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

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

Analyst Upgrades and Downgrades

A number of equities research analysts have issued reports on NXT shares. Susquehanna upped their price target on shares of Nextracker from $54.00 to $66.00 and gave the company a "positive" rating in a report on Thursday, May 15th. Fox Advisors cut shares of Nextracker from an "overweight" rating to an "equal weight" rating in a report on Thursday, May 15th. Guggenheim cut shares of Nextracker from a "buy" rating to a "neutral" rating in a report on Wednesday, May 14th. Robert W. Baird upped their price target on shares of Nextracker from $67.00 to $76.00 and gave the company an "outperform" rating in a report on Tuesday. Finally, TD Cowen upped their price target on shares of Nextracker from $47.00 to $55.00 and gave the company a "hold" rating in a report on Thursday, May 15th. Five analysts have rated the stock with a hold rating, eighteen have assigned a buy rating and two have assigned a strong buy rating to the company's stock. Based on data from MarketBeat.com, the company has an average rating of "Moderate Buy" and a consensus price target of $61.67.

Nextracker Price Performance

The stock has a market cap of $9.35 billion, a P/E ratio of 18.42, a PEG ratio of 1.71 and a beta of 2.25. The business's 50 day simple moving average is $55.93 and its 200 day simple moving average is $47.36.

Insider Buying and Selling at Nextracker

In other news, President Howard Wenger sold 6,066 shares of Nextracker stock in a transaction that occurred on Tuesday, May 13th. The shares were sold at an average price of $55.00, for a total value of $333,630.00. Following the completion of the transaction, the president owned 219,389 shares in the company, valued at approximately $12,066,395. The trade was a 2.69% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is accessible through this link. Also, COO Nicholas Marco Miller sold 69,774 shares of Nextracker stock in a transaction that occurred on Thursday, June 12th. The shares were 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 of the company's stock, valued at $10,451,634.40. This trade represents a 28.48% decrease in their position. The disclosure for this sale can be found here. Insiders have sold 210,476 shares of company stock worth $12,169,880 in the last three months. 0.56% of the stock is currently owned by company insiders.

Institutional Inflows and Outflows

A number of institutional investors have recently modified their holdings of NXT. Norges Bank bought a new position in shares of Nextracker in the fourth quarter valued at approximately $106,166,000. Wellington Management Group LLP increased its holdings in shares of Nextracker by 56.5% in the first quarter. Wellington Management Group LLP now owns 5,237,833 shares of the company's stock valued at $220,722,000 after purchasing an additional 1,890,445 shares in the last quarter. Encompass Capital Advisors LLC acquired a new stake in shares of Nextracker in the fourth quarter valued at approximately $55,690,000. Invesco Ltd. increased its holdings in shares of Nextracker by 52.2% in the fourth quarter. Invesco Ltd. now owns 3,874,875 shares of the company's stock valued at $141,549,000 after purchasing an additional 1,329,456 shares in the last quarter. Finally, Nuveen LLC acquired a new stake in shares of Nextracker in the first quarter valued at approximately $40,356,000. 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.