Nextracker (NASDAQ:NXT) Shares Down 7%

Nextracker Inc. (NASDAQ:NXT) fell 7% on Wednesday . The company traded as low as $42.81 and last traded at $42.81. 2,525,776 shares traded hands during trading, a decline of 37% from the average session volume of 4,020,344 shares. The stock had previously closed at $46.02.

Wall Street Analyst Weigh In

Several equities analysts have recently issued reports on NXT shares. Cantor Fitzgerald boosted their price target on shares of Nextracker from $52.00 to $62.00 and gave the company an “overweight” rating in a report on Thursday, February 1st. Roth Mkm raised their price target on Nextracker from $60.00 to $70.00 and gave the stock a “buy” rating in a research report on Thursday, February 1st. Daiwa Capital Markets assumed coverage on Nextracker in a research note on Monday, April 1st. They set an “outperform” rating and a $63.00 target price for the company. Northland Securities cut shares of Nextracker from an “outperform” rating to a “market perform” rating and reduced their price target for the company from $60.00 to $44.00 in a report on Friday, April 26th. Finally, Truist Financial raised their price objective on shares of Nextracker from $52.00 to $60.00 and gave the stock a “buy” rating in a report on Tuesday, January 23rd. Four investment analysts have rated the stock with a hold rating and nineteen have assigned a buy rating to the stock. According to data from MarketBeat, Nextracker presently has a consensus rating of “Moderate Buy” and an average price target of $58.17.

Nextracker Trading Down 5.0 %

The company has a 50 day moving average price of $52.07 and a 200 day moving average price of $47.46. The company has a market capitalization of $5.97 billion, a P/E ratio of 23.26, a P/E/G ratio of 0.40 and a beta of 2.42.

Insider Activity

In other Nextracker news, COO Nicholas Marco Miller sold 8,355 shares of the firm’s stock in a transaction that occurred on Tuesday, April 2nd. The shares were sold at an average price of $52.67, for a total transaction of $440,057.85. Following the completion of the sale, the chief operating officer now directly owns 11,114 shares in the company, valued at $585,374.38. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this hyperlink. In other Nextracker news, insider Leah Schlesinger sold 2,149 shares of the stock in a transaction that occurred on Wednesday, April 3rd. The shares were sold at an average price of $51.91, for a total transaction of $111,554.59. Following the transaction, the insider now owns 11,910 shares in the company, valued at approximately $618,248.10. The sale was disclosed in a document filed with the SEC, which is accessible through the SEC website. Also, COO Nicholas Marco Miller sold 8,355 shares of Nextracker stock in a transaction that occurred on Tuesday, April 2nd. The shares were sold at an average price of $52.67, for a total transaction of $440,057.85. Following the completion of the sale, the chief operating officer now owns 11,114 shares of the company’s stock, valued at $585,374.38. The disclosure for this sale can be found here. Insiders own 0.09% of the company’s stock.

Hedge Funds Weigh In On Nextracker

A number of hedge funds have recently added to or reduced their stakes in the stock. Sheets Smith Wealth Management bought a new stake in shares of Nextracker during the 1st quarter worth approximately $422,000. ProShare Advisors LLC raised its position in Nextracker by 119.3% during the first quarter. ProShare Advisors LLC now owns 26,487 shares of the company’s stock valued at $1,490,000 after purchasing an additional 14,411 shares in the last quarter. Qsemble Capital Management LP bought a new stake in Nextracker during the first quarter worth $433,000. Headlands Technologies LLC boosted its holdings in shares of Nextracker by 952.3% in the 1st quarter. Headlands Technologies LLC now owns 4,104 shares of the company’s stock valued at $231,000 after purchasing an additional 3,714 shares in the last quarter. Finally, Paradice Investment Management LLC increased its stake in shares of Nextracker by 9.3% in the 1st quarter. Paradice Investment Management LLC now owns 5,682 shares of the company’s stock valued at $320,000 after purchasing an additional 482 shares during the last quarter. Institutional investors own 67.41% of the company’s stock.

About Nextracker

Nextracker Inc, an energy solutions company, provides solar tracker and software solutions for utility-scale and ground-mounted distributed generation solar projects worldwide. The company offers tracking solutions, which includes NX Horizon, a solar tracking solution; NX Gemini, a two-in-portrait format tracker, which holds two rows of solar panels along the central support beam; and NX Horizon-XTR, a terrain-following tracker designed to expand the addressable market for trackers on sites with sloped, uneven, and challenging terrain.