Nextracker (NASDAQ:NXT) Trading Down 4.2% - What's Next?

Shares of Nextracker Inc. (NASDAQ:NXT - Get Free Report) traded down 4.2% on Tuesday . The stock traded as low as $63.52 and last traded at $63.66. 600,311 shares traded hands during mid-day trading, a decline of 78% from the average session volume of 2,676,594 shares. The stock had previously closed at $66.45.

Wall Street Analysts Forecast Growth

A number of research firms have commented on NXT. Truist Financial upped their price objective on shares of Nextracker from $49.00 to $65.00 and gave the company an "overweight" rating in a research note on Thursday, May 15th. Wall Street Zen raised shares of Nextracker from a "hold" rating to a "buy" rating in a research note on Thursday, May 22nd. Barclays upped their price objective on shares of Nextracker from $58.00 to $64.00 and gave the company an "overweight" rating in a research note on Friday, May 16th. TD Cowen upped their price objective on shares of Nextracker from $47.00 to $55.00 and gave the company a "hold" rating in a research note on Thursday, May 15th. Finally, Mizuho upped their target price on Nextracker from $60.00 to $67.00 and gave the company an "outperform" rating in a report on Monday, June 2nd. Five research 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 data from MarketBeat.com, the stock currently has a consensus rating of "Moderate Buy" and a consensus target price of $61.67.

Nextracker Stock Down 2.0%

The company's 50-day moving average is $56.39 and its two-hundred day moving average is $47.47. The company has a market capitalization of $9.16 billion, a P/E ratio of 17.71, a PEG ratio of 1.65 and a beta of 2.25.

Insiders Place Their Bets

In other Nextracker news, insider Bruce Ledesma sold 83,561 shares of the firm's stock in a transaction on Thursday, May 29th. The stock was sold at an average price of $55.71, for a total transaction of $4,655,183.31. Following the completion of the transaction, the insider owned 195,790 shares of the company's stock, valued at approximately $10,907,460.90. This trade represents a 29.91% decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which can be accessed through this link. Also, President Howard Wenger sold 5,216 shares of the business's stock in a transaction dated Thursday, July 3rd. The stock was sold at an average price of $65.00, for a total transaction of $339,040.00. Following the sale, the president directly owned 419,959 shares in the company, valued at $27,297,335. The trade was a 1.23% decrease in their position. The disclosure for this sale can be found here. Over the last three months, insiders sold 210,476 shares of company stock worth $12,169,880. Insiders own 0.56% of the company's stock.

Institutional Trading of Nextracker

Several institutional investors and hedge funds have recently modified their holdings of the company. Charles Schwab Investment Management Inc. grew its stake in shares of Nextracker by 0.8% during the fourth quarter. Charles Schwab Investment Management Inc. now owns 1,331,078 shares of the company's stock valued at $48,624,000 after buying an additional 10,162 shares during the last quarter. Proficio Capital Partners LLC bought a new position in Nextracker in the fourth quarter worth approximately $961,000. Arizona State Retirement System grew its stake in Nextracker by 6.1% in the fourth quarter. Arizona State Retirement System now owns 41,590 shares of the company's stock worth $1,519,000 after purchasing an additional 2,406 shares in the last quarter. Raymond James Financial Inc. bought a new position in Nextracker in the fourth quarter worth approximately $4,711,000. Finally, AlphaQuest LLC bought a new position in Nextracker in the fourth quarter worth approximately $195,000. 67.41% of the stock is currently owned by institutional investors.

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.