Citigroup Lowers Nextracker (NASDAQ:NXT) Price Target to $45.00

Nextracker (NASDAQ:NXT) had its target price decreased by Citigroup from $50.00 to $45.00 in a research note issued to investors on Wednesday,Benzinga reports. Citigroup currently has a neutral rating on the stock.

Several other brokerages have also recently issued reports on NXT. Northland Securities reiterated an “outperform” rating and set a $48.00 price target on shares of Nextracker in a research report on Tuesday, November 19th. Bank of America dropped their price target on shares of Nextracker from $65.00 to $52.00 and set a “buy” rating on the stock in a research report on Thursday, November 7th. Northland Capmk upgraded shares of Nextracker to a “strong-buy” rating in a research report on Tuesday, November 19th. Truist Financial boosted their target price on shares of Nextracker from $50.00 to $54.00 and gave the stock a “buy” rating in a report on Friday, November 1st. Finally, Barclays reduced their target price on shares of Nextracker from $61.00 to $47.00 and set an “equal weight” rating for the company in a report on Thursday, October 3rd. Five investment analysts have rated the stock with a hold rating, sixteen have assigned a buy rating and one has issued a strong buy rating to the company. Based on data from MarketBeat.com, the stock has an average rating of “Moderate Buy” and a consensus price target of $53.10.

Nextracker Trading Down 3.2 %

Nextracker stock opened at $42.53 on Wednesday. Nextracker has a 12-month low of $30.93 and a 12-month high of $62.31. The stock has a market capitalization of $6.19 billion, a PE ratio of 10.61 and a beta of 2.04. The firm has a 50 day simple moving average of $38.26 and a 200-day simple moving average of $39.60. The company has a debt-to-equity ratio of 0.11, a current ratio of 2.21 and a quick ratio of 1.99.

Institutional Inflows and Outflows

A number of institutional investors and hedge funds have recently bought and sold shares of the company. Quarry LP raised its stake in shares of Nextracker by 61.5% during the 3rd quarter. Quarry LP now owns 1,119 shares of the company’s stock worth $42,000 after purchasing an additional 426 shares in the last quarter. GAMMA Investing LLC increased its holdings in Nextracker by 83.2% in the third 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 position in Nextracker during the third quarter valued at approximately $74,000. Arcadia Investment Management Corp MI acquired a new stake in Nextracker in the third quarter valued at approximately $75,000. Finally, Signaturefd LLC grew its position 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 in the last quarter. Hedge funds and other institutional investors own 67.41% of the company’s stock.

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.