Nextracker (NASDAQ:NXT) Shares Gap Down - Time to Sell?

Shares of Nextracker Inc. (NASDAQ:NXT - Get Free Report) gapped down before the market opened on Thursday . The stock had previously closed at $57.86, but opened at $53.86. Nextracker shares last traded at $53.82, with a volume of 1,788,927 shares.

Analyst Ratings Changes

Several brokerages have recently weighed in on NXT. UBS Group raised their price objective on Nextracker from $60.00 to $66.00 and gave the company a "buy" rating in a report on Wednesday, January 29th. Barclays raised their price objective on Nextracker from $58.00 to $64.00 and gave the company an "overweight" rating in a report on Friday, May 16th. Mizuho set a $60.00 price objective on Nextracker in a report on Thursday, May 15th. Bank of America raised their price objective on Nextracker from $55.00 to $65.00 and gave the company a "buy" rating in a report on Thursday, May 15th. Finally, Wall Street Zen upgraded Nextracker from a "hold" rating to a "buy" rating in a report on Thursday. Five investment analysts have rated the stock with a hold rating, seventeen have issued a buy rating and two have issued a strong buy rating to the company. Based on data from MarketBeat.com, Nextracker has an average rating of "Moderate Buy" and a consensus price target of $60.00.

Nextracker Price Performance

The company has a quick ratio of 1.96, a current ratio of 2.20 and a debt-to-equity ratio of 0.10. The firm has a market cap of $8.16 billion, a P/E ratio of 14.26 and a beta of 2.03. The business has a fifty day moving average of $44.70 and a 200 day moving average of $42.64.

Insider Buying and Selling

In other Nextracker news, insider Bruce Ledesma sold 3,017 shares of the firm's stock in a transaction that occurred on Friday, May 23rd. The shares were sold at an average price of $55.95, for a total transaction of $168,801.15. Following the completion of the sale, the insider now directly owns 110,564 shares in the company, valued at $6,186,055.80. This trade represents a 2.66% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is available at this hyperlink. Also, President Howard Wenger sold 6,066 shares of the firm'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 trade represents a 2.69% decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last 90 days, insiders sold 46,337 shares of company stock worth $2,693,333. Company insiders own 0.27% of the company's stock.

Institutional Investors Weigh In On Nextracker

Several hedge funds have recently bought and sold shares of the stock. Flputnam Investment Management Co. lifted its position in Nextracker by 2.4% during the first quarter. Flputnam Investment Management Co. now owns 8,621 shares of the company's stock worth $363,000 after acquiring an additional 201 shares during the last quarter. Shell Asset Management Co. lifted its position in Nextracker by 0.4% during the fourth quarter. Shell Asset Management Co. now owns 57,329 shares of the company's stock worth $2,094,000 after acquiring an additional 228 shares during the last quarter. Signaturefd LLC lifted its position in Nextracker by 10.2% during the first quarter. Signaturefd LLC now owns 2,583 shares of the company's stock worth $109,000 after acquiring an additional 239 shares during the last quarter. Trust Investment Advisors lifted its position in Nextracker by 2.8% during the first quarter. Trust Investment Advisors now owns 9,609 shares of the company's stock worth $405,000 after acquiring an additional 258 shares during the last quarter. Finally, Fifth Third Bancorp raised its position in shares of Nextracker by 27.5% in the first quarter. Fifth Third Bancorp now owns 1,204 shares of the company's stock valued at $51,000 after buying an additional 260 shares in the last quarter. 67.41% of the stock is currently 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.