Short Interest in Nextracker Inc. (NASDAQ:NXT) Expands By 19.7%

Nextracker Inc. (NASDAQ:NXT - Get Free Report) saw a significant increase in short interest in the month of 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. Based on an average daily trading volume, of 2,340,000 shares, the days-to-cover ratio is currently 4.5 days. Currently, 7.3% of the company's shares are sold short.

Insiders Place Their Bets

In other news, President Howard Wenger sold 6,066 shares of the business's stock in a transaction on Tuesday, May 13th. The shares were sold at an average price of $55.00, for a total transaction of $333,630.00. Following the transaction, the president now directly owns 219,389 shares of the company's stock, valued at approximately $12,066,395. The trade was a 2.69% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is available at this hyperlink. Also, insider Bruce Ledesma sold 83,561 shares of the business's stock in a transaction on Thursday, May 29th. The stock was sold at an average price of $55.71, for a total transaction of $4,655,183.31. Following the transaction, the insider now directly owns 195,790 shares in the company, valued at approximately $10,907,460.90. The trade was a 29.91% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold a total of 129,898 shares of company stock worth $7,348,516 over the last ninety days. 0.27% of the stock is owned by company insiders.

Institutional Trading of Nextracker

A number of institutional investors and hedge funds have recently modified their holdings of NXT. Norges Bank acquired a new stake in shares of Nextracker during the fourth quarter worth $106,166,000. Wellington Management Group LLP grew its position in shares of Nextracker by 56.5% during the first quarter. Wellington Management Group LLP now owns 5,237,833 shares of the company's stock worth $220,722,000 after acquiring an additional 1,890,445 shares during the last quarter. Encompass Capital Advisors LLC bought a new position in shares of Nextracker during the fourth quarter worth about $55,690,000. Invesco Ltd. grew its position in shares of Nextracker by 52.2% during the fourth quarter. Invesco Ltd. now owns 3,874,875 shares of the company's stock worth $141,549,000 after acquiring an additional 1,329,456 shares during the last quarter. Finally, Nuveen LLC bought a new position in shares of Nextracker during the first quarter worth about $40,356,000. 67.41% of the stock is owned by institutional investors and hedge funds.

Nextracker Stock Performance

Shares of NASDAQ:NXT traded up $1.26 on Friday, reaching $58.92. 1,482,782 shares of the company's stock were exchanged, compared to its average volume of 2,863,428. The firm has a market capitalization of $8.62 billion, a price-to-earnings ratio of 14.99 and a beta of 2.39. Nextracker has a fifty-two week low of $30.93 and a fifty-two week high of $63.19. The business's 50-day moving average is $47.24 and its two-hundred day moving average is $43.95. The company has a quick ratio of 1.96, a current ratio of 2.20 and a debt-to-equity ratio of 0.10.

Analyst Ratings Changes

A number of research analysts have recently commented on the stock. Wall Street Zen raised shares of Nextracker from a "hold" rating to a "buy" rating in a research report on Thursday, May 22nd. BMO Capital Markets boosted their target price on shares of Nextracker from $51.00 to $59.00 and gave the stock a "market perform" rating in a research report on Thursday, May 15th. Truist Financial boosted their target price on shares of Nextracker from $49.00 to $65.00 and gave the stock an "overweight" rating in a research report on Thursday, May 15th. Royal Bank of Canada assumed coverage on shares of Nextracker in a research report on Monday, March 17th. They set an "outperform" rating and a $55.00 target price on the stock. Finally, Bank of America boosted their target price on shares of Nextracker from $55.00 to $65.00 and gave the stock a "buy" rating in a research report on Thursday, May 15th. Five analysts have rated the stock with a hold rating, eighteen have issued a buy rating and two have given a strong buy rating to the stock. Based on data from 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.