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

Nextracker (NASDAQ:NXT) had its price objective decreased by equities research analysts at Citigroup from $50.00 to $45.00 in a note issued to investors on Wednesday,Benzinga reports. The brokerage presently has a “neutral” rating on the stock. Citigroup’s target price suggests a potential upside of 5.81% from the company’s previous close.

Other equities research analysts have also recently issued research reports about the stock. Guggenheim reaffirmed a “buy” rating and issued a $55.00 price target on shares of Nextracker in a research report on Friday, November 22nd. The Goldman Sachs Group dropped their target price on Nextracker from $63.00 to $54.00 and set a “buy” rating on the stock in a research report on Tuesday, December 17th. Wells Fargo & Company reduced their price target on Nextracker from $64.00 to $58.00 and set an “overweight” rating for the company in a research report on Tuesday, October 29th. JPMorgan Chase & Co. dropped their price objective on Nextracker from $62.00 to $58.00 and set an “overweight” rating on the stock in a research report on Thursday, October 17th. Finally, Barclays decreased their price target on shares of Nextracker from $61.00 to $47.00 and set an “equal weight” rating for the company in a research report on Thursday, October 3rd. Five 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, the stock presently has a consensus rating of “Moderate Buy” and an average target price of $53.10.

Nextracker Stock Performance

NXT stock opened at $42.53 on Wednesday. Nextracker has a 1-year low of $30.93 and a 1-year high of $62.31. The business has a 50-day moving average price of $38.32 and a 200 day moving average price of $39.62. The company has a market capitalization of $6.19 billion, a P/E ratio of 10.61 and a beta of 2.04. The company has a debt-to-equity ratio of 0.11, a current ratio of 2.21 and a quick ratio of 1.99.

Institutional Trading of Nextracker

A number of hedge funds and other institutional investors have recently made changes to their positions in NXT. Arizona State Retirement System lifted its position in Nextracker by 1.1% during the second quarter. Arizona State Retirement System now owns 34,403 shares of the company’s stock valued at $1,613,000 after purchasing an additional 372 shares during the period. Quarry LP raised 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 buying an additional 426 shares during the last quarter. Wedbush Securities Inc. lifted its holdings in shares of Nextracker by 8.2% in the 2nd 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. HighTower Advisors LLC boosted its stake in shares of Nextracker by 1.8% in the third quarter. HighTower Advisors LLC now owns 29,777 shares of the company’s stock worth $1,115,000 after buying an additional 519 shares during the last quarter. Finally, GAMMA Investing LLC grew its holdings in Nextracker by 83.2% during the third quarter. GAMMA Investing LLC now owns 1,209 shares of the company’s stock worth $45,000 after acquiring an additional 549 shares during the period. Institutional investors and hedge funds own 67.41% of the company’s stock.

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.