Nextracker (NASDAQ:NXT) Trading Down 2.1% – Time to Sell?

Nextracker Inc. (NASDAQ:NXT)’s share price was down 2.1% during trading on Friday . The stock traded as low as $44.97 and last traded at $44.19. Approximately 319,711 shares traded hands during mid-day trading, a decline of 90% from the average daily volume of 3,093,946 shares. The stock had previously closed at $45.16.

Wall Street Analyst Weigh In

Several research firms have recently weighed in on NXT. Citigroup cut their target price on shares of Nextracker from $50.00 to $45.00 and set a “neutral” rating for the company in a report on Wednesday, January 8th. Northland Capmk raised shares of Nextracker to a “strong-buy” rating in a report on Tuesday, November 19th. Truist Financial reissued a “buy” rating and set a $56.00 target price (up from $54.00) on shares of Nextracker in a research note on Wednesday, January 29th. Guggenheim lifted their price target on Nextracker from $50.00 to $62.00 and gave the company a “buy” rating in a research note on Wednesday, January 29th. Finally, The Goldman Sachs Group increased their price target on Nextracker from $54.00 to $61.00 and gave the stock a “buy” rating in a research report on Wednesday, January 29th. Three analysts have rated the stock with a hold rating, nineteen have given a buy rating and two have assigned a strong buy rating to the company’s stock. According to data from MarketBeat, the company presently has a consensus rating of “Moderate Buy” and an average price target of $56.50.

Nextracker Stock Performance

The stock has a market cap of $6.45 billion, a price-to-earnings ratio of 11.27 and a beta of 2.24. The company has a debt-to-equity ratio of 0.10, a current ratio of 2.20 and a quick ratio of 1.96. The firm has a fifty day moving average of $44.72 and a 200 day moving average of $39.61.

Nextracker (NASDAQ:NXT) last issued its 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%. As a group, sell-side analysts forecast that Nextracker Inc. will post 3.29 EPS for the current year.

Insiders Place Their Bets

In related news, CAO David P. Bennett sold 9,801 shares of the firm’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 completion of the sale, the chief accounting officer now directly owns 124,577 shares of the company’s stock, valued at approximately $6,216,392.30. This trade represents a 7.29 % decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, President Howard Wenger sold 6,066 shares of the business’s stock in a transaction dated Thursday, January 16th. The shares were sold at an average price of $45.00, for a total transaction of $272,970.00. Following the completion of the sale, the president now owns 209,365 shares in the company, valued at approximately $9,421,425. This trade represents a 2.82 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold 25,758 shares of company stock valued at $1,217,520 over the last ninety days. Company insiders own 0.27% of the company’s stock.

Institutional Investors Weigh In On Nextracker

A number of institutional investors have recently made changes to their positions in NXT. Allworth Financial LP lifted its holdings in shares of Nextracker by 52.4% in the 4th quarter. Allworth Financial LP now owns 803 shares of the company’s stock worth $29,000 after acquiring an additional 276 shares during the last quarter. Quarry LP lifted its stake in Nextracker by 61.5% during the third quarter. Quarry LP now owns 1,119 shares of the company’s stock worth $42,000 after purchasing an additional 426 shares in the last quarter. Sterling Capital Management LLC boosted its position in shares of Nextracker by 448.9% during the fourth quarter. Sterling Capital Management LLC now owns 1,290 shares of the company’s stock worth $47,000 after buying an additional 1,055 shares during the period. Virtus Fund Advisers LLC acquired a new stake in shares of Nextracker in the fourth quarter valued at $47,000. Finally, Millstone Evans Group LLC purchased a new stake in shares of Nextracker in the 4th quarter valued at $48,000. 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.