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

Nextracker (NASDAQ:NXT) had its price target decreased by analysts at Citigroup from $50.00 to $45.00 in a research note issued on Wednesday,Benzinga reports. The firm currently has a “neutral” rating on the stock. Citigroup’s price target would suggest a potential upside of 2.46% from the company’s previous close.

Other equities analysts have also issued reports about the company. Northland Securities reaffirmed an “outperform” rating and issued a $48.00 target price on shares of Nextracker in a report on Tuesday, November 19th. Wells Fargo & Company reduced their price objective on Nextracker from $64.00 to $58.00 and set an “overweight” rating for the company in a research note on Tuesday, October 29th. Barclays lowered their target price on Nextracker from $61.00 to $47.00 and set an “equal weight” rating on the stock in a research note on Thursday, October 3rd. TD Cowen started coverage on shares of Nextracker in a report on Thursday, December 19th. They set a “hold” rating and a $41.00 price objective for the company. Finally, Guggenheim reaffirmed a “buy” rating and issued 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 given a buy rating and one has issued a strong buy rating to the company’s stock. According to MarketBeat.com, the company currently has a consensus rating of “Moderate Buy” and an average price target of $52.57.

Nextracker Stock Up 7.9 %

Nextracker stock opened at $43.92 on Wednesday. Nextracker 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 quick ratio of 1.99 and a current ratio of 2.21. The firm’s 50-day simple moving average is $38.05 and its 200 day simple moving average is $39.58. The stock has a market cap of $6.39 billion, a PE ratio of 10.95 and a beta of 2.04.

Institutional Investors Weigh In On Nextracker

A number of institutional investors and hedge funds have recently modified their holdings of NXT. Arizona State Retirement System lifted its stake in Nextracker by 1.1% in the 2nd 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 in the last quarter. Ashton Thomas Private Wealth LLC purchased a new stake in shares of Nextracker in the second quarter worth $285,000. Wedbush Securities Inc. boosted its stake in Nextracker by 8.2% during the second quarter. Wedbush Securities Inc. now owns 6,080 shares of the company’s stock valued at $285,000 after buying an additional 461 shares during the period. Texas Permanent School Fund Corp purchased a new position in Nextracker during the second quarter worth about $628,000. Finally, Headlands Technologies LLC increased its stake in Nextracker by 1,005.4% in the 2nd quarter. Headlands Technologies LLC now owns 45,364 shares of the company’s stock worth $2,127,000 after acquiring an additional 41,260 shares during the last quarter. 67.41% of the stock is owned by hedge funds and other institutional investors.

About Nextracker

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.