Citigroup Issues Pessimistic Forecast for Nextracker (NASDAQ:NXT) Stock Price

Nextracker (NASDAQ:NXT) had its target price reduced by stock analysts at Citigroup from $50.00 to $45.00 in a research report issued to clients and investors on Wednesday,Benzinga reports. The brokerage currently has a “neutral” rating on the stock. Citigroup’s price target suggests a potential upside of 5.81% from the company’s current price.

NXT has been the topic of a number of other reports. JPMorgan Chase & Co. dropped their price target on Nextracker from $62.00 to $58.00 and set an “overweight” rating on the stock in a research report on Thursday, October 17th. Northland Securities reissued an “outperform” rating and issued a $48.00 target price on shares of Nextracker in a report on Tuesday, November 19th. Truist Financial raised their price target on Nextracker from $50.00 to $54.00 and gave the company a “buy” rating in a report on Friday, November 1st. BMO Capital Markets dropped their price target on shares of Nextracker from $56.00 to $44.00 and set a “market perform” rating on the stock in a research note on Monday, October 14th. Finally, Guggenheim reissued a “buy” rating and set a $55.00 price objective on shares of Nextracker in a research report on Friday, November 22nd. Five investment analysts have rated the stock with a hold rating, sixteen have issued a buy rating and one has assigned a strong buy rating to the company. According to MarketBeat.com, the stock currently has a consensus rating of “Moderate Buy” and an average price target of $53.10.

Nextracker Trading Down 3.2 %

NASDAQ:NXT opened at $42.53 on Wednesday. Nextracker has a 12 month low of $30.93 and a 12 month high of $62.31. The company has a current ratio of 2.21, a quick ratio of 1.99 and a debt-to-equity ratio of 0.11. The company has a 50-day moving average price of $38.32 and a 200-day moving average price of $39.62. The stock has a market cap of $6.19 billion, a price-to-earnings ratio of 10.61 and a beta of 2.04.

Institutional Inflows and Outflows

Institutional investors and hedge funds have recently bought and sold shares of the company. Arizona State Retirement System increased its stake in Nextracker by 1.1% in the second quarter. Arizona State Retirement System now owns 34,403 shares of the company’s stock worth $1,613,000 after purchasing an additional 372 shares during the period. Quarry LP grew its holdings in shares of Nextracker by 61.5% in 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. Wedbush Securities Inc. increased its stake in Nextracker by 8.2% in the 2nd quarter. Wedbush Securities Inc. now owns 6,080 shares of the company’s stock worth $285,000 after buying an additional 461 shares during the period. HighTower Advisors LLC lifted its holdings in Nextracker by 1.8% during the 3rd quarter. HighTower Advisors LLC now owns 29,777 shares of the company’s stock valued at $1,115,000 after buying an additional 519 shares in the last quarter. Finally, GAMMA Investing LLC boosted its position in Nextracker by 83.2% in the 3rd quarter. GAMMA Investing LLC now owns 1,209 shares of the company’s stock valued at $45,000 after buying an additional 549 shares during the period. 67.41% of the stock is owned by hedge funds and other institutional investors.

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.