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

Nextracker (NASDAQ:NXT) had its price objective trimmed by Citigroup from $50.00 to $45.00 in a report released on Wednesday morning,Benzinga reports. The firm currently has a neutral rating on the stock.

Other equities analysts have also issued reports about the company. Wells Fargo & Company reduced their price target on Nextracker from $64.00 to $58.00 and set an “overweight” rating on the stock in a research report on Tuesday, October 29th. JPMorgan Chase & Co. decreased their target price on shares of Nextracker from $62.00 to $58.00 and set an “overweight” rating for the company in a research note on Thursday, October 17th. Susquehanna dropped their price target on shares of Nextracker from $59.00 to $50.00 and set a “positive” rating on the stock in a research note on Wednesday, October 16th. Robert W. Baird decreased their price objective on shares of Nextracker from $71.00 to $53.00 and set an “outperform” rating for the company in a research report on Thursday, October 31st. Finally, Piper Sandler dropped their target price on Nextracker from $60.00 to $47.00 and set an “overweight” rating on the stock in a research report on Friday, November 22nd. Five analysts have rated the stock with a hold rating, sixteen have given a buy rating and one has given a strong buy rating to the stock. Based on data from MarketBeat, Nextracker presently has an average rating of “Moderate Buy” and an average price target of $53.10.

Nextracker Stock Down 3.4 %

Shares of NASDAQ:NXT opened at $41.10 on Wednesday. The stock has a 50-day simple moving average of $38.35 and a 200-day simple moving average of $39.55. The stock has a market capitalization of $5.98 billion, a P/E ratio of 10.25 and a beta of 2.04. Nextracker has a 1 year low of $30.93 and a 1 year high of $62.31. The company has a debt-to-equity ratio of 0.11, a quick ratio of 1.99 and a current ratio of 2.21.

Institutional Investors Weigh In On Nextracker

Several large investors have recently made changes to their positions in the company. Quarry LP grew its holdings in 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 in the last quarter. GAMMA Investing LLC boosted its position in Nextracker by 83.2% during the 3rd quarter. GAMMA Investing LLC now owns 1,209 shares of the company’s stock worth $45,000 after acquiring an additional 549 shares during the period. Neo Ivy Capital Management bought a new position in shares of Nextracker in the third quarter worth $74,000. Arcadia Investment Management Corp MI acquired a new position in shares of Nextracker during the third quarter valued at $75,000. Finally, Signaturefd LLC raised its stake in shares of Nextracker by 37.8% during the third quarter. Signaturefd LLC now owns 2,043 shares of the company’s stock valued at $77,000 after purchasing an additional 560 shares in the last quarter. Institutional investors and hedge funds own 67.41% of the company’s stock.

Nextracker Company Profile

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.