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

Nextracker Inc. (NASDAQ:NXT)’s share price gapped down prior to trading on Wednesday . The stock had previously closed at $44.09, but opened at $38.48. Nextracker shares last traded at $38.34, with a volume of 1,334,963 shares trading hands.

Analyst Upgrades and Downgrades

A number of equities research analysts have issued reports on NXT shares. Barclays decreased their target price on shares of Nextracker from $61.00 to $47.00 and set an “equal weight” rating for the company in a research note on Thursday, October 3rd. Bank of America boosted their target price on Nextracker from $64.00 to $66.00 and gave the company a “buy” rating in a research note on Wednesday, July 17th. Jefferies Financial Group started coverage on Nextracker in a research note on Wednesday, September 4th. They set a “hold” rating and a $46.00 price target for the company. Roth Mkm lowered their price target on Nextracker from $70.00 to $65.00 and set a “buy” rating for the company in a research note on Friday, August 2nd. Finally, Wells Fargo & Company cut their price objective on shares of Nextracker from $64.00 to $58.00 and set an “overweight” rating on the stock in a research report on Tuesday, October 29th. Five equities research analysts have rated the stock with a hold rating and fifteen have given a buy rating to the company. Based on data from MarketBeat, Nextracker currently has a consensus rating of “Moderate Buy” and a consensus target price of $55.65.

Nextracker Price Performance

The stock has a market cap of $6.05 billion, a price-to-earnings ratio of 10.38 and a beta of 2.32. The company has a debt-to-equity ratio of 0.11, a current ratio of 2.21 and a quick ratio of 1.99. The stock’s 50 day simple moving average is $36.18 and its two-hundred day simple moving average is $43.56.

Institutional Investors Weigh In On Nextracker

Large investors have recently modified their holdings of the stock. 1832 Asset Management L.P. boosted its stake in Nextracker by 0.3% in the 1st quarter. 1832 Asset Management L.P. now owns 80,190 shares of the company’s stock valued at $4,512,000 after buying an additional 275 shares in the last quarter. GAMMA Investing LLC increased its position in shares of Nextracker by 73.2% during the 2nd quarter. GAMMA Investing LLC now owns 660 shares of the company’s stock worth $31,000 after purchasing an additional 279 shares in the last quarter. Hilltop National Bank lifted its holdings in Nextracker by 40.6% during the 2nd quarter. Hilltop National Bank now owns 1,187 shares of the company’s stock valued at $56,000 after purchasing an additional 343 shares during the last quarter. Arizona State Retirement System boosted its position in Nextracker by 1.1% in the second quarter. Arizona State Retirement System now owns 34,403 shares of the company’s stock valued at $1,613,000 after buying an additional 372 shares in the last quarter. Finally, Wedbush Securities Inc. grew its stake in Nextracker by 8.2% during the second quarter. Wedbush Securities Inc. now owns 6,080 shares of the company’s stock worth $285,000 after buying an additional 461 shares during the last quarter. 67.41% of the stock is currently owned by institutional investors.

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.