In the latest market close, Nextracker (NXT) reached $43.15, with a +0.94% movement compared to the previous day. The stock outpaced the S&P 500's daily loss of 1.97%. Meanwhile, the Dow experienced a drop of 1.69%, and the technology-dominated Nasdaq saw a decrease of 2.7%.
Coming into today, shares of the solar energy equipment supplier had lost 5.04% in the past month. In that same time, the Oils-Energy sector gained 3.54%, while the S&P 500 lost 2.79%.
Market participants will be closely following the financial results of Nextracker in its upcoming release. The company is predicted to post an EPS of $0.97, indicating a 1.04% growth compared to the equivalent quarter last year. In the meantime, our current consensus estimate forecasts the revenue to be $820.49 million, indicating a 11.4% growth compared to the corresponding quarter of the prior year.
In terms of the entire fiscal year, the Zacks Consensus Estimates predict earnings of $3.89 per share and a revenue of $2.86 billion, indicating changes of +27.12% and +14.22%, respectively, from the former year.
Any recent changes to analyst estimates for Nextracker should also be noted by investors. These revisions help to show the ever-changing nature of near-term business trends. Therefore, positive revisions in estimates convey analysts' confidence in the company's business performance and profit potential.
Research indicates that these estimate revisions are directly correlated with near-term share price momentum. To capitalize on this, we've crafted the Zacks Rank, a unique model that incorporates these estimate changes and offers a practical rating system.
Ranging from #1 (Strong Buy) to #5 (Strong Sell), the Zacks Rank system has a proven, outside-audited track record of outperformance, with #1 stocks returning an average of +25% annually since 1988. Over the past month, the Zacks Consensus EPS estimate has remained steady. Nextracker is currently a Zacks Rank #1 (Strong Buy).
In terms of valuation, Nextracker is presently being traded at a Forward P/E ratio of 10.99. This valuation marks a premium compared to its industry's average Forward P/E of 10.11.
The Solar industry is part of the Oils-Energy sector. Currently, this industry holds a Zacks Industry Rank of 79, positioning it in the top 32% of all 250+ industries.
The strength of our individual industry groups is measured by the Zacks Industry Rank, which is calculated based on the average Zacks Rank of the individual stocks within these groups. Our research shows that the top 50% rated industries outperform the bottom half by a factor of 2 to 1.
Be sure to use Zacks.com to monitor all these stock-influencing metrics, and more, throughout the forthcoming trading sessions.
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Nextracker Inc. (NXT): Free Stock Analysis ReportThis article originally published on Zacks Investment Research (zacks.com).
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