Nextracker (NASDAQ:NXT) Stock Price Down 4.9% – What’s Next?

Nextracker Inc. (NASDAQ:NXT)’s share price dropped 4.9% on Wednesday . The company traded as low as $47.29 and last traded at $47.30. Approximately 3,662,577 shares were traded during trading, an increase of 10% from the average daily volume of 3,330,026 shares. The stock had previously closed at $49.75.

Analyst Upgrades and Downgrades

NXT has been the subject of a number of recent research reports. Susquehanna boosted their price target on Nextracker from $50.00 to $54.00 and gave the company a “positive” rating in a research note on Wednesday, January 29th. Robert W. Baird dropped their price target on Nextracker from $71.00 to $53.00 and set an “outperform” rating for the company in a research report on Thursday, October 31st. The Goldman Sachs Group boosted their price objective on Nextracker from $54.00 to $61.00 and gave the company a “buy” rating in a report on Wednesday, January 29th. BNP Paribas upgraded Nextracker to a “strong-buy” rating in a research note on Wednesday, January 29th. Finally, Piper Sandler boosted their price target on Nextracker from $47.00 to $50.00 and gave the stock an “overweight” rating in a research report on Wednesday, January 29th. Three analysts have rated the stock with a hold rating, nineteen have assigned a buy rating and two have assigned a strong buy rating to the company. Based on data from MarketBeat.com, the stock presently has an average rating of “Moderate Buy” and a consensus target price of $56.50.

Nextracker Stock Performance

The company has a market capitalization of $6.81 billion, a PE ratio of 11.90 and a beta of 2.13. 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 company has a 50 day moving average price of $40.07 and a 200 day moving average price of $39.00.

Nextracker (NASDAQ:NXT) last announced 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 return on equity of 41.22% and a net margin of 20.12%. Equities analysts forecast that Nextracker Inc. will post 3.29 EPS for the current year.

Insider Buying and Selling

In related news, CAO David P. Bennett sold 9,801 shares of the company’s stock in a transaction dated Wednesday, January 29th. The shares were sold at an average price of $49.90, for a total value of $489,069.90. Following the sale, the chief accounting officer now owns 124,577 shares of the company’s stock, valued at $6,216,392.30. The trade was a 7.29 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is available through this hyperlink. Also, President Howard Wenger sold 6,066 shares of Nextracker stock in a transaction on Thursday, January 16th. The shares were sold at an average price of $45.00, for a total value of $272,970.00. Following the transaction, the president now directly owns 209,365 shares of the company’s stock, valued at approximately $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. 0.27% of the stock is owned by insiders.

Hedge Funds Weigh In On Nextracker

Several hedge funds have recently added to or reduced their stakes in the stock. Proficio Capital Partners LLC bought a new stake in Nextracker in the fourth quarter valued at approximately $961,000. Oppenheimer & Co. Inc. acquired a new stake in Nextracker during the fourth quarter worth approximately $286,000. Oppenheimer Asset Management Inc. raised its stake in Nextracker by 59.0% in the fourth quarter. Oppenheimer Asset Management Inc. now owns 50,765 shares of the company’s stock valued at $1,854,000 after purchasing an additional 18,833 shares in the last quarter. Robeco Schweiz AG acquired a new stake in shares of Nextracker in the 4th quarter valued at $22,112,000. Finally, Los Angeles Capital Management LLC bought a new position in shares of Nextracker in the 4th quarter valued at $203,000. Institutional investors and hedge funds 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.