What's Going On With Nextracker Stock After Earnings?

Nextracker Inc.NXT shares are trading higher Wednesday after the company posted better-than-expected fourth-quarter financial results. Here's a look at the key figures from the report.

The Details: Nextracker reported quarterly earnings of 96 cents per share which beat the analyst consensus estimate of 78 cents by 23.08%.  

Quarterly sales clocked in at $736.51 million which beat the analyst consensus estimate of $683.43 million by 7.77% and represents a 42.08% increase over sales from the same period last year.

"Fiscal year 2024 was a year of strong execution and significant growth for Nextracker, and we reached a record backlog of over $4 billion that more than tripled in 2 years. We also reached a tremendous milestone being the first U.S. solar company to surpass 100 gigawatts of global shipments since Nextracker's inception, which underscores our sustained leadership position in the market," said Dan Shugar, CEO of Nextracker.

Outlook: Nextracker sees fiscal year 2025 earnings of between $2.89 and $3.09 per share, versus the $3.15 per share estimate, and full-year revenue of between $2.8 billion and $2.9 billion, versus the $2.89 billion analyst estimate. 

Analysts React: Multiple analysts updated price targets on the stock following the print. 

• Wells Fargo analyst Praneeth Satish maintained NEXTracker an Overweight rating and lowered the price target from $68 to $64.
• BMO Capital maintained its Market Perform rating and lowered the price target from $62 to $56.
• Roth MKM analyst Philip Shen reiterated Nextracker with a Buy and maintained a $70 price target.

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NXT Stock Prediction 2024:

Equity research can be a valuable source of information for learning about a company's fundamentals. Analysts create financial models based on the fundamentals and expected future earnings of a company to arrive at a price target and recommendation for the stock.

Shares of Nextracker have an average 1-year price target of $62.33, representing an expected upside of 31.23%.

Because of differences in assumptions, analysts can arrive at very different price targets and recommendations. No analysts have bearish recommendations on Nextracker, while 9 analysts have bullish ratings. The street high price target from Roth MKM is $70, while the street low from Scotiabank is $50.

NXT Price Action: According to Benzinga Pro, Nextracker shares are up 11% at $47.76 at the time of publication Wednesday.

Image: Pete Linforth from Pixabay