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

Nextracker Inc. (NASDAQ:NXT)’s share price gapped down prior to trading on Wednesday . The stock had previously closed at $44.09, but opened at $38.48. Nextracker shares last traded at $38.34, with a volume of 1,334,963 shares changing hands.

Analyst Ratings Changes

Several analysts recently issued reports on NXT shares. JPMorgan Chase & Co. lowered their price target on Nextracker from $62.00 to $58.00 and set an “overweight” rating for the company in a report on Thursday, October 17th. Guggenheim dropped their target price on Nextracker from $60.00 to $55.00 and set a “buy” rating on the stock in a research report on Friday, August 16th. Barclays cut their target price on Nextracker from $61.00 to $47.00 and set an “equal weight” rating on the stock in a research report on Thursday, October 3rd. Susquehanna reduced their price objective on shares of Nextracker from $59.00 to $50.00 and set a “positive” rating on the stock in a research note on Wednesday, October 16th. Finally, Roth Mkm decreased their target price on Nextracker from $70.00 to $65.00 and set a “buy” rating for the company in a research report on Friday, August 2nd. Five research analysts have rated the stock with a hold rating and fifteen have issued a buy rating to the company’s stock. Based on data from MarketBeat.com, the company has an average rating of “Moderate Buy” and an average target price of $55.65.

Nextracker Price Performance

The business has a fifty day moving average price of $36.18 and a 200 day moving average price of $43.56. The company has a debt-to-equity ratio of 0.11, a current ratio of 2.21 and a quick ratio of 1.99. The company has a market capitalization of $6.05 billion, a price-to-earnings ratio of 10.38 and a beta of 2.32.

Hedge Funds Weigh In On Nextracker

Hedge funds have recently made changes to their positions in the business. 1832 Asset Management L.P. boosted its stake in Nextracker by 0.3% in the 1st quarter. 1832 Asset Management L.P. now owns 80,190 shares of the company’s stock worth $4,512,000 after purchasing an additional 275 shares during the period. GAMMA Investing LLC boosted its position in shares of Nextracker by 73.2% in the second quarter. GAMMA Investing LLC now owns 660 shares of the company’s stock worth $31,000 after buying an additional 279 shares during the period. Hilltop National Bank grew its holdings in shares of Nextracker by 40.6% during the second quarter. Hilltop National Bank now owns 1,187 shares of the company’s stock valued at $56,000 after buying an additional 343 shares in the last quarter. Arizona State Retirement System raised its position in Nextracker by 1.1% during the second quarter. Arizona State Retirement System now owns 34,403 shares of the company’s stock valued at $1,613,000 after buying an additional 372 shares during the period. Finally, Wedbush Securities Inc. lifted its stake in Nextracker by 8.2% in the 2nd quarter. Wedbush Securities Inc. now owns 6,080 shares of the company’s stock worth $285,000 after acquiring an additional 461 shares in the last quarter. 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.