Nextracker (NASDAQ:NXT) Stock Price Down 7%

Nextracker Inc. (NASDAQ:NXT) dropped 7% on Wednesday . The stock traded as low as $42.81 and last traded at $42.81. Approximately 2,525,776 shares traded hands during trading, a decline of 37% from the average daily volume of 4,020,344 shares. The stock had previously closed at $46.02.

Wall Street Analysts Forecast Growth

NXT has been the subject of a number of analyst reports. Scotiabank lowered their price target on Nextracker from $55.00 to $50.00 and set a “sector outperform” rating for the company in a research report on Monday, April 29th. Piper Sandler cut their price target on shares of Nextracker from $66.00 to $64.00 and set an “overweight” rating on the stock in a report on Thursday, April 11th. Robert W. Baird began coverage on shares of Nextracker in a research note on Thursday, March 21st. They issued an “outperform” rating and a $71.00 price objective for the company. Guggenheim dropped their price objective on Nextracker from $73.00 to $60.00 and set a “buy” rating for the company in a report on Tuesday, April 23rd. Finally, Cantor Fitzgerald increased their target price on Nextracker from $52.00 to $62.00 and gave the stock an “overweight” rating in a research note on Thursday, February 1st. Four investment analysts have rated the stock with a hold rating and nineteen have issued a buy rating to the stock. Based on data from MarketBeat.com, the stock currently has a consensus rating of “Moderate Buy” and an average target price of $58.17.

Nextracker Stock Performance

The firm has a fifty day moving average price of $52.07 and a 200 day moving average price of $47.46. The stock has a market cap of $5.97 billion, a PE ratio of 23.26, a price-to-earnings-growth ratio of 0.40 and a beta of 2.42.

Insider Buying and Selling at Nextracker

In related news, COO Nicholas Marco Miller sold 8,355 shares of the business’s stock in a transaction on Tuesday, April 2nd. The shares were sold at an average price of $52.67, for a total transaction of $440,057.85. Following the completion of the transaction, the chief operating officer now directly owns 11,114 shares in the company, valued at $585,374.38. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. In other Nextracker news, insider Leah Schlesinger sold 2,149 shares of the stock in a transaction dated Wednesday, April 3rd. The shares were sold at an average price of $51.91, for a total value of $111,554.59. Following the completion of the sale, the insider now owns 11,910 shares in the company, valued at approximately $618,248.10. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this hyperlink. Also, COO Nicholas Marco Miller sold 8,355 shares of the business’s stock in a transaction on Tuesday, April 2nd. The stock was sold at an average price of $52.67, for a total value of $440,057.85. Following the transaction, the chief operating officer now directly owns 11,114 shares in the company, valued at approximately $585,374.38. The disclosure for this sale can be found here. 0.09% of the stock is currently owned by company insiders.

Institutional Inflows and Outflows

Several hedge funds have recently bought and sold shares of the stock. Norges Bank purchased a new stake in Nextracker during the fourth quarter worth about $120,861,000. Assenagon Asset Management S.A. lifted its holdings in Nextracker by 21,759.3% during the 1st quarter. Assenagon Asset Management S.A. now owns 1,586,766 shares of the company’s stock worth $89,287,000 after buying an additional 1,579,507 shares in the last quarter. Jacobs Levy Equity Management Inc. boosted its position in Nextracker by 2,652.9% in the 3rd quarter. Jacobs Levy Equity Management Inc. now owns 994,981 shares of the company’s stock valued at $39,958,000 after buying an additional 958,838 shares during the period. Westfield Capital Management Co. LP acquired a new position in shares of Nextracker in the fourth quarter worth $21,695,000. Finally, LSV Asset Management purchased a new stake in shares of Nextracker during the first quarter worth $26,041,000. Hedge funds and other institutional investors own 67.41% of the company’s stock.

Nextracker Company Profile

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.