Nextracker (NASDAQ:NXT) Stock Price Down 5% - Here's Why

Key Points

• Nextracker's stock price fell by 5% during Friday's trading, closing at $75.42, amid a 38% decline in trading volume compared to its average.
• Several analysts updated their price targets for Nextracker, with UBS raising its target from $71.00 to $75.00, while Deutsche Bank set a target of $88.00 with a "buy" rating.
• Recent insider transactions included CFO Charles D. Boynton selling 4,500 shares at an average price of $67.21, indicating a decrease in insider ownership.

Nextracker Inc. (NASDAQ:NXT - Get Free Report)'s share price was down 5% during trading on Friday . The company traded as low as $75.09 and last traded at $75.42. Approximately 1,540,668 shares traded hands during mid-day trading, a decline of 38% from the average daily volume of 2,469,145 shares. The stock had previously closed at $79.36.

Analysts Set New Price Targets

NXT has been the subject of several analyst reports. UBS Group increased their price target on shares of Nextracker from $71.00 to $75.00 and gave the company a "buy" rating in a research report on Thursday, July 31st. Guggenheim raised Nextracker from a "neutral" rating to a "buy" rating and set a $74.00 price target for the company in a report on Monday, August 18th. Mizuho set a $66.00 target price on Nextracker in a research note on Wednesday, July 30th. Deutsche Bank Aktiengesellschaft assumed coverage on Nextracker in a research note on Tuesday. They issued a "buy" rating and a $88.00 price target on the stock. Finally, Northland Capmk lowered Nextracker from a "strong-buy" rating to a "hold" rating in a report on Wednesday, July 30th. One investment analyst has rated the stock with a Strong Buy rating, fifteen have given a Buy rating and ten have assigned a Hold rating to the company. According to data from MarketBeat.com, the stock currently has a consensus rating of "Moderate Buy" and an average target price of $68.10.

Nextracker Stock Down 2.8%

The stock has a market capitalization of $11.41 billion, a PE ratio of 21.02, a PEG ratio of 2.50 and a beta of 2.27. The business's 50-day moving average is $65.99 and its two-hundred day moving average is $56.74.

Insider Buying and Selling at Nextracker

In other news, CFO Charles D. Boynton sold 4,500 shares of the company's stock in a transaction that occurred on Monday, September 15th. The stock was sold at an average price of $67.21, for a total transaction of $302,445.00. Following the completion of the sale, the chief financial officer owned 295,059 shares in the company, valued at $19,830,915.39. This represents a 1.50% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. Also, insider Bruce Ledesma sold 6,980 shares of the firm's stock in a transaction on Friday, August 8th. The stock was sold at an average price of $56.24, for a total transaction of $392,555.20. Following the completion of the sale, the insider owned 195,790 shares of the company's stock, valued at $11,011,229.60. This trade represents a 3.44% decrease in their position. The disclosure for this sale can be found here. Insiders have sold 32,400 shares of company stock worth $2,053,385 in the last quarter. 0.56% of the stock is currently owned by company insiders.

Institutional Inflows and Outflows

A number of institutional investors and hedge funds have recently added to or reduced their stakes in the company. New York State Teachers Retirement System raised its position in shares of Nextracker by 18.2% in the first quarter. New York State Teachers Retirement System now owns 125,005 shares of the company's stock valued at $5,268,000 after buying an additional 19,247 shares during the last quarter. Cambridge Investment Research Advisors Inc. purchased a new position in shares of Nextracker during the 1st quarter worth $210,000. Allspring Global Investments Holdings LLC boosted its holdings in shares of Nextracker by 51.3% during the first quarter. Allspring Global Investments Holdings LLC now owns 19,735 shares of the company's stock worth $850,000 after purchasing an additional 6,693 shares during the last quarter. GAMMA Investing LLC increased its stake in Nextracker by 189.8% in the first quarter. GAMMA Investing LLC now owns 2,736 shares of the company's stock valued at $115,000 after purchasing an additional 1,792 shares during the last quarter. Finally, KBC Group NV grew its holdings in Nextracker by 719.8% in the 1st quarter. KBC Group NV now owns 49,908 shares of the company's stock valued at $2,103,000 after buying an additional 43,820 shares during the period. 67.41% of the stock is currently 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.

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest and most accurate reporting. This story was reviewed by MarketBeat's editorial team prior to publication. Please send any questions or comments about this story to contact@marketbeat.com.