Nextracker Inc. (NASDAQ:NXT) Sees Significant Decline in Short Interest

Nextracker Inc. (NASDAQ:NXT) saw 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 trading volume, of 2,650,000 shares, the short-interest ratio is currently 3.1 days. Currently, 6.0% of the shares of the company are short sold.

Analyst Upgrades and Downgrades

A number of brokerages have recently weighed in on NXT. Northland Capmk upgraded Nextracker to a “strong-buy” rating in a research note on Tuesday, November 19th. Wells Fargo & Company lowered their target price on Nextracker from $70.00 to $69.00 and set an “overweight” rating on the stock in a research note on Wednesday, January 8th. The Goldman Sachs Group raised their price objective on Nextracker from $54.00 to $61.00 and gave the stock a “buy” rating in a research note on Wednesday, January 29th. Guggenheim raised their price objective on Nextracker from $50.00 to $62.00 and gave the stock a “buy” rating in a research note on Wednesday, January 29th. Finally, JPMorgan Chase & Co. raised their price objective on Nextracker from $58.00 to $61.00 and gave the stock an “overweight” rating in a research note on Wednesday, January 29th. Three analysts have rated the stock with a hold rating, twenty have given a buy rating and two have issued a strong buy rating to the company’s stock. According to MarketBeat.com, the company currently has an average rating of “Moderate Buy” and an average target price of $56.43.

Nextracker Stock Performance

NXT stock traded down $1.42 during midday trading on Tuesday, reaching $44.48. 1,275,812 shares of the company’s stock traded hands, compared to its average volume of 3,067,372. The company has a 50-day moving average price of $44.82 and a two-hundred day moving average price of $39.64. The company has a debt-to-equity ratio of 0.10, a quick ratio of 1.96 and a current ratio of 2.20. Nextracker has a 52 week low of $30.93 and a 52 week high of $62.31. The firm has a market capitalization of $6.48 billion, a PE ratio of 11.32 and a beta of 2.24.

Nextracker (NASDAQ:NXT) last issued its quarterly earnings data 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, equities analysts anticipate that Nextracker will post 3.29 EPS for the current year.

Insider Activity

In other news, President Howard Wenger sold 6,066 shares of the stock in a transaction that occurred on Thursday, January 16th. The stock was sold at an average price of $45.00, for a total transaction of $272,970.00. Following the transaction, 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 sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Also, insider Bruce Ledesma sold 9,891 shares of the stock in a transaction that occurred on 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 trade represents a 6.95 % decrease in their position. The disclosure for this sale can be found here. Insiders sold a total of 25,758 shares of company stock valued at $1,217,520 over the last three months. Insiders own 0.27% of the company’s stock.

Institutional Investors Weigh In On Nextracker

A number of institutional investors and hedge funds have recently made changes to their positions in NXT. State of New Jersey Common Pension Fund D raised its position in shares of Nextracker by 11.9% in the third quarter. State of New Jersey Common Pension Fund D now owns 51,670 shares of the company’s stock worth $1,937,000 after buying an additional 5,489 shares in the last quarter. KBC Group NV raised its position in Nextracker by 7.9% during the third quarter. KBC Group NV now owns 8,472 shares of the company’s stock valued at $318,000 after purchasing an additional 620 shares in the last quarter. Royce & Associates LP purchased a new stake in Nextracker during the third quarter valued at about $3,330,000. Mutual of America Capital Management LLC raised its position in Nextracker by 10.2% during the third quarter. Mutual of America Capital Management LLC now owns 77,520 shares of the company’s stock valued at $2,905,000 after purchasing an additional 7,163 shares in the last quarter. Finally, Thrivent Financial for Lutherans raised its position in Nextracker by 13.5% during the third quarter. Thrivent Financial for Lutherans now owns 33,698 shares of the company’s stock valued at $1,263,000 after purchasing an additional 4,006 shares in the last quarter. Hedge funds and other institutional investors 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.