Why Is Nextracker Stock Seeing Blue Skies Premarket Wednesday?
Written by Emily J. Thompson, Senior Investment Analyst
Updated: May 15 2024
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Source: Benzinga
- Financial Performance: Nextracker Inc. (NXT) reported better-than-expected fourth-quarter financial results with revenue up 42% to $736.5 million and adjusted EPS of $0.96 beating expectations.
- Backlog and Demand: The company had a backlog of over $4 billion as of FY24, driven by strong demand in both U.S. and international markets.
- Milestone Achievement: Nextracker became the first U.S. solar company to surpass 100 gigawatts of global shipments, highlighting its leadership in the market.
- Outlook for FY25: Nextracker expects revenue of $2.8 billion-$2.9 billion, adjusted EPS of $2.89-$3.09, and adjusted EBITDA of $600 million-$650 million for the fiscal year 2025.
- Stock Performance: NXT shares were up 13.9% at $48.97 premarket following the positive financial results. Investors can access the stock through Invesco Solar ETF TAN and Global X CleanTech ETF CTEC.
Analyst Views on TAN
Wall Street analysts forecast TAN stock price to rise over the next 12 months. According to Wall Street analysts, the average 1-year price target for TAN is USD with a low forecast of USD and a high forecast of USD. However, analyst price targets are subjective and often lag stock prices, so investors should focus on the objective reasons behind analyst rating changes, which better reflect the company's fundamentals.
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About the author
Emily J. Thompson
Emily J. Thompson, a Chartered Financial Analyst (CFA) with 12 years in investment research, graduated with honors from the Wharton School. Specializing in industrial and technology stocks, she provides in-depth analysis for Intellectia’s earnings and market brief reports.
