Nextracker (NASDAQ:NXT) Shares Gap Down - Should You Sell?

Nextracker Inc. (NASDAQ:NXT - Get Free Report)'s stock price gapped down prior to trading 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.

Analysts Set New Price Targets

A number of equities analysts have commented on the stock. Barclays lifted their price objective on shares of Nextracker from $58.00 to $64.00 and gave the stock an "overweight" rating in a research note on Friday, May 16th. Roth Capital reaffirmed a "buy" rating and set a $70.00 price target (up from $55.00) on shares of Nextracker in a research note on Thursday, May 15th. Truist Financial lifted their price target on shares of Nextracker from $49.00 to $65.00 and gave the stock an "overweight" rating in a research note on Thursday, May 15th. Wells Fargo & Company lifted their price target on shares of Nextracker from $69.00 to $71.00 and gave the stock an "overweight" rating in a research note on Monday, May 19th. Finally, BMO Capital Markets lifted their price target on shares of Nextracker from $51.00 to $59.00 and gave the stock a "market perform" rating in a research note on Thursday, May 15th. Five analysts have rated the stock with a hold rating, seventeen have assigned a buy rating and two have given a strong buy rating to the company. According to data from MarketBeat.com, the company has an average rating of "Moderate Buy" and a consensus price target of $60.00.

Nextracker Stock Performance

The business's 50-day moving average price is $44.92 and its 200-day moving average price is $42.76. The company has a current ratio of 2.20, a quick ratio of 1.96 and a debt-to-equity ratio of 0.10. The stock has a market cap of $8.16 billion, a PE ratio of 14.23 and a beta of 2.03.

Insiders Place Their Bets

In other Nextracker news, CAO David P. Bennett sold 9,801 shares of the business's stock in a transaction that occurred on Tuesday, May 13th. The shares were sold at an average price of $55.00, for a total transaction of $539,055.00. Following the sale, the chief accounting officer now owns 124,615 shares of the company's stock, valued at approximately $6,853,825. The trade was a 7.29% decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Also, insider Bruce Ledesma sold 3,017 shares of the company's stock in a transaction 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 disclosure for this sale can be found here. In the last quarter, insiders have sold 46,337 shares of company stock valued at $2,693,333. Insiders own 0.27% of the company's stock.

Institutional Trading of Nextracker

Several large investors have recently made changes to their positions in NXT. Norges Bank purchased a new stake in shares of Nextracker in the 4th quarter valued at $106,166,000. Wellington Management Group LLP boosted its holdings in shares of Nextracker by 56.5% in the 1st quarter. Wellington Management Group LLP now owns 5,237,833 shares of the company's stock valued at $220,722,000 after acquiring an additional 1,890,445 shares during the last quarter. Encompass Capital Advisors LLC purchased a new stake in shares of Nextracker in the 4th quarter valued at $55,690,000. Invesco Ltd. boosted its holdings in shares of Nextracker by 52.2% in the 4th quarter. Invesco Ltd. now owns 3,874,875 shares of the company's stock valued at $141,549,000 after acquiring an additional 1,329,456 shares during the last quarter. Finally, Nuveen LLC purchased a new stake in shares of Nextracker in the 1st quarter valued at $40,356,000. 67.41% of the stock is owned by hedge funds and other institutional investors.

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.