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

Nextracker Inc. (NASDAQ:NXT - Get Free Report)'s stock price gapped down prior to trading on Monday . The stock had previously closed at $58.32, but opened at $52.56. Nextracker shares last traded at $54.33, with a volume of 778,228 shares changing hands.

Wall Street Analysts Forecast Growth

Several equities research analysts have recently weighed in on the company. Barclays upped their target price on Nextracker from $58.00 to $64.00 and gave the stock an "overweight" rating in a research report on Friday, May 16th. Roth Capital reaffirmed a "buy" rating and issued a $70.00 price objective (up previously from $55.00) on shares of Nextracker in a research report on Thursday, May 15th. TD Cowen boosted their target price on shares of Nextracker from $47.00 to $55.00 and gave the stock a "hold" rating in a research report on Thursday, May 15th. Bank of America raised their price target on shares of Nextracker from $55.00 to $65.00 and gave the company a "buy" rating in a report on Thursday, May 15th. Finally, Guggenheim lowered shares of Nextracker from a "buy" rating to a "neutral" rating in a report on Wednesday, May 14th. Five investment 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 company's stock. According to MarketBeat.com, the company currently has an average rating of "Moderate Buy" and a consensus target price of $60.33.

Nextracker Stock Up 4.6%

The business has a 50 day simple moving average of $53.35 and a 200-day simple moving average of $46.25. The company has a market capitalization of $8.32 billion, a P/E ratio of 16.40, a PEG ratio of 1.50 and a beta of 2.39.

Insider Activity

In other Nextracker news, COO Nicholas Marco Miller sold 69,774 shares of the business's stock in a transaction on Thursday, June 12th. The stock was sold at an average price of $59.65, for a total transaction of $4,162,019.10. Following the completion of the transaction, the chief operating officer owned 175,216 shares in the company, valued at approximately $10,451,634.40. The trade was a 28.48% decrease in their position. The sale was disclosed in a legal filing with the SEC, which can be accessed through this link. Also, President Howard Wenger sold 6,066 shares of the company's stock in a transaction dated Tuesday, May 13th. The stock was sold at an average price of $55.00, for a total transaction of $333,630.00. Following the completion of the sale, the president directly owned 219,389 shares of the company's stock, valued at $12,066,395. The trade was a 2.69% decrease in their position. The disclosure for this sale can be found here. Over the last 90 days, insiders sold 205,260 shares of company stock valued at $11,830,840. Company insiders own 0.56% of the company's stock.

Institutional Inflows and Outflows

Hedge funds have recently made changes to their positions in the stock. IFP Advisors Inc boosted its stake in Nextracker by 516.4% in the 4th quarter. IFP Advisors Inc now owns 3,304 shares of the company's stock worth $121,000 after purchasing an additional 2,768 shares during the period. Zurcher Kantonalbank Zurich Cantonalbank grew its stake in Nextracker by 10.2% in the 4th quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 1,753,848 shares of the company's stock valued at $64,068,000 after buying an additional 161,873 shares during the last quarter. Jones Financial Companies Lllp increased its stake in shares of Nextracker by 115.1% in the fourth quarter. Jones Financial Companies Lllp now owns 13,186 shares of the company's stock worth $482,000 after purchasing an additional 7,056 shares during the period. Ruffer LLP acquired a new position in shares of Nextracker during the fourth quarter worth approximately $3,954,000. Finally, Proficio Capital Partners LLC acquired a new position in Nextracker during the 4th quarter valued at $961,000. Institutional investors and hedge funds own 67.41% of the company's stock.

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.