Short Interest in Nextracker Inc. (NASDAQ:NXT) Decreases By 18.1%

Nextracker Inc. (NASDAQ:NXT) was the target of a significant decline in short interest during the month of 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. Based on an average daily trading volume, of 2,650,000 shares, the days-to-cover ratio is presently 3.1 days. Currently, 6.0% of the company’s stock are short sold.

Nextracker Trading Up 0.4 %

Shares of NXT traded up $0.20 during mid-day trading on Thursday, reaching $45.37. 207,040 shares of the company’s stock traded hands, compared to its average volume of 3,037,868. 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’s 50-day moving average is $44.89 and its two-hundred day moving average is $39.71. Nextracker has a 12 month low of $30.93 and a 12 month high of $62.31. The stock has a market cap of $6.61 billion, a P/E ratio of 11.57 and a beta of 2.24.

Nextracker (NASDAQ:NXT) last released its earnings results 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%. Research analysts forecast that Nextracker will post 3.29 earnings per share for the current fiscal year.

Insider Buying and Selling at Nextracker

In related news, insider Bruce Ledesma sold 9,891 shares of the company’s stock in a transaction that occurred on Monday, February 10th. The stock was sold at an average price of $46.05, for a total value of $455,480.55. Following the transaction, the insider now directly owns 132,374 shares of the company’s stock, valued at approximately $6,095,822.70. This represents a 6.95 % decrease in their position. The transaction was disclosed in a legal filing with the SEC, 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 owns 124,577 shares of the company’s stock, valued at $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 90 days, insiders sold 25,758 shares of company stock worth $1,217,520. 0.27% of the stock is owned by insiders.

Institutional Investors Weigh In On Nextracker

Several large investors have recently added to or reduced their stakes in the stock. State of New Jersey Common Pension Fund D raised its stake in shares of Nextracker by 11.9% during the third quarter. State of New Jersey Common Pension Fund D now owns 51,670 shares of the company’s stock valued at $1,937,000 after acquiring an additional 5,489 shares in the last quarter. KBC Group NV raised its position in Nextracker by 7.9% during the 3rd quarter. KBC Group NV now owns 8,472 shares of the company’s stock valued at $318,000 after purchasing an additional 620 shares in the last quarter. Royce & Associates LP purchased a new stake in shares of Nextracker in the 3rd quarter worth $3,330,000. Mutual of America Capital Management LLC grew its position in shares of Nextracker by 10.2% during the 3rd quarter. Mutual of America Capital Management LLC now owns 77,520 shares of the company’s stock worth $2,905,000 after buying an additional 7,163 shares in the last quarter. Finally, Thrivent Financial for Lutherans grew its position in shares of Nextracker by 13.5% during the 3rd quarter. Thrivent Financial for Lutherans now owns 33,698 shares of the company’s stock worth $1,263,000 after buying an additional 4,006 shares in the last quarter. 67.41% of the stock is owned by hedge funds and other institutional investors.

Analyst Upgrades and Downgrades

Several equities analysts have issued reports on the stock. BNP Paribas upgraded shares of Nextracker to a “strong-buy” rating in a research note on Wednesday, January 29th. Citigroup dropped their target price on shares of Nextracker from $50.00 to $45.00 and set a “neutral” rating on the stock in a report on Wednesday, January 8th. UBS Group boosted their target price on shares of Nextracker from $60.00 to $66.00 and gave the company a “buy” rating in a research note on Wednesday, January 29th. Guggenheim raised their price target on Nextracker from $50.00 to $62.00 and gave the stock a “buy” rating in a research note on Wednesday, January 29th. Finally, Truist Financial reiterated a “buy” rating and set a $56.00 price objective (up previously from $54.00) on shares of Nextracker in a research report on Wednesday, January 29th. Three equities research analysts have rated the stock with a hold rating, twenty have assigned a buy rating and two have given a strong buy rating to the stock. According to data from MarketBeat, the company has an average rating of “Moderate Buy” and a consensus target price of $56.43.

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.