Nextracker (NASDAQ:NXT) Stock Price Down 5.6% - Here's Why

Key Points

• Nextracker's stock price dropped by 5.6%, closing at $65.87 after trading as low as $65.68, with significantly lower trading volume compared to previous sessions.
• Equities analysts have mixed ratings on Nextracker, with a consensus rating of Moderate Buy and a price target of $65.00, with recent upgrades from TD Cowen and Bank of America.
• Insider selling was notable, especially by Director William D. Watkins, who sold 10,000 shares, reducing his ownership by more than half, while institutional investors hold 67.41% of the company's stock.

Nextracker Inc. (NASDAQ:NXT - Get Free Report) fell 5.6% during trading on Tuesday . The stock traded as low as $65.68 and last traded at $65.87. 1,086,417 shares changed hands during mid-day trading, a decline of 57% from the average session volume of 2,507,808 shares. The stock had previously closed at $69.76.

Analyst Upgrades and Downgrades

Several equities research analysts recently weighed in on NXT shares. TD Cowen boosted their target price on Nextracker from $55.00 to $65.00 and gave the stock a "hold" rating in a report on Wednesday, July 30th. Northland Securities restated a "market perform" rating on shares of Nextracker in a report on Wednesday, July 30th. Cowen restated a "hold" rating on shares of Nextracker in a report on Wednesday, July 30th. Piper Sandler restated an "overweight" rating on shares of Nextracker in a report on Thursday, May 15th. Finally, Bank of America boosted their target price on Nextracker from $66.00 to $69.00 and gave the stock a "buy" rating in a report on Wednesday, July 30th. One equities research analyst has rated the stock with a Strong Buy rating, fourteen have assigned a Buy rating and nine have given a Hold rating to the company. Based on data from MarketBeat, Nextracker currently has a consensus rating of "Moderate Buy" and a consensus price target of $65.00.

Nextracker Price Performance

The company has a market capitalization of $9.53 billion, a price-to-earnings ratio of 17.55, a price-to-earnings-growth ratio of 1.63 and a beta of 2.26. The business has a fifty day moving average price of $62.66 and a 200 day moving average price of $53.31.

Insider Buying and Selling

In other news, Director William D. Watkins sold 10,000 shares of the firm's stock in a transaction on Tuesday, August 5th. The stock was sold at an average price of $56.79, for a total value of $567,900.00. Following the completion of the sale, the director directly owned 7,666 shares in the company, valued at approximately $435,352.14. This trade represents a 56.61% decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is available through this link. Also, President Howard Wenger sold 5,703 shares of the firm's stock in a transaction on Tuesday, August 19th. The shares were sold at an average price of $70.00, for a total value of $399,210.00. Following the completion of the sale, the president owned 414,256 shares of the company's stock, valued at approximately $28,997,920. This trade represents a 1.36% decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last three months, insiders have sold 103,261 shares of company stock valued at $6,181,028. 0.56% of the stock is owned by insiders.

Hedge Funds Weigh In On Nextracker

Several institutional investors have recently modified their holdings of NXT. Northwestern Mutual Wealth Management Co. lifted its holdings in shares of Nextracker by 703.7% during the 1st quarter. Northwestern Mutual Wealth Management Co. now owns 659 shares of the company's stock valued at $28,000 after purchasing an additional 577 shares in the last quarter. Cullen Frost Bankers Inc. lifted its holdings in shares of Nextracker by 122.3% during the 2nd quarter. Cullen Frost Bankers Inc. now owns 589 shares of the company's stock valued at $32,000 after purchasing an additional 324 shares in the last quarter. Summit Securities Group LLC lifted its holdings in shares of Nextracker by 796.0% during the 1st quarter. Summit Securities Group LLC now owns 905 shares of the company's stock valued at $38,000 after purchasing an additional 804 shares in the last quarter. Caitong International Asset Management Co. Ltd bought a new position in shares of Nextracker during the 1st quarter valued at about $40,000. Finally, Hantz Financial Services Inc. raised its position in Nextracker by 1,737.8% in the 2nd quarter. Hantz Financial Services Inc. now owns 827 shares of the company's stock valued at $45,000 after buying an additional 782 shares during the last quarter. Institutional investors own 67.41% of the company's stock.

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.

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