Nextracker Inc. (NASDAQ:NXT – Get Free Report) shares dropped 4.7% on Thursday after Wells Fargo & Company lowered their price target on the stock from $68.00 to $64.00. Wells Fargo & Company currently has an overweight rating on the stock. Nextracker traded as low as $43.74 and last traded at $43.81. Approximately 3,036,777 shares traded hands during trading, a decline of 27% from the average daily volume of 4,135,591 shares. The stock had previously closed at $45.98.
A number of other equities analysts also recently issued reports on NXT. Piper Sandler dropped their price objective on shares of Nextracker from $66.00 to $64.00 and set an “overweight” rating on the stock in a research note on Thursday, April 11th. Truist Financial lifted their price target on Nextracker from $52.00 to $60.00 and gave the company a “buy” rating in a report on Tuesday, January 23rd. Mizuho dropped their price objective on Nextracker from $64.00 to $59.00 and set a “buy” rating on the stock in a research report on Friday, April 19th. The Goldman Sachs Group lifted their target price on Nextracker from $62.00 to $70.00 and gave the company a “buy” rating in a research note on Thursday, February 1st. Finally, Scotiabank lowered their price target on shares of Nextracker from $55.00 to $50.00 and set a “sector outperform” rating on the stock in a report on Monday, April 29th. Four equities research analysts have rated the stock with a hold rating and twenty have given a buy rating to the stock. According to MarketBeat.com, the company currently has an average rating of “Moderate Buy” and a consensus price target of $57.96.
Insider Activity
In other Nextracker news, COO Nicholas Marco Miller sold 8,355 shares of the company’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 sale, the chief operating officer now owns 11,114 shares of the company’s stock, valued at $585,374.38. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through the SEC website. In other news, insider Leah Schlesinger sold 2,149 shares of the company’s stock in a transaction on Wednesday, April 3rd. The stock was sold at an average price of $51.91, for a total value of $111,554.59. Following 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 can be accessed through this hyperlink. Also, COO Nicholas Marco Miller sold 8,355 shares of the firm’s stock in a transaction dated Tuesday, April 2nd. The stock was sold at an average price of $52.67, for a total transaction of $440,057.85. Following the sale, the chief operating officer now directly owns 11,114 shares in the company, valued at $585,374.38. The disclosure for this sale can be found here. Insiders own 0.09% of the company’s stock.
Hedge Funds Weigh In On Nextracker
Institutional investors have recently added to or reduced their stakes in the business. Vanguard Group Inc. raised its position in shares of Nextracker by 166.1% in the 1st quarter. Vanguard Group Inc. now owns 12,531,526 shares of the company’s stock worth $705,149,000 after buying an additional 7,821,368 shares during the period. Norges Bank purchased a new stake in shares of Nextracker during the 4th quarter worth about $120,861,000. Handelsbanken Fonder AB increased its position in Nextracker by 30.1% during the 4th quarter. Handelsbanken Fonder AB now owns 1,927,825 shares of the company’s stock worth $90,319,000 after purchasing an additional 446,034 shares in the last quarter. Victory Capital Management Inc. increased its position in Nextracker by 31.4% during the 4th quarter. Victory Capital Management Inc. now owns 1,689,656 shares of the company’s stock worth $79,160,000 after purchasing an additional 404,146 shares in the last quarter. Finally, Invesco Ltd. raised its holdings in Nextracker by 22.0% in the third quarter. Invesco Ltd. now owns 1,635,600 shares of the company’s stock valued at $65,686,000 after buying an additional 295,256 shares during the period. 67.41% of the stock is currently owned by institutional investors and hedge funds.
Nextracker Stock Down 4.7 %
The firm’s 50 day simple moving average is $50.40 and its 200-day simple moving average is $47.68. The company has a market capitalization of $5.98 billion, a PE ratio of 23.13, a P/E/G ratio of 0.38 and a beta of 2.42.
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.