Nextracker (NASDAQ:NXT) Trading Down 3.4% – Here’s Why

Nextracker Inc. (NASDAQ:NXT)’s share price was down 3.4% during mid-day trading on Friday . The company traded as low as $38.35 and last traded at $38.35. Approximately 897,505 shares changed hands during trading, a decline of 76% from the average daily volume of 3,667,611 shares. The stock had previously closed at $39.71.

Wall Street Analyst Weigh In

Several brokerages have recently commented on NXT. Bank of America dropped their target price on shares of Nextracker from $65.00 to $52.00 and set a “buy” rating for the company in a research report on Thursday, November 7th. Robert W. Baird lowered their price objective on shares of Nextracker from $71.00 to $53.00 and set an “outperform” rating for the company in a research report on Thursday, October 31st. Truist Financial raised their target price on Nextracker from $50.00 to $54.00 and gave the company a “buy” rating in a report on Friday, November 1st. Northland Securities reissued an “outperform” rating and set a $48.00 price target on shares of Nextracker in a report on Tuesday, November 19th. Finally, Susquehanna reduced their price objective on Nextracker from $59.00 to $50.00 and set a “positive” rating on the stock in a research note on Wednesday, October 16th. Four analysts have rated the stock with a hold rating, sixteen have given a buy rating and one has assigned a strong buy rating to the stock. According to data from MarketBeat.com, Nextracker presently has an average rating of “Moderate Buy” and a consensus target price of $54.30.

Nextracker Price Performance

The company has a quick ratio of 1.99, a current ratio of 2.21 and a debt-to-equity ratio of 0.11. The firm has a market cap of $5.55 billion, a P/E ratio of 9.52 and a beta of 2.32. The business’s 50 day moving average is $36.78 and its two-hundred day moving average is $42.94.

Institutional Inflows and Outflows

Several hedge funds have recently made changes to their positions in NXT. Price T Rowe Associates Inc. MD grew its stake in Nextracker by 534.2% during the first quarter. Price T Rowe Associates Inc. MD now owns 175,047 shares of the company’s stock worth $9,851,000 after purchasing an additional 147,446 shares during the period. California State Teachers Retirement System increased its stake in shares of Nextracker by 136.3% in the 1st quarter. California State Teachers Retirement System now owns 124,330 shares of the company’s stock valued at $6,996,000 after acquiring an additional 71,711 shares in the last quarter. Tidal Investments LLC bought a new stake in shares of Nextracker in the 1st quarter valued at $287,000. Comerica Bank boosted its stake in Nextracker by 40.3% during the first quarter. Comerica Bank now owns 92,531 shares of the company’s stock worth $5,207,000 after acquiring an additional 26,577 shares in the last quarter. Finally, Cetera Advisors LLC bought a new position in Nextracker during the first quarter worth $288,000. 67.41% of the stock is owned by institutional investors.

Nextracker Company Profile

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.