Nextracker (NASDAQ:NXT) Shares Gap Down – Here’s Why

Nextracker Inc. (NASDAQ:NXT)’s share price gapped down prior to trading on Tuesday . The stock had previously closed at $60.75, but opened at $56.04. Nextracker shares last traded at $59.71, with a volume of 762,449 shares changing hands.

Wall Street Analysts Forecast Growth

Several brokerages have weighed in on NXT. TD Cowen increased their price objective on Nextracker from $47.00 to $55.00 and gave the company a “hold” rating in a report on Thursday, May 15th. Guggenheim cut Nextracker from a “buy” rating to a “neutral” rating in a research report on Wednesday, May 14th. Mizuho lifted their price objective on Nextracker from $60.00 to $67.00 and gave the stock an “outperform” rating in a report on Monday, June 2nd. Robert W. Baird lowered their price objective on Nextracker from $59.00 to $48.00 and set an “outperform” rating on the stock in a research note on Tuesday, April 15th. Finally, BMO Capital Markets increased their target price on shares of Nextracker from $51.00 to $59.00 and gave the stock a “market perform” rating in a research report on Thursday, May 15th. Five equities research analysts have rated the stock with a hold rating, eighteen have assigned a buy rating and two have given a strong buy rating to the stock. According to MarketBeat, Nextracker has an average rating of “Moderate Buy” and a consensus price target of $60.33.

Nextracker Trading Down 0.9%

The company has a debt-to-equity ratio of 0.10, a current ratio of 2.20 and a quick ratio of 1.96. The stock has a 50 day moving average of $49.73 and a 200 day moving average of $44.81. The firm has a market cap of $8.81 billion, a P/E ratio of 15.31 and a beta of 2.39.

Insiders Place Their Bets

In related news, CAO David P. Bennett sold 9,801 shares of Nextracker stock in a transaction on Tuesday, May 13th. The shares were sold at an average price of $55.00, for a total value of $539,055.00. Following the sale, the chief accounting officer now owns 124,615 shares in the company, valued at $6,853,825. The trade was a 7.29% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is available at this link. Also, COO Nicholas Marco Miller sold 69,774 shares of the stock in a transaction dated Thursday, June 12th. The stock was sold at an average price of $59.65, for a total transaction of $4,162,019.10. Following the completion of the transaction, the chief operating officer now directly owns 175,216 shares of the company’s stock, valued at approximately $10,451,634.40. The trade was a 28.48% decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last ninety days, insiders have sold 199,672 shares of company stock valued at $11,510,536. 0.27% of the stock is currently owned by corporate insiders.

Institutional Investors Weigh In On Nextracker

Several hedge funds have recently added to or reduced their stakes in the stock. Northwestern Mutual Wealth Management Co. lifted its holdings in shares of Nextracker by 703.7% during the first quarter. Northwestern Mutual Wealth Management Co. now owns 659 shares of the company’s stock valued at $28,000 after purchasing an additional 577 shares in the last quarter. Allworth Financial LP lifted its stake in Nextracker by 52.4% during the 4th quarter. Allworth Financial LP now owns 803 shares of the company’s stock valued at $29,000 after acquiring an additional 276 shares during the period. Summit Securities Group LLC boosted its holdings in shares of Nextracker by 796.0% during the 1st quarter. Summit Securities Group LLC now owns 905 shares of the company’s stock valued at $38,000 after acquiring an additional 804 shares during the last quarter. Caitong International Asset Management Co. Ltd bought a new stake in shares of Nextracker in the first quarter worth approximately $40,000. Finally, Sterling Capital Management LLC raised its holdings in shares of Nextracker by 448.9% during the fourth quarter. Sterling Capital Management LLC now owns 1,290 shares of the company’s stock valued at $47,000 after purchasing an additional 1,055 shares during the last quarter. 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.