Nextracker (NASDAQ:NXT) Shares Gap Down - Here's What Happened

Nextracker Inc. (NASDAQ:NXT - Get Free Report) gapped down before the market opened on Tuesday . The stock had previously closed at $60.75, but opened at $56.04. Nextracker shares last traded at $59.71, with a volume of 762,449 shares trading hands.

Analyst Ratings Changes

NXT has been the topic of a number of research reports. Wall Street Zen raised shares of Nextracker from a "hold" rating to a "buy" rating in a report on Thursday, May 22nd. Bank of America lifted their price target on shares of Nextracker from $55.00 to $65.00 and gave the stock a "buy" rating in a research note on Thursday, May 15th. The Goldman Sachs Group upped their price objective on Nextracker from $61.00 to $68.00 and gave the stock a "buy" rating in a research note on Thursday, May 15th. Mizuho lifted their target price on Nextracker from $60.00 to $67.00 and gave the company an "outperform" rating in a research report on Monday, June 2nd. Finally, Susquehanna upped their price target on Nextracker from $54.00 to $66.00 and gave the stock a "positive" rating in a research report on Thursday, May 15th. Five equities research analysts have rated the stock with a hold rating, eighteen have given a buy rating and two have assigned a strong buy rating to the stock. According to data from MarketBeat.com, Nextracker presently has an average rating of "Moderate Buy" and a consensus price target of $60.33.

Nextracker Price Performance

The firm has a market capitalization of $8.74 billion, a P/E ratio of 17.23, a P/E/G ratio of 1.57 and a beta of 2.39. The firm has a 50-day moving average price of $49.73 and a two-hundred day moving average price of $44.81.

Insider Buying and Selling at Nextracker

In other news, President Howard Wenger sold 6,066 shares of the firm's stock in a transaction dated Tuesday, May 13th. The shares were sold at an average price of $55.00, for a total value of $333,630.00. Following the sale, the president now directly owns 219,389 shares in the company, valued at approximately $12,066,395. This trade represents a 2.69% decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, insider Bruce Ledesma sold 83,561 shares of the business's stock in a transaction that occurred 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 owns 195,790 shares of the company's stock, valued at approximately $10,907,460.90. This trade represents a 29.91% decrease in their position. The disclosure for this sale can be found here. Insiders sold a total of 199,672 shares of company stock valued at $11,510,536 in the last three months. Company insiders own 0.27% of the company's stock.

Hedge Funds Weigh In On Nextracker

Large investors have recently made changes to their positions in the business. Northwestern Mutual Wealth Management Co. boosted its stake in Nextracker by 703.7% in the 1st quarter. Northwestern Mutual Wealth Management Co. now owns 659 shares of the company's stock worth $28,000 after purchasing an additional 577 shares in the last quarter. Allworth Financial LP lifted its stake in Nextracker by 52.4% during the 4th quarter. Allworth Financial LP now owns 803 shares of the company's stock valued at $29,000 after acquiring an additional 276 shares during the period. Summit Securities Group LLC boosted its holdings in shares of Nextracker by 796.0% in the 1st quarter. Summit Securities Group LLC now owns 905 shares of the company's stock valued at $38,000 after acquiring an additional 804 shares during the last quarter. Caitong International Asset Management Co. Ltd acquired a new stake in shares of Nextracker in the first quarter worth $40,000. Finally, Sterling Capital Management LLC lifted its position in Nextracker by 448.9% during the fourth quarter. Sterling Capital Management LLC now owns 1,290 shares of the company's stock valued at $47,000 after purchasing an additional 1,055 shares during the period. 67.41% of the stock is owned by institutional investors and hedge funds.

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.