Nextracker (NASDAQ:NXT) Shares Gap Down After Analyst Downgrade

Shares of Nextracker Inc. (NASDAQ:NXT) gapped down prior to trading on Wednesday after Citigroup lowered their price target on the stock from $50.00 to $45.00. The stock had previously closed at $43.92, but opened at $42.22. Citigroup currently has a neutral rating on the stock. Nextracker shares last traded at $42.43, with a volume of 397,494 shares.

Several other equities analysts also recently issued reports on NXT. JPMorgan Chase & Co. reduced their price objective on Nextracker from $62.00 to $58.00 and set an “overweight” rating for the company in a research report on Thursday, October 17th. The Goldman Sachs Group reduced their price objective on shares of Nextracker from $63.00 to $54.00 and set a “buy” rating for the company in a report on Tuesday, December 17th. Barclays lowered their target price on shares of Nextracker from $61.00 to $47.00 and set an “equal weight” rating on the stock in a research note on Thursday, October 3rd. Truist Financial upped their price target on shares of Nextracker from $50.00 to $54.00 and gave the stock a “buy” rating in a research note on Friday, November 1st. Finally, Bank of America lowered their price objective on shares of Nextracker from $65.00 to $52.00 and set a “buy” rating on the stock in a research note on Thursday, November 7th. Five analysts have rated the stock with a hold rating, sixteen have assigned a buy rating and one has given a strong buy rating to the company’s stock. According to data from MarketBeat.com, Nextracker currently has a consensus rating of “Moderate Buy” and an average target price of $52.57.

Institutional Trading of Nextracker

A number of hedge funds have recently made changes to their positions in the stock. Arizona State Retirement System lifted its holdings in shares of Nextracker by 1.1% during the 2nd quarter. Arizona State Retirement System now owns 34,403 shares of the company’s stock valued at $1,613,000 after buying an additional 372 shares during the last quarter. Quarry LP lifted its stake in Nextracker by 61.5% in the third quarter. Quarry LP now owns 1,119 shares of the company’s stock valued at $42,000 after acquiring an additional 426 shares during the last quarter. Wedbush Securities Inc. grew its position in Nextracker by 8.2% in 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. HighTower Advisors LLC increased its stake in shares of Nextracker by 1.8% during the 3rd quarter. HighTower Advisors LLC now owns 29,777 shares of the company’s stock worth $1,115,000 after purchasing an additional 519 shares during the last quarter. Finally, GAMMA Investing LLC raised its holdings in shares of 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 purchasing an additional 549 shares in the last quarter. 67.41% of the stock is owned by hedge funds and other institutional investors.

Nextracker Stock Down 2.7 %

The firm has a market cap of $6.22 billion, a P/E ratio of 10.66 and a beta of 2.04. The business’s fifty day moving average price is $38.05 and its two-hundred day moving average price is $39.58. The company has a current ratio of 2.21, a quick ratio of 1.99 and a debt-to-equity ratio of 0.11.

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.