Nextracker Inc. (NASDAQ:NXT) Shares Sold by Citigroup Inc.

Citigroup Inc. lowered its stake in shares of Nextracker Inc. (NASDAQ:NXT - Free Report) by 53.0% during the third quarter, according to its most recent Form 13F filing with the SEC. The fund owned 134,501 shares of the company's stock after selling 151,780 shares during the period. Citigroup Inc. owned 0.09% of Nextracker worth $5,041,000 at the end of the most recent quarter.

Other large investors also recently added to or reduced their stakes in the company. GAMMA Investing LLC lifted its holdings 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 acquiring an additional 279 shares during the last quarter. Hilltop National Bank grew its holdings in shares of Nextracker by 40.6% during the 2nd quarter. Hilltop National Bank now owns 1,187 shares of the company's stock worth $56,000 after purchasing an additional 343 shares during the period. Arizona State Retirement System increased its position 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 worth $1,613,000 after purchasing an additional 372 shares during the last quarter. Wedbush Securities Inc. increased its position in shares of Nextracker by 8.2% during the 2nd quarter. Wedbush Securities Inc. now owns 6,080 shares of the company's stock worth $285,000 after purchasing an additional 461 shares during the last quarter. Finally, Graybill Wealth Management LTD. raised its holdings in Nextracker by 1.7% in the 2nd quarter. Graybill Wealth Management LTD. now owns 29,678 shares of the company's stock valued at $1,391,000 after buying an additional 483 shares during the period. 67.41% of the stock is currently owned by hedge funds and other institutional investors.

Analysts Set New Price Targets

A number of brokerages have recently weighed in on NXT. Wells Fargo & Company dropped 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. BMO Capital Markets cut their price target on shares of Nextracker from $56.00 to $44.00 and set a "market perform" rating on the stock in a research note on Monday, October 14th. Truist Financial raised 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. Susquehanna cut their target price on shares of Nextracker from $59.00 to $50.00 and set a "positive" rating on the stock in a research note on Wednesday, October 16th. Finally, Jefferies Financial Group assumed coverage on shares of Nextracker in a research report on Wednesday, September 4th. They issued a "hold" rating and a $46.00 price target for the company. Four equities research analysts have rated the stock with a hold rating, sixteen have assigned a buy rating and one has assigned a strong buy rating to the company's stock. Based on data from MarketBeat, the company has a consensus rating of "Moderate Buy" and a consensus target price of $54.30.

Nextracker Stock Performance

Shares of NASDAQ NXT traded down $0.75 during mid-day trading on Tuesday, hitting $39.14. 2,055,113 shares of the company were exchanged, compared to its average volume of 3,656,809. The stock has a 50 day simple moving average of $36.89 and a 200-day simple moving average of $42.86. Nextracker Inc. has a 1-year low of $30.93 and a 1-year 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 firm has a market cap of $5.70 billion, a price-to-earnings ratio of 9.76 and a beta of 2.09.

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.