarter worth about $43,078,000. Erste Asset Management GmbH purchased a new stake in shares of Nextracker in the 3rd quarter worth about $33,545,000. Zurcher Kantonalbank Zurich Cantonalbank lifted its position in shares of Nextracker by 1,800.5% in the 2nd quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 846,310 shares of the company’s stock worth $39,675,000 after purchasing an additional 801,780 shares during the period. Finally, Principal Financial Group Inc. lifted its position in shares of Nextracker by 2,854.7% in the 2nd quarter. Principal Financial Group Inc. now owns 738,456 shares of the company’s stock worth $34,619,000 after purchasing an additional 713,463 shares during the period. Hedge funds and other institutional investors own 67.41% of the company’s stock.

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.