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

Nextracker (NASDAQ:NXT) had its price objective cut by equities research analysts at Citigroup from $50.00 to $45.00 in a research report issued to clients and investors on Wednesday,Benzinga reports. The brokerage presently has a “neutral” rating on the stock. Citigroup’s price objective would suggest a potential upside of 2.46% from the stock’s current price.

A number of other equities analysts have also recently issued reports on the company. TD Cowen initiated coverage on Nextracker in a report on Thursday, December 19th. They issued a “hold” rating and a $41.00 price objective for the company. Barclays cut their target price on Nextracker from $61.00 to $47.00 and set an “equal weight” rating for the company in a research note on Thursday, October 3rd. Northland Capmk raised shares of Nextracker to a “strong-buy” rating in a research note on Tuesday, November 19th. Truist Financial upped their price objective on shares of Nextracker from $50.00 to $54.00 and gave the company a “buy” rating in a research note on Friday, November 1st. Finally, JPMorgan Chase & Co. decreased their target price on shares of Nextracker from $62.00 to $58.00 and set an “overweight” rating on the stock in a research report on Thursday, October 17th. 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 stock. Based on data from MarketBeat.com, the company presently has an average rating of “Moderate Buy” and an average target price of $52.57.

Nextracker Stock Up 7.9 %

Shares of NASDAQ:NXT opened at $43.92 on Wednesday. The firm has a market capitalization of $6.39 billion, a PE ratio of 10.95 and a beta of 2.04. The company has a debt-to-equity ratio of 0.11, a quick ratio of 1.99 and a current ratio of 2.21. Nextracker has a 52-week low of $30.93 and a 52-week high of $62.31. The firm has a fifty day moving average of $38.05 and a 200 day moving average of $39.58.

Institutional Inflows and Outflows

A number of hedge funds have recently added to or reduced their stakes in the stock. Quarry LP boosted 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 valued at $42,000 after purchasing 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 valued at $45,000 after acquiring an additional 549 shares in the last quarter. Neo Ivy Capital Management bought a new stake in Nextracker during the 3rd quarter valued at approximately $74,000. Arcadia Investment Management Corp MI purchased a new position in shares of Nextracker during the 3rd quarter worth approximately $75,000. Finally, Signaturefd LLC raised its position in shares of Nextracker by 37.8% in the 3rd 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. 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.