Citigroup Inc. Lowers Stake in Nextracker Inc. (NASDAQ:NXT)

Citigroup Inc. reduced its position in Nextracker Inc. (NASDAQ:NXT) by 53.0% in the 3rd quarter, according to its most recent filing with the SEC. The firm owned 134,501 shares of the company’s stock after selling 151,780 shares during the period. Citigroup Inc. owned about 0.09% of Nextracker worth $5,041,000 at the end of the most recent reporting period.

Other institutional investors also recently bought and sold shares of the company. Diversify Advisory Services LLC acquired a new stake in Nextracker during the second quarter worth about $1,270,000. Swedbank AB acquired a new position in Nextracker during the second quarter valued at approximately $4,622,000. Secure Asset Management LLC acquired a new stake in Nextracker in the 3rd quarter valued at $1,370,000. BNP PARIBAS ASSET MANAGEMENT Holding S.A. grew its stake in shares of Nextracker by 33.5% in the third quarter. BNP PARIBAS ASSET MANAGEMENT Holding S.A. now owns 1,226,862 shares of the company’s stock valued at $45,983,000 after buying an additional 307,956 shares in the last quarter. Finally, Van ECK Associates Corp raised its holdings in shares of Nextracker by 30.7% during the 3rd quarter. Van ECK Associates Corp now owns 60,613 shares of the company’s stock valued at $2,272,000 after buying an additional 14,249 shares during the period. 67.41% of the stock is currently owned by institutional investors and hedge funds.

Analyst Upgrades and Downgrades

NXT has been the topic of a number of analyst reports. Wells Fargo & Company dropped their target price on Nextracker from $64.00 to $58.00 and set an “overweight” rating on the stock in a research report on Tuesday, October 29th. Northland Securities reissued an “outperform” rating and set a $48.00 price objective on shares of Nextracker in a report on Tuesday, November 19th. Northland Capmk raised shares of Nextracker to a “strong-buy” rating in a research report on Tuesday, November 19th. Piper Sandler lowered their price target on Nextracker from $60.00 to $47.00 and set an “overweight” rating for the company in a report on Friday, November 22nd. Finally, Bank of America lowered their target price on shares of Nextracker from $65.00 to $52.00 and set a “buy” rating for the company in a research note on Thursday, November 7th. Four 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 currently has a consensus rating of “Moderate Buy” and a consensus price target of $54.30.

Nextracker Stock Performance

NXT stock opened at $39.89 on Tuesday. The company has a 50 day moving average price of $36.85 and a 200 day moving average price of $42.89. The stock has a market capitalization of $5.81 billion, a PE ratio of 9.95 and a beta of 2.32. Nextracker Inc. has a fifty-two week low of $30.93 and a fifty-two week high of $62.31. The company has a debt-to-equity ratio of 0.11, a current ratio of 2.21 and a quick ratio of 1.99.

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.