Nextracker Inc. (NASDAQ:NXT) Short Interest Update

Nextracker Inc. (NASDAQ:NXT - Get Free Report) saw a large increase in short interest in May. As of May 15th, there was short interest totalling 10,500,000 shares, an increase of 19.7% from the April 30th total of 8,770,000 shares. Approximately 7.3% of the shares of the stock are short sold. Based on an average trading volume of 2,340,000 shares, the short-interest ratio is presently 4.5 days.

Nextracker Stock Performance

Nextracker stock traded down $1.06 during mid-day trading on Wednesday, reaching $56.92. The company's stock had a trading volume of 1,348,067 shares, compared to its average volume of 2,872,738. Nextracker has a 12-month low of $30.93 and a 12-month high of $63.19. The firm's fifty day moving average price is $46.62 and its two-hundred day moving average price is $43.57. The company has a debt-to-equity ratio of 0.10, a quick ratio of 1.96 and a current ratio of 2.20. The company has a market capitalization of $8.29 billion, a P/E ratio of 14.48 and a beta of 2.03.

Insider Activity at Nextracker

In other Nextracker news, insider Bruce Ledesma sold 3,017 shares of the business's stock in a transaction on Friday, May 23rd. The shares were sold at an average price of $55.95, for a total value of $168,801.15. Following the completion of the transaction, the insider now owns 110,564 shares in the company, valued at $6,186,055.80. The trade was a 2.66% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is available at the SEC website. Also, President Howard Wenger sold 6,066 shares of the business's stock in a transaction that occurred on Tuesday, May 13th. The stock was sold at an average price of $55.00, for a total transaction of $333,630.00. Following the sale, the president now owns 219,389 shares of the company's stock, valued at $12,066,395. This represents a 2.69% decrease in their position. The disclosure for this sale can be found here. In the last quarter, insiders sold 129,898 shares of company stock valued at $7,348,516. Corporate insiders own 0.27% of the company's stock.

Institutional Investors Weigh In On Nextracker

A number of large investors have recently added to or reduced their stakes in NXT. Northwestern Mutual Wealth Management Co. increased its holdings in Nextracker by 703.7% during the 1st quarter. Northwestern Mutual Wealth Management Co. now owns 659 shares of the company's stock valued at $28,000 after purchasing an additional 577 shares during the period. Allworth Financial LP boosted its position in shares of Nextracker by 52.4% during the fourth quarter. Allworth Financial LP now owns 803 shares of the company's stock valued at $29,000 after buying an additional 276 shares during the last quarter. Summit Securities Group LLC boosted its stake in shares of Nextracker by 796.0% in the 1st quarter. Summit Securities Group LLC now owns 905 shares of the company's stock worth $38,000 after buying an additional 804 shares during the last quarter. Caitong International Asset Management Co. Ltd bought a new position in Nextracker in the first quarter worth approximately $40,000. Finally, Sterling Capital Management LLC grew its stake in shares of Nextracker by 448.9% during the 4th quarter. Sterling Capital Management LLC now owns 1,290 shares of the company's stock valued at $47,000 after acquiring an additional 1,055 shares during the period. Hedge funds and other institutional investors own 67.41% of the company's stock.

Wall Street Analysts Forecast Growth

Several equities analysts recently issued reports on the stock. TD Cowen upped their price objective on shares of Nextracker from $47.00 to $55.00 and gave the company a "hold" rating in a research note on Thursday, May 15th. Wells Fargo & Company boosted their target price on shares of Nextracker from $69.00 to $71.00 and gave the stock an "overweight" rating in a research report on Monday, May 19th. Roth Capital restated a "buy" rating and issued a $70.00 price target (up from $55.00) on shares of Nextracker in a research report on Thursday, May 15th. Mizuho boosted their price target on shares of Nextracker from $60.00 to $67.00 and gave the company an "outperform" rating in a report on Monday. Finally, Fox Advisors cut shares of Nextracker from an "overweight" rating to an "equal weight" rating in a research note on Thursday, May 15th. Five analysts have rated the stock with a hold rating, eighteen have given a buy rating and two have issued a strong buy rating to the company. According to MarketBeat, the stock currently has an average rating of "Moderate Buy" and a consensus target price of $60.33.

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.

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