Nextracker (NASDAQ:NXT) Stock Price Down 5.8%

Nextracker Inc. (NASDAQ:NXT)’s share price dropped 5.8% on Wednesday . The stock traded as low as $46.68 and last traded at $46.74. Approximately 3,208,071 shares changed hands during mid-day trading, a decline of 24% from the average daily volume of 4,202,345 shares. The stock had previously closed at $49.64.

Analyst Ratings Changes

NXT has been the subject of several recent research reports. Roth Mkm reissued a “buy” rating and issued a $70.00 price target on shares of Nextracker in a research note on Wednesday, May 15th. Wells Fargo & Company lowered their price target on shares of Nextracker from $68.00 to $64.00 and set an “overweight” rating for the company in a research note on Wednesday, May 15th. Northland Securities downgraded shares of Nextracker from an “outperform” rating to a “market perform” rating and lowered their price target for the stock from $60.00 to $44.00 in a research note on Friday, April 26th. BMO Capital Markets decreased their price objective on shares of Nextracker from $62.00 to $56.00 and set a “market perform” rating on the stock in a research report on Wednesday, May 15th. Finally, Susquehanna began coverage on shares of Nextracker in a research report on Friday. They issued a “positive” rating and a $59.00 price objective on the stock. Four research analysts have rated the stock with a hold rating and twenty have assigned a buy rating to the company. Based on data from MarketBeat.com, the company has a consensus rating of “Moderate Buy” and a consensus price target of $58.54.

Nextracker Price Performance

The firm’s fifty day moving average price is $50.18 and its 200 day moving average price is $51.06. The firm has a market capitalization of $7.26 billion, a PE ratio of 14.62 and a beta of 2.66. The company has a current ratio of 1.98, a quick ratio of 1.76 and a debt-to-equity ratio of 0.15.

Nextracker (NASDAQ:NXT) last released its quarterly earnings data on Tuesday, May 14th. The company reported $0.85 EPS for the quarter, beating the consensus estimate of $0.47 by $0.38. Nextracker had a net margin of 12.25% and a negative return on equity of 13.70%. The business had revenue of $736.52 million for the quarter, compared to the consensus estimate of $681.03 million. As a group, equities analysts forecast that Nextracker Inc. will post 2.23 earnings per share for the current year.

Insiders Place Their Bets

In other Nextracker news, insider Leah Schlesinger sold 2,149 shares of the company’s stock in a transaction on Wednesday, April 3rd. The shares were sold at an average price of $51.91, for a total transaction of $111,554.59. Following the completion of the transaction, the insider now directly owns 11,910 shares in the company, valued at $618,248.10. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this hyperlink. In other 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 directly owns 11,910 shares in the company, valued at $618,248.10. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. Also, insider Bruce Ledesma sold 12,135 shares of the stock in a transaction dated Monday, May 20th. The shares were sold at an average price of $43.91, for a total transaction of $532,847.85. Following the completion of the sale, the insider now owns 17,387 shares of the company’s stock, valued at $763,463.17. The disclosure for this sale can be found here. Over the last ninety days, insiders sold 22,639 shares of company stock worth $1,084,460. Company insiders own 0.09% of the company’s stock.

Institutional Inflows and Outflows

Hedge funds have recently bought and sold shares of the stock. Farmers & Merchants Trust Co of Chambersburg PA purchased a new position in Nextracker during the first quarter worth about $25,000. Lindbrook Capital LLC purchased a new position in shares of Nextracker in the first quarter valued at approximately $34,000. Bruce G. Allen Investments LLC purchased a new position in shares of Nextracker in the first quarter valued at approximately $37,000. Toth Financial Advisory Corp purchased a new position in shares of Nextracker in the first quarter valued at approximately $38,000. Finally, Tucker Asset Management LLC purchased a new position in shares of Nextracker in the third quarter valued at approximately $42,000. Hedge funds and other 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 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.