Nextracker Inc. (NASDAQ:NXT - Get Free Report)'s stock price fell 4.2% on Tuesday . The stock traded as low as $63.52 and last traded at $63.66. 600,311 shares changed hands during 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 Analyst Weigh In
Several brokerages recently weighed in on NXT. Susquehanna increased their target price on Nextracker from $54.00 to $66.00 and gave the company a "positive" rating in a research note on Thursday, May 15th. Piper Sandler restated an "overweight" rating on shares of Nextracker in a research note on Thursday, May 15th. Guggenheim downgraded Nextracker from a "buy" rating to a "neutral" rating in a research note on Wednesday, May 14th. Fox Advisors downgraded Nextracker from an "overweight" rating to an "equal weight" rating in a research report on Thursday, May 15th. Finally, The Goldman Sachs Group raised their price objective on Nextracker from $61.00 to $68.00 and gave the stock a "buy" rating in a research report on Thursday, May 15th. Five investment analysts have rated the stock with a hold rating, eighteen have assigned a buy rating and two have issued a strong buy rating to the stock. According to MarketBeat.com, the company presently has a consensus rating of "Moderate Buy" and an average target price of $61.67.
Check Out Our Latest Stock Analysis on NXT
Nextracker Trading Down 3.8%
The stock has a fifty day moving average price of $55.51 and a 200-day moving average price of $47.24. The firm has a market capitalization of $9.35 billion, a price-to-earnings ratio of 18.43, a PEG ratio of 1.71 and a beta of 2.25.
Insiders Place Their Bets
In related news, President Howard Wenger sold 5,216 shares of the firm's stock in a transaction on Thursday, July 3rd. The stock was sold at an average price of $65.00, for a total transaction of $339,040.00. Following the completion of the sale, the president directly owned 419,959 shares of the company's stock, valued at $27,297,335. This trade represents a 1.23% decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available at this hyperlink. Also, insider Bruce Ledesma sold 83,561 shares of the firm's stock in a transaction on Thursday, May 29th. The shares were sold at an average price of $55.71, for a total value of $4,655,183.31. Following the sale, the insider directly owned 195,790 shares of the company's stock, valued at $10,907,460.90. This represents a 29.91% decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last quarter, insiders sold 210,476 shares of company stock valued at $12,169,880. Company insiders own 0.56% of the company's stock.
Institutional Investors Weigh In On Nextracker
Several hedge funds and other institutional investors have recently made changes to their positions in NXT. Norges Bank bought a new position in shares of Nextracker in the 4th quarter worth $106,166,000. Wellington Management Group LLP boosted its position in shares of Nextracker by 56.5% in the 1st quarter. Wellington Management Group LLP now owns 5,237,833 shares of the company's stock worth $220,722,000 after purchasing an additional 1,890,445 shares during the last quarter. Encompass Capital Advisors LLC bought a new position in shares of Nextracker in the 4th quarter worth $55,690,000. Invesco Ltd. boosted its position in shares of Nextracker by 52.2% in the 4th quarter. Invesco Ltd. now owns 3,874,875 shares of the company's stock worth $141,549,000 after purchasing an additional 1,329,456 shares during the last quarter. Finally, Nuveen LLC bought a new position in shares of Nextracker in the 1st quarter worth $40,356,000. 67.41% of the stock is owned by institutional investors and hedge funds.
About Nextracker
(
Get Free Report)
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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