Nextracker Inc. (NASDAQ:NXT) Short Interest Update

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

Insiders Place Their Bets

In related news, President Howard Wenger sold 6,066 shares of the company’s stock in a transaction that occurred on Thursday, January 16th. The shares were sold at an average price of $45.00, for a total value of $272,970.00. Following the transaction, the president now directly owns 209,365 shares in the company, valued at approximately $9,421,425. This represents a 2.82 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. Also, insider Bruce Ledesma sold 9,891 shares of the firm’s stock in a transaction that occurred on Monday, February 10th. The shares were sold at an average price of $46.05, for a total transaction of $455,480.55. Following the completion of the sale, the insider now directly owns 132,374 shares in the company, valued at $6,095,822.70. This represents a 6.95 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold 25,758 shares of company stock worth $1,217,520 in the last three months. 0.27% of the stock is currently owned by corporate insiders.

Institutional Inflows and Outflows

A number of institutional investors and hedge funds have recently made changes to their positions in the company. Allworth Financial LP raised its holdings in Nextracker by 52.4% in the fourth quarter. Allworth Financial LP now owns 803 shares of the company’s stock worth $29,000 after purchasing an additional 276 shares in the last quarter. Quarry LP grew its position in shares of Nextracker by 61.5% in the 3rd quarter. Quarry LP now owns 1,119 shares of the company’s stock worth $42,000 after buying an additional 426 shares during the period. Sterling Capital Management LLC increased its stake in shares of Nextracker by 448.9% in the 4th quarter. Sterling Capital Management LLC now owns 1,290 shares of the company’s stock worth $47,000 after acquiring an additional 1,055 shares in the last quarter. Virtus Fund Advisers LLC purchased a new position in Nextracker during the 4th quarter valued at about $47,000. Finally, Millstone Evans Group LLC bought a new stake in Nextracker during the fourth quarter worth about $48,000. Hedge funds and other institutional investors own 67.41% of the company’s stock.

Nextracker Trading Up 0.4 %

NASDAQ:NXT traded up $0.20 during trading hours on Thursday, hitting $45.37. The company had a trading volume of 207,040 shares, 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 has a 50-day moving average price of $44.89 and a 200 day moving average price of $39.71. The company has a market capitalization of $6.61 billion, a PE ratio of 11.57 and a beta of 2.24. Nextracker has a 52 week low of $30.93 and a 52 week high of $62.31.

Nextracker (NASDAQ:NXT) last announced its quarterly earnings results on Tuesday, January 28th. The company reported $0.89 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.58 by $0.31. Nextracker had a net margin of 20.12% and a return on equity of 41.22%. On average, equities research analysts predict that Nextracker will post 3.29 EPS for the current fiscal year.

Analyst Ratings Changes

A number of analysts have recently issued reports on the stock. Northland Securities reaffirmed an “outperform” rating and set a $55.00 price objective (up from $48.00) on shares of Nextracker in a report on Wednesday, January 29th. Truist Financial reiterated a “buy” rating and issued a $56.00 price objective (up from $54.00) on shares of Nextracker in a report on Wednesday, January 29th. The Goldman Sachs Group raised their price objective on Nextracker from $54.00 to $61.00 and gave the company a “buy” rating in a report on Wednesday, January 29th. Guggenheim upped their target price on Nextracker from $50.00 to $62.00 and gave the stock a “buy” rating in a research note on Wednesday, January 29th. Finally, BNP Paribas raised shares of Nextracker to a “strong-buy” rating in a research note on Wednesday, January 29th. Three equities research analysts have rated the stock with a hold rating, twenty have issued a buy rating and two have given a strong buy rating to the stock. According to MarketBeat, the stock presently has an average rating of “Moderate Buy” and an average price target 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.