Nextracker (NASDAQ:NXT) Shares Down 5.4% – Time to Sell?

Nextracker Inc. (NASDAQ:NXT)’s stock price dropped 5.4% during trading on Tuesday . The stock traded as low as $41.63 and last traded at $41.82. Approximately 1,264,337 shares were traded during mid-day trading, a decline of 50% from the average daily volume of 2,546,112 shares. The stock had previously closed at $44.19.

Wall Street Analyst Weigh In

Several equities research analysts have weighed in on the company. Susquehanna cut their price target on Nextracker from $59.00 to $50.00 and set a “positive” rating on the stock in a report on Wednesday, October 16th. Northland Capmk upgraded shares of Nextracker to a “strong-buy” rating in a research note on Tuesday, November 19th. Bank of America dropped their price objective on Nextracker from $65.00 to $52.00 and set a “buy” rating on the stock in a report on Thursday, November 7th. Robert W. Baird reduced their price target 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. Finally, BMO Capital Markets dropped their price target on Nextracker from $56.00 to $44.00 and set a “market perform” rating on the stock in a research note on Monday, October 14th. Five analysts have rated the stock with a hold rating, sixteen have assigned a buy rating and one has given a strong buy rating to the company’s stock. Based on data from MarketBeat.com, the stock presently has an average rating of “Moderate Buy” and a consensus target price of $53.10.

Nextracker Price Performance

The company has a current ratio of 2.21, a quick ratio of 1.99 and a debt-to-equity ratio of 0.11. The stock has a fifty day simple moving average of $38.57 and a two-hundred day simple moving average of $39.27. The company has a market cap of $6.18 billion, a PE ratio of 10.59 and a beta of 2.04.

Insider Transactions at Nextracker

In other news, President Howard Wenger sold 6,066 shares of the company’s stock in a transaction on Thursday, January 16th. The stock was sold at an average price of $45.00, for a total value of $272,970.00. Following the sale, the president now directly owns 209,365 shares in the company, valued at $9,421,425. This represents a 2.82 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. Corporate insiders own 0.27% of the company’s stock.

Institutional Inflows and Outflows

Several institutional investors have recently bought and sold shares of the business. Holocene Advisors LP acquired a new stake in Nextracker during the third quarter worth about $45,416,000. Erste Asset Management GmbH purchased a new stake in shares of Nextracker during the third quarter valued at approximately $33,545,000. Zurcher Kantonalbank Zurich Cantonalbank lifted its position in shares of Nextracker by 88.1% during the third quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 1,591,975 shares of the company’s stock worth $59,667,000 after purchasing an additional 745,665 shares in the last quarter. State Street Corp boosted its stake in shares of Nextracker by 15.8% in the third quarter. State Street Corp now owns 5,070,473 shares of the company’s stock valued at $190,041,000 after purchasing an additional 690,343 shares during the period. Finally, Wellington Management Group LLP grew its holdings in Nextracker by 25.5% during the 3rd quarter. Wellington Management Group LLP now owns 3,392,992 shares of the company’s stock valued at $127,169,000 after purchasing an additional 688,810 shares in the last quarter. 67.41% of the stock is currently 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.