Nextracker (NASDAQ:NXT) Shares Down 7.7% - What's Next?

Key Points

• Nextracker's shares experienced a significant decline of 7.7% during trading, with the stock trading as low as $58.00 and last trading at $59.90.
• Analyst ratings for Nextracker include a consensus of "Moderate Buy", with a target price averaging $63.29 following mixed revisions from various firms.
• Insiders have been active in selling shares, with in total over 210,000 shares sold in the last three months, indicating a potential shift in confidence among some executives.

Nextracker Inc. (NASDAQ:NXT - Get Free Report) shares were down 7.7% during trading on Wednesday . The company traded as low as $58.00 and last traded at $59.90. Approximately 1,961,336 shares changed hands during trading, a decline of 22% from the average daily volume of 2,503,376 shares. The stock had previously closed at $64.90.

Analyst Upgrades and Downgrades

A number of research analysts recently commented on NXT shares. Barclays reaffirmed an "overweight" rating and set a $69.00 price objective (up from $64.00) on shares of Nextracker in a research report on Thursday. Truist Financial boosted their price objective on shares of Nextracker from $49.00 to $65.00 and gave the company an "overweight" rating in a research report on Thursday, May 15th. Northland Securities reaffirmed a "market perform" rating on shares of Nextracker in a research report on Wednesday. TD Cowen boosted their price objective on shares of Nextracker from $55.00 to $65.00 and gave the company a "hold" rating in a research report on Wednesday. Finally, Roth Capital reaffirmed a "buy" rating and set a $80.00 price objective (up from $70.00) on shares of Nextracker in a research report on Tuesday. Nine analysts have rated the stock with a hold rating, sixteen have issued a buy rating and one has given a strong buy rating to the company's stock. According to MarketBeat, Nextracker presently has a consensus rating of "Moderate Buy" and an average target price of $63.95.

Nextracker Trading Down 1.4%

The company's fifty day moving average is $59.93 and its 200-day moving average is $50.00. The firm has a market capitalization of $8.40 billion, a P/E ratio of 15.63, a P/E/G ratio of 1.45 and a beta of 2.25.

Insider Activity

In related news, COO Nicholas Marco Miller sold 5,588 shares of the company's stock in a transaction on Wednesday, June 25th. The shares were sold at an average price of $57.32, for a total transaction of $320,304.16. Following the completion of the sale, the chief operating officer directly owned 170,000 shares of the company's stock, valued at approximately $9,744,400. This represents a 3.18% decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, CAO David P. Bennett sold 9,801 shares of the company's stock in a transaction on Tuesday, May 13th. The stock was sold at an average price of $55.00, for a total transaction of $539,055.00. Following the sale, the chief accounting officer directly owned 124,615 shares of the company's stock, valued at approximately $6,853,825. This represents a 7.29% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold a total of 210,476 shares of company stock valued at $12,169,880 in the last quarter. 0.56% of the stock is currently owned by corporate insiders.

Hedge Funds Weigh In On Nextracker

Several large investors have recently bought and sold shares of NXT. Commonwealth Equity Services LLC raised its stake in Nextracker by 30.5% during the 4th quarter. Commonwealth Equity Services LLC now owns 10,623 shares of the company's stock valued at $388,000 after purchasing an additional 2,483 shares during the last quarter. American Century Companies Inc. raised its stake in Nextracker by 52.2% during the 4th quarter. American Century Companies Inc. now owns 76,414 shares of the company's stock valued at $2,791,000 after purchasing an additional 26,196 shares during the last quarter. JPMorgan Chase & Co. raised its stake in Nextracker by 23.9% during the 4th quarter. JPMorgan Chase & Co. now owns 1,866,028 shares of the company's stock valued at $68,166,000 after purchasing an additional 360,214 shares during the last quarter. Franklin Resources Inc. raised its stake in Nextracker by 113.4% during the 4th quarter. Franklin Resources Inc. now owns 301,455 shares of the company's stock valued at $11,012,000 after purchasing an additional 160,206 shares during the last quarter. Finally, Dynamic Technology Lab Private Ltd raised its stake in Nextracker by 78.3% during the 4th quarter. Dynamic Technology Lab Private Ltd now owns 23,395 shares of the company's stock valued at $854,000 after purchasing an additional 10,275 shares during the last quarter. 67.41% of the stock is currently owned by institutional investors and hedge funds.

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.