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

Nextracker Inc. (NASDAQ:NXT) was the target of a significant drop in short interest during 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. Based on an average daily volume of 2,650,000 shares, the days-to-cover ratio is currently 3.1 days. Approximately 6.0% of the company’s shares are short sold.

Wall Street Analyst Weigh In

A number of research analysts have commented on the company. Royal Bank of Canada assumed coverage on Nextracker in a research note on Monday. They set an “outperform” rating and a $55.00 price objective on the stock. Barclays raised Nextracker from an “equal weight” rating to an “overweight” rating and lifted their target price for the stock from $47.00 to $60.00 in a research report on Wednesday, January 29th. Truist Financial reaffirmed a “buy” rating and set a $56.00 target price (up from $54.00) on shares of Nextracker in a research report on Wednesday, January 29th. Northland Capmk raised Nextracker to a “strong-buy” rating in a research report on Tuesday, November 19th. Finally, BMO Capital Markets lifted their target price on Nextracker from $48.00 to $50.00 and gave the stock a “market perform” rating in a research report on Wednesday, January 29th. Three investment 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. According to data from MarketBeat.com, the company currently has a consensus rating of “Moderate Buy” and a consensus price target of $56.43.

Nextracker Price Performance

NXT traded up $0.69 during trading on Wednesday, reaching $45.17. The stock had a trading volume of 1,317,470 shares, compared to its average volume of 3,049,357. The firm has a market capitalization of $6.58 billion, a price-to-earnings ratio of 11.49 and a beta of 2.24. Nextracker has a 1-year low of $30.93 and a 1-year high of $62.31. The stock has a 50 day moving average of $44.89 and a two-hundred day moving average of $39.71. The company has a quick ratio of 1.96, a current ratio of 2.20 and a debt-to-equity ratio of 0.10.

Nextracker (NASDAQ:NXT) last posted its quarterly earnings results on Tuesday, January 28th. The company reported $0.89 earnings per share (EPS) for the quarter, beating the consensus estimate 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, equities analysts anticipate that Nextracker will post 3.29 EPS for the current fiscal year.

Insider Transactions at Nextracker

In other Nextracker news, CAO David P. Bennett sold 9,801 shares of the business’s stock in a transaction dated Wednesday, January 29th. The stock was sold at an average price of $49.90, for a total transaction of $489,069.90. Following the transaction, the chief accounting officer now owns 124,577 shares in the company, valued at $6,216,392.30. The trade was a 7.29 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is available through this hyperlink. Also, insider Bruce Ledesma sold 9,891 shares of the business’s stock in a transaction dated Monday, February 10th. The stock was sold at an average price of $46.05, for a total value of $455,480.55. Following the transaction, the insider now owns 132,374 shares in the company, valued at approximately $6,095,822.70. This represents a 6.95 % decrease in their position. The disclosure for this sale can be found here. Insiders have sold 25,758 shares of company stock worth $1,217,520 over the last quarter. 0.27% of the stock is currently owned by insiders.

Institutional Trading of Nextracker

Large investors have recently added to or reduced their stakes in the company. Allworth Financial LP raised its stake in Nextracker by 52.4% during 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 during the period. Quarry LP raised its stake in Nextracker by 61.5% during 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 during the period. Sterling Capital Management LLC raised its stake in Nextracker by 448.9% during 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 during the period. Virtus Fund Advisers LLC acquired a new stake in Nextracker during the 4th quarter valued at $47,000. Finally, Millstone Evans Group LLC acquired a new stake in Nextracker during the 4th quarter valued at $48,000. 67.41% of the stock is owned by institutional investors and hedge funds.

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.