The latest trading session saw Nextracker (NXT) ending at $33.52, denoting a -0.15% adjustment from its last day's close. This change lagged the S&P 500's daily gain of 0.4%. Meanwhile, the Dow experienced a rise of 0.09%, and the technology-dominated Nasdaq saw an increase of 0.63%.
Shares of the solar energy equipment supplier witnessed a loss of 7.93% over the previous month, trailing the performance of the Oils-Energy sector with its loss of 7.82% and the S&P 500's gain of 3.76%.
Market participants will be closely following the financial results of Nextracker in its upcoming release. The company plans to announce its earnings on October 30, 2024. The company is forecasted to report an EPS of $0.66, showcasing a 1.54% upward movement from the corresponding quarter of the prior year. Meanwhile, our latest consensus estimate is calling for revenue of $606.06 million, up 5.7% from the prior-year quarter.
For the entire fiscal year, the Zacks Consensus Estimates are projecting earnings of $3.20 per share and a revenue of $2.85 billion, representing changes of +4.58% and +13.96%, respectively, from the prior year.
It is also important to note the recent changes to analyst estimates for Nextracker. These revisions typically reflect the latest short-term business trends, which can change frequently. Consequently, upward revisions in estimates express analysts' positivity towards the company's business operations and its ability to generate profits.
Our research suggests that these changes in estimates have a direct relationship with upcoming stock price performance. We developed the Zacks Rank to capitalize on this phenomenon. Our system takes these estimate changes into account and delivers a clear, actionable rating model.
The Zacks Rank system, stretching from #1 (Strong Buy) to #5 (Strong Sell), has a noteworthy track record of outperforming, validated by third-party audits, with stocks rated #1 producing an average annual return of +25% since the year 1988. Within the past 30 days, our consensus EPS projection has moved 2.01% lower. Nextracker is holding a Zacks Rank of #3 (Hold) right now.
Valuation is also important, so investors should note that Nextracker has a Forward P/E ratio of 10.49 right now. This signifies a discount in comparison to the average Forward P/E of 13.22 for its industry.
The Solar industry is part of the Oils-Energy sector. This industry, currently bearing a Zacks Industry Rank of 152, finds itself in the bottom 40% echelons of all 250+ industries.
The Zacks Industry Rank is ordered from best to worst in terms of the average Zacks Rank of the individual companies within each of these sectors. Our research shows that the top 50% rated industries outperform the bottom half by a factor of 2 to 1.
You can find more information on all of these metrics, and much more, on Zacks.com.
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