Nextracker Inc. (NASDAQ:NXT) Short Interest Update

Nextracker Inc. (NASDAQ:NXT) saw a large growth in short interest during the month of August. As of August 31st, there was short interest totalling 4,820,000 shares, a growth of 19.9% from the August 15th total of 4,020,000 shares. Currently, 13.4% of the company’s shares are sold short. Based on an average daily trading volume, of 1,580,000 shares, the days-to-cover ratio is presently 3.1 days.

Wall Street Analyst Weigh In

A number of equities research analysts have recently weighed in on the company. Wells Fargo & Company initiated coverage on Nextracker in a research report on Monday. They issued an “equal weight” rating and a $44.00 price objective on the stock. Craig Hallum boosted their price objective on shares of Nextracker from $43.00 to $50.00 and gave the company a “buy” rating in a research report on Thursday, July 27th. HSBC started coverage on shares of Nextracker in a report on Friday, July 14th. They issued a “buy” rating and a $46.00 price objective for the company. Mizuho lifted their target price on shares of Nextracker from $45.00 to $50.00 in a research note on Thursday, July 27th. Finally, JPMorgan Chase & Co. increased their price target on shares of Nextracker from $44.00 to $50.00 in a research note on Wednesday, July 19th. Four analysts have rated the stock with a hold rating and fourteen have assigned a buy rating to the company’s stock. Based on data from MarketBeat, the stock currently has an average rating of “Moderate Buy” and a consensus price target of $44.35.

Insider Activity at Nextracker

In other Nextracker news, major shareholder Tpg Gp A, Llc sold 2,518,438 shares of the firm’s stock in a transaction on Monday, July 3rd. The shares were sold at an average price of $35.31, for a total value of $88,926,045.78. Following the sale, the insider now owns 12,760,752 shares of the company’s stock, valued at approximately $450,582,153.12. The sale was disclosed in a legal filing with the SEC, which is available through this hyperlink. 0.09% of the stock is currently owned by company insiders.

Institutional Inflows and Outflows

A number of hedge funds and other institutional investors have recently added to or reduced their stakes in NXT. Blue Door Asset Management LLC purchased a new stake in Nextracker during the 1st quarter valued at $5,892,000. Barrow Hanley Mewhinney & Strauss LLC bought a new position in Nextracker in the first quarter valued at about $222,000. Capstone Investment Advisors LLC bought a new position in Nextracker in the first quarter valued at about $2,394,000. Sandler Capital Management purchased a new position in Nextracker in the first quarter worth about $6,527,000. Finally, Thompson Davis & CO. Inc. bought a new stake in shares of Nextracker during the 1st quarter valued at about $396,000. Institutional investors own 44.28% of the company’s stock.

Nextracker Price Performance

Shares of NXT traded down $1.36 on Monday, hitting $41.52. 1,248,475 shares of the stock traded hands, compared to its average volume of 1,415,973. The business has a 50 day simple moving average of $40.63 and a 200 day simple moving average of $37.42. Nextracker has a one year low of $28.24 and a one year high of $46.55.

Nextracker (NASDAQ:NXT) last released its quarterly earnings data on Wednesday, July 26th. The company reported $0.48 EPS for the quarter, topping the consensus estimate of $0.30 by $0.18. The business had revenue of $479.50 million during the quarter, compared to the consensus estimate of $473.69 million. The company’s revenue for the quarter was up 18.9% on a year-over-year basis. As a group, equities research analysts anticipate that Nextracker will post 1.45 earnings per share for the current fiscal year.

About Nextracker

Nextracker Inc, an energy solutions company, provides solar tracker and software solutions for utility-scale and ground-mounted distributed generation solar projects worldwide. The company offers tracking solutions, which includes NX Horizon, a solar tracking solution; NX Gemini, a two-in-portrait format tracker, which holds two rows of solar panels along the central support beam; and NX Horizon-XTR, a terrain-following tracker designed to expand the addressable market for trackers on sites with sloped, uneven, and challenging terrain.