Nextracker (NASDAQ:NXT) Shares Down 5% – What’s Next?

Shares of Nextracker Inc. (NASDAQ:NXT) fell 5% on Friday . The stock traded as low as $75.09 and last traded at $75.42. 1,540,668 shares traded hands during mid-day trading, a decline of 38% from the average session volume of 2,469,145 shares. The stock had previously closed at $79.36.

Analyst Ratings Changes

Several brokerages have weighed in on NXT. Northland Securities reiterated a “market perform” rating on shares of Nextracker in a research report on Wednesday, July 30th. Robert W. Baird boosted their target price on Nextracker from $67.00 to $76.00 and gave the company an “outperform” rating in a research note on Tuesday, July 8th. Zacks Research raised Nextracker to a “hold” rating in a research note on Tuesday, August 12th. Deutsche Bank Aktiengesellschaft began coverage on Nextracker in a research note on Tuesday. They set a “buy” rating and a $88.00 target price on the stock. Finally, Bank of America boosted their target price on Nextracker from $66.00 to $69.00 and gave the company a “buy” rating in a research note on Wednesday, July 30th. One analyst has rated the stock with a Strong Buy rating, fifteen have issued a Buy rating and ten have assigned a Hold rating to the company’s stock. According to data from MarketBeat, Nextracker presently has an average rating of “Moderate Buy” and an average price target of $68.10.

Nextracker Price Performance

The company has a market capitalization of $11.41 billion, a PE ratio of 21.02, a PEG ratio of 2.43 and a beta of 2.27. The company has a 50 day moving average of $65.99 and a two-hundred day moving average of $56.82.

Insider Buying and Selling

In other Nextracker news, insider Bruce Ledesma sold 6,980 shares of the business’s stock in a transaction on Friday, August 8th. The stock was sold at an average price of $56.24, for a total value of $392,555.20. Following the sale, the insider directly owned 195,790 shares of the company’s stock, valued at approximately $11,011,229.60. The trade was a 3.44% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this link. Also, CFO Charles D. Boynton sold 4,500 shares of the business’s stock in a transaction on Monday, September 15th. The stock was sold at an average price of $67.21, for a total value of $302,445.00. Following the completion of the sale, the chief financial officer directly owned 295,059 shares in the company, valued at $19,830,915.39. This trade represents a 1.50% decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last ninety days, insiders sold 32,400 shares of company stock valued at $2,053,385. 0.56% of the stock is owned by insiders.

Institutional Investors Weigh In On Nextracker

Hedge funds have recently added to or reduced their stakes in the stock. New York State Teachers Retirement System boosted its holdings in Nextracker by 18.2% in the first quarter. New York State Teachers Retirement System now owns 125,005 shares of the company’s stock worth $5,268,000 after acquiring an additional 19,247 shares in the last quarter. Cambridge Investment Research Advisors Inc. bought a new stake in Nextracker in the first quarter worth $210,000. Allspring Global Investments Holdings LLC boosted its holdings in Nextracker by 51.3% in the first quarter. Allspring Global Investments Holdings LLC now owns 19,735 shares of the company’s stock worth $850,000 after acquiring an additional 6,693 shares in the last quarter. GAMMA Investing LLC boosted its holdings in Nextracker by 189.8% in the first quarter. GAMMA Investing LLC now owns 2,736 shares of the company’s stock worth $115,000 after acquiring an additional 1,792 shares in the last quarter. Finally, KBC Group NV boosted its holdings in Nextracker by 719.8% in the first quarter. KBC Group NV now owns 49,908 shares of the company’s stock worth $2,103,000 after acquiring an additional 43,820 shares in the last quarter. 67.41% of the stock is owned by institutional investors.

About Nextracker

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.