Nextracker Inc. (NASDAQ:NXT) Sees Significant Decline in Short Interest

Nextracker Inc. (NASDAQ:NXT) saw a significant decline in short interest in February. As of February 28th, there was short interest totalling 8,320,000 shares, a decline of 18.1% from the February 13th total of 10,160,000 shares. Currently, 6.0% of the shares of the stock are sold short. Based on an average daily volume of 2,650,000 shares, the days-to-cover ratio is currently 3.1 days.

Wall Street Analyst Weigh In

A number of equities research analysts have recently weighed in on NXT shares. Truist Financial restated a “buy” rating and set a $56.00 target price (up previously from $54.00) on shares of Nextracker in a research report on Wednesday, January 29th. Jefferies Financial Group upgraded Nextracker from a “hold” rating to a “buy” rating and boosted their target price for the stock from $46.00 to $56.00 in a research report on Wednesday, January 29th. BNP Paribas upgraded Nextracker to a “strong-buy” rating in a research report on Wednesday, January 29th. BMO Capital Markets boosted their target price on Nextracker from $48.00 to $50.00 and gave the stock a “market perform” rating in a research report on Wednesday, January 29th. Finally, Wells Fargo & Company dropped their price objective on Nextracker from $70.00 to $69.00 and set an “overweight” rating for the company in a report on Wednesday, January 8th. Three analysts have rated the stock with a hold rating, twenty have assigned a buy rating and two have issued a strong buy rating to the stock. According to data from MarketBeat, the company currently has a consensus rating of “Moderate Buy” and an average price target of $56.43.

Nextracker Stock Down 3.1 %

Shares of NXT stock traded down $1.42 on Tuesday, hitting $44.48. 1,275,812 shares of the stock were exchanged, compared to its average volume of 3,067,372. The company has a current ratio of 2.20, a quick ratio of 1.96 and a debt-to-equity ratio of 0.10. The firm has a market capitalization of $6.48 billion, a P/E ratio of 11.32 and a beta of 2.24. The business has a 50-day moving average of $44.82 and a 200 day moving average of $39.64. Nextracker has a fifty-two week low of $30.93 and a fifty-two week high of $62.31.

Nextracker (NASDAQ:NXT) last posted its quarterly earnings data on Tuesday, January 28th. The company reported $0.89 earnings per share for the quarter, topping the consensus estimate of $0.58 by $0.31. Nextracker had a return on equity of 41.22% and a net margin of 20.12%. Equities analysts anticipate that Nextracker will post 3.29 EPS for the current year.

Insiders Place Their Bets

In other Nextracker news, President Howard Wenger sold 6,066 shares of the business’s stock in a transaction on Thursday, January 16th. The stock was sold at an average price of $45.00, for a total value of $272,970.00. Following the transaction, the president now owns 209,365 shares of the company’s stock, valued at approximately $9,421,425. The trade was a 2.82 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, CAO David P. Bennett sold 9,801 shares of the business’s stock in a transaction on Wednesday, January 29th. The stock was sold at an average price of $49.90, for a total value of $489,069.90. Following the completion of the transaction, the chief accounting officer now directly owns 124,577 shares in the company, valued at approximately $6,216,392.30. This represents a 7.29 % decrease in their position. The disclosure for this sale can be found here. Over the last quarter, insiders have sold 25,758 shares of company stock valued at $1,217,520. 0.27% of the stock is currently owned by corporate insiders.

Institutional Inflows and Outflows

Large investors have recently bought and sold shares of the stock. Allworth Financial LP boosted its position in Nextracker by 52.4% during the fourth quarter. Allworth Financial LP now owns 803 shares of the company’s stock valued at $29,000 after purchasing an additional 276 shares during the last quarter. Quarry LP boosted its position in Nextracker by 61.5% during the third quarter. Quarry LP now owns 1,119 shares of the company’s stock valued at $42,000 after purchasing an additional 426 shares during the last quarter. Sterling Capital Management LLC boosted its position in 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. Virtus Fund Advisers LLC acquired a new position in Nextracker during the fourth quarter valued at approximately $47,000. Finally, Millstone Evans Group LLC acquired a new position in Nextracker during the fourth quarter valued at approximately $48,000. 67.41% of the stock is owned by institutional investors and hedge funds.

About Nextracker

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.