Citigroup Inc. Has $5.04 Million Stake in Nextracker Inc. (NASDAQ:NXT)

Citigroup Inc. reduced its holdings in Nextracker Inc. (NASDAQ:NXT) by 53.0% during the 3rd quarter, Holdings Channel reports. The institutional investor owned 134,501 shares of the company’s stock after selling 151,780 shares during the quarter. Citigroup Inc.’s holdings in Nextracker were worth $5,041,000 as of its most recent SEC filing.

Several other institutional investors and hedge funds have also recently added to or reduced their stakes in NXT. GAMMA Investing LLC grew its stake in Nextracker by 73.2% in the second quarter. GAMMA Investing LLC now owns 660 shares of the company’s stock valued at $31,000 after purchasing an additional 279 shares in the last quarter. Hilltop National Bank grew its stake in shares of Nextracker by 40.6% in the second quarter. Hilltop National Bank now owns 1,187 shares of the company’s stock valued at $56,000 after buying an additional 343 shares in the last quarter. Arizona State Retirement System increased its holdings in Nextracker by 1.1% during the second quarter. Arizona State Retirement System now owns 34,403 shares of the company’s stock worth $1,613,000 after buying an additional 372 shares during the last quarter. Wedbush Securities Inc. raised its position in Nextracker by 8.2% during the second quarter. Wedbush Securities Inc. now owns 6,080 shares of the company’s stock worth $285,000 after acquiring an additional 461 shares in the last quarter. Finally, Graybill Wealth Management LTD. lifted its stake in Nextracker by 1.7% in the second quarter. Graybill Wealth Management LTD. now owns 29,678 shares of the company’s stock valued at $1,391,000 after acquiring an additional 483 shares during the last quarter. 67.41% of the stock is owned by institutional investors.

Wall Street Analysts Forecast Growth

A number of equities analysts recently commented on the company. Robert W. Baird reduced their price target on Nextracker from $71.00 to $53.00 and set an “outperform” rating for the company in a report on Thursday, October 31st. BMO Capital Markets reduced their target price 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. Barclays dropped their price target 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. JPMorgan Chase & Co. reduced their price objective on shares of Nextracker from $62.00 to $58.00 and set an “overweight” rating for the company in a research report on Thursday, October 17th. Finally, Jefferies Financial Group started coverage on shares of Nextracker in a research report on Wednesday, September 4th. They issued a “hold” rating and a $46.00 price objective on the stock. Four equities research 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. According to MarketBeat, the company has an average rating of “Moderate Buy” and a consensus price target of $54.30.

Nextracker Price Performance

NASDAQ NXT opened at $39.89 on Tuesday. The firm’s 50-day simple moving average is $36.85 and its two-hundred day simple moving average is $42.89. Nextracker Inc. has a 52 week low of $30.93 and a 52 week high of $62.31. The company has a quick ratio of 1.99, a current ratio of 2.21 and a debt-to-equity ratio of 0.11. The company has a market cap of $5.81 billion, a PE ratio of 9.95 and a beta of 2.32.

Nextracker 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.