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

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

Other equities research analysts have also issued reports about the stock. Northland Capmk raised shares of Nextracker to a “strong-buy” rating in a report on Tuesday, November 19th. Wells Fargo & Company lowered their target price on Nextracker from $64.00 to $58.00 and set an “overweight” rating for the company in a research note on Tuesday, October 29th. Susquehanna cut their price target on Nextracker from $59.00 to $50.00 and set a “positive” rating on the stock in a research note on Wednesday, October 16th. BMO Capital Markets lowered their price objective on Nextracker from $56.00 to $44.00 and set a “market perform” rating for the company in a research note on Monday, October 14th. Finally, Piper Sandler cut 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 equities research analysts have rated the stock with a hold rating, sixteen have issued a buy rating and one has given a strong buy rating to the company’s stock. According to data from MarketBeat, the company currently has a consensus rating of “Moderate Buy” and an average price target of $53.10.

Nextracker Stock Down 3.2 %

NASDAQ NXT opened at $42.53 on Wednesday. The company has a quick ratio of 1.99, a current ratio of 2.21 and a debt-to-equity ratio of 0.11. Nextracker has a fifty-two week low of $30.93 and a fifty-two week high of $62.31. The business has a 50 day moving average price of $38.26 and a two-hundred day moving average price of $39.60. The stock has a market cap of $6.19 billion, a PE ratio of 10.61 and a beta of 2.04.

Institutional Trading of Nextracker

Several hedge funds have recently made changes to their positions in the stock. Quarry LP boosted its stake in Nextracker by 61.5% during the 3rd quarter. Quarry LP now owns 1,119 shares of the company’s stock valued at $42,000 after purchasing an additional 426 shares during the period. GAMMA Investing LLC boosted its position in shares of Nextracker by 83.2% during 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 period. Neo Ivy Capital Management bought a new position in Nextracker in the 3rd quarter worth approximately $74,000. Arcadia Investment Management Corp MI acquired a new stake in Nextracker in the 3rd quarter valued at approximately $75,000. Finally, Signaturefd LLC raised its stake in Nextracker by 37.8% during the 3rd quarter. Signaturefd LLC now owns 2,043 shares of the company’s stock valued at $77,000 after acquiring an additional 560 shares in the last quarter. Institutional investors 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.