Nextracker (NASDAQ:NXT) Trading Down 2.1% – Should You Sell?

Nextracker Inc. (NASDAQ:NXT) was down 2.1% during mid-day trading on Friday . The stock traded as low as $44.97 and last traded at $44.19. Approximately 319,711 shares changed hands during trading, a decline of 90% from the average daily volume of 3,093,946 shares. The stock had previously closed at $45.16.

Analyst Ratings Changes

Several equities research analysts have weighed in on the company. UBS Group boosted their price objective on Nextracker from $60.00 to $66.00 and gave the stock a “buy” rating in a research note on Wednesday, January 29th. Jefferies Financial Group upgraded shares of Nextracker from a “hold” rating to a “buy” rating and raised their target price for the stock from $46.00 to $56.00 in a report on Wednesday, January 29th. Guggenheim upped their price target on shares of Nextracker from $50.00 to $62.00 and gave the company a “buy” rating in a report on Wednesday, January 29th. Citigroup decreased their price objective on shares of Nextracker from $50.00 to $45.00 and set a “neutral” rating for the company in a research note on Wednesday, January 8th. Finally, Susquehanna upped their target price on Nextracker from $50.00 to $54.00 and gave the company a “positive” rating in a research note on Wednesday, January 29th. Three investment analysts have rated the stock with a hold rating, nineteen have assigned a buy rating and two have assigned a strong buy rating to the company’s stock. According to MarketBeat, the company presently has a consensus rating of “Moderate Buy” and an average target price of $56.50.

Nextracker Price Performance

The firm has a market capitalization of $6.45 billion, a P/E ratio of 11.27 and a beta of 2.24. The stock’s fifty day simple moving average is $44.72 and its 200 day simple moving average is $39.61. The company has a debt-to-equity ratio of 0.10, a current ratio of 2.20 and a quick ratio of 1.96.

Nextracker (NASDAQ:NXT) last posted its earnings results on Tuesday, January 28th. The company reported $0.89 EPS for the quarter, beating analysts’ consensus estimates of $0.58 by $0.31. Nextracker had a net margin of 20.12% and a return on equity of 41.22%. On average, equities research analysts predict that Nextracker Inc. will post 3.29 EPS for the current year.

Insider Transactions at Nextracker

In related news, insider Bruce Ledesma sold 9,891 shares of Nextracker stock in a transaction that occurred on Monday, February 10th. The shares were sold at an average price of $46.05, for a total value of $455,480.55. Following the completion of the sale, the insider now directly owns 132,374 shares in the company, valued at $6,095,822.70. This trade represents a 6.95 % decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Also, CAO David P. Bennett sold 9,801 shares of the firm’s stock in a transaction on Wednesday, January 29th. The stock was sold at an average price of $49.90, for a total transaction of $489,069.90. Following the completion of the transaction, the chief accounting officer now directly owns 124,577 shares of the company’s stock, valued at approximately $6,216,392.30. This represents a 7.29 % decrease in their position. The disclosure for this sale can be found here. Insiders sold 25,758 shares of company stock valued at $1,217,520 in the last quarter. 0.27% of the stock is currently owned by corporate insiders.

Institutional Trading of Nextracker

Large investors have recently added to or reduced their stakes in the company. Allworth Financial LP lifted its holdings in shares of Nextracker by 52.4% during the fourth quarter. Allworth Financial LP now owns 803 shares of the company’s stock worth $29,000 after purchasing an additional 276 shares during the period. Quarry LP boosted its holdings in shares of 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. Sterling Capital Management LLC increased its stake in shares of Nextracker by 448.9% in the fourth quarter. Sterling Capital Management LLC now owns 1,290 shares of the company’s stock worth $47,000 after acquiring an additional 1,055 shares during the period. Virtus Fund Advisers LLC purchased a new position in shares of Nextracker during the fourth quarter worth $47,000. Finally, Millstone Evans Group LLC acquired a new position in Nextracker during the fourth quarter valued at $48,000. Hedge funds and other 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 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.