Nextracker (NASDAQ:NXT) Trading Down 5.4% – Should You Sell?

Nextracker Inc. (NASDAQ:NXT) shares were down 5.4% during mid-day trading on Tuesday . The stock traded as low as $41.63 and last traded at $41.82. Approximately 1,264,337 shares changed hands during 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

A number of brokerages have recently commented on NXT. Piper Sandler cut their target price on shares of Nextracker from $60.00 to $47.00 and set an “overweight” rating on the stock in a research note on Friday, November 22nd. Susquehanna reduced their price objective on Nextracker from $59.00 to $50.00 and set a “positive” rating on the stock in a research note on Wednesday, October 16th. Northland Capmk raised Nextracker to a “strong-buy” rating in a research report on Tuesday, November 19th. JPMorgan Chase & Co. dropped their target price on Nextracker from $62.00 to $58.00 and set an “overweight” rating on the stock in a report on Thursday, October 17th. Finally, Wells Fargo & Company decreased their price target on Nextracker from $70.00 to $69.00 and set an “overweight” rating for the company in a report on Wednesday, January 8th. Five investment analysts have rated the stock with a hold rating, sixteen have assigned a buy rating and one has assigned a strong buy rating to the company’s stock. According to data from MarketBeat.com, the company presently has a consensus rating of “Moderate Buy” and a consensus price target of $53.10.

Nextracker Stock Up 1.7 %

The stock has a market cap of $6.10 billion, a P/E ratio of 10.45 and a beta of 2.04. 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 stock’s fifty day simple moving average is $38.73 and its 200-day simple moving average is $39.26.

Insiders Place Their Bets

In other news, 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 completion of the transaction, the president now owns 209,365 shares of the company’s stock, valued at approximately $9,421,425. This represents a 2.82 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which can be accessed through this link. 0.27% of the stock is owned by insiders.

Institutional Inflows and Outflows

Hedge funds have recently made changes to their positions in the stock. Quarry LP lifted its holdings in Nextracker by 61.5% in the 3rd quarter. Quarry LP now owns 1,119 shares of the company’s stock valued at $42,000 after acquiring an additional 426 shares during the last quarter. GAMMA Investing LLC raised its holdings in shares of Nextracker by 83.2% in the 3rd quarter. GAMMA Investing LLC now owns 1,209 shares of the company’s stock worth $45,000 after purchasing an additional 549 shares in the last quarter. Nisa Investment Advisors LLC lifted its stake in Nextracker by 38.4% during the fourth quarter. Nisa Investment Advisors LLC now owns 1,859 shares of the company’s stock valued at $68,000 after purchasing an additional 516 shares during the last quarter. Neo Ivy Capital Management bought a new stake in Nextracker during the third quarter worth approximately $74,000. Finally, Arcadia Investment Management Corp MI acquired a new position in Nextracker in the third quarter worth approximately $75,000. 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.