Nextracker (NASDAQ:NXT) Shares Gap Down on Analyst Downgrade

Nextracker Inc. (NASDAQ:NXT) shares gapped down prior to trading on Wednesday after Citigroup lowered their price target on the stock from $50.00 to $45.00. The stock had previously closed at $43.92, but opened at $42.22. Citigroup currently has a neutral rating on the stock. Nextracker shares last traded at $42.43, with a volume of 397,494 shares traded.

A number of other research firms have also commented on NXT. Guggenheim reaffirmed a “buy” rating and set a $55.00 price objective on shares of Nextracker in a research note on Friday, November 22nd. JPMorgan Chase & Co. lowered their price target on shares of Nextracker from $62.00 to $58.00 and set an “overweight” rating for the company in a report on Thursday, October 17th. Barclays reduced their price objective on shares of Nextracker from $61.00 to $47.00 and set an “equal weight” rating on the stock in a research note on Thursday, October 3rd. Robert W. Baird cut their price target on Nextracker from $71.00 to $53.00 and set an “outperform” rating for the company in a report on Thursday, October 31st. Finally, BMO Capital Markets decreased their price objective on Nextracker from $56.00 to $44.00 and set a “market perform” rating on the stock in a report on Monday, October 14th. Five analysts have rated the stock with a hold rating, sixteen have assigned a buy rating and one has assigned a strong buy rating to the company. According to data from MarketBeat.com, the stock presently has an average rating of “Moderate Buy” and an average target price of $52.57.

Institutional Investors Weigh In On Nextracker

A number of large investors have recently added to or reduced their stakes in NXT. Quarry LP lifted its stake in Nextracker by 61.5% during the third quarter. Quarry LP now owns 1,119 shares of the company’s stock worth $42,000 after purchasing an additional 426 shares during the last quarter. GAMMA Investing LLC lifted its position in shares of Nextracker by 83.2% in the 3rd quarter. GAMMA Investing LLC now owns 1,209 shares of the company’s stock worth $45,000 after buying an additional 549 shares during the last quarter. Neo Ivy Capital Management bought a new stake in shares of Nextracker during the 3rd quarter valued at about $74,000. Arcadia Investment Management Corp MI acquired a new stake in Nextracker during the third quarter worth about $75,000. Finally, Signaturefd LLC lifted its holdings in Nextracker by 37.8% in the third quarter. Signaturefd LLC now owns 2,043 shares of the company’s stock worth $77,000 after acquiring an additional 560 shares during the last quarter. 67.41% of the stock is owned by institutional investors and hedge funds.

Nextracker Stock Performance

The company has a market capitalization of $6.22 billion, a price-to-earnings ratio of 10.66 and a beta of 2.04. The stock has a 50 day simple moving average of $38.05 and a 200 day simple moving average of $39.58. The company has a quick ratio of 1.99, a current ratio of 2.21 and a debt-to-equity ratio of 0.11.

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.