Nextracker (NASDAQ:NXT) Trading Down 4.9% – Time to Sell?

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

Wall Street Analyst Weigh In

A number of equities analysts have commented on NXT shares. JPMorgan Chase & Co. lifted their target price on shares of Nextracker from $58.00 to $61.00 and gave the stock an “overweight” rating in a research note on Wednesday, January 29th. Guggenheim upped their price objective on Nextracker from $50.00 to $62.00 and gave the company a “buy” rating in a report on Wednesday, January 29th. Barclays upgraded Nextracker from an “equal weight” rating to an “overweight” rating and increased their price objective for the stock from $47.00 to $60.00 in a research report on Wednesday, January 29th. Wells Fargo & Company decreased their price target on Nextracker from $70.00 to $69.00 and set an “overweight” rating on the stock in a research note on Wednesday, January 8th. Finally, Jefferies Financial Group raised Nextracker from a “hold” rating to a “buy” rating and raised their price objective for the stock from $46.00 to $56.00 in a research report on Wednesday, January 29th. Three investment analysts have rated the stock with a hold rating, nineteen have given a buy rating and two have issued a strong buy rating to the stock. According to MarketBeat, Nextracker currently has a consensus rating of “Moderate Buy” and a consensus target price of $56.50.

Nextracker Price Performance

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 company has a 50 day moving average price of $40.37 and a 200 day moving average price of $39.12. The firm has a market cap of $6.71 billion, a PE ratio of 11.74 and a beta of 2.13.

Nextracker (NASDAQ:NXT) last posted its quarterly earnings results on Tuesday, January 28th. The company reported $0.89 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%. Sell-side analysts expect that Nextracker Inc. will post 3.29 EPS for the current fiscal year.

Insider Buying and Selling

In other Nextracker news, CAO David P. Bennett sold 9,801 shares of Nextracker stock in a transaction that occurred on Wednesday, January 29th. The shares were sold at an average price of $49.90, for a total value 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. The trade was a 7.29 % decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, President Howard Wenger sold 6,066 shares of the 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 transaction, the president now directly owns 209,365 shares in the company, valued at approximately $9,421,425. This represents a 2.82 % decrease in their position. The disclosure for this sale can be found here. Insiders own 0.27% of the company’s stock.

Hedge Funds Weigh In On Nextracker

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