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Here's Why Nextracker (NXT) Fell More Than Broader Market
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Nextracker (NXT - Free Report) closed at $57.62 in the latest trading session, marking a -2.17% move from the prior day. This change lagged the S&P 500's 0.22% loss on the day. Meanwhile, the Dow gained 0.08%, and the Nasdaq, a tech-heavy index, lost 0.51%.
Coming into today, shares of the solar energy equipment supplier had gained 5.08% in the past month. In that same time, the Oils-Energy sector gained 5.72%, while the S&P 500 gained 0.45%.
Investors will be eagerly watching for the performance of Nextracker in its upcoming earnings disclosure. The company is forecasted to report an EPS of $1.03, showcasing a 10.75% upward movement from the corresponding quarter of the prior year. Meanwhile, our latest consensus estimate is calling for revenue of $867.15 million, up 20.45% from the prior-year quarter.
Regarding the entire year, the Zacks Consensus Estimates forecast earnings of $3.87 per share and revenue of $3.33 billion, indicating changes of -8.29% and +12.56%, respectively, compared to the previous year.
Any recent changes to analyst estimates for Nextracker should also be noted by investors. These revisions typically reflect the latest short-term business trends, which can change frequently. As a result, upbeat changes in estimates indicate analysts' favorable outlook on the business health and profitability.
Our research suggests that these changes in estimates have a direct relationship with upcoming stock price performance. To exploit this, we've formed the Zacks Rank, a quantitative model that includes these estimate changes and presents a viable rating system.
The Zacks Rank system, which varies between #1 (Strong Buy) and #5 (Strong Sell), carries an impressive track record of exceeding expectations, confirmed by external audits, with stocks at #1 delivering an average annual return of +25% since 1988. Over the past month, there's been a 0.31% rise in the Zacks Consensus EPS estimate. Right now, Nextracker possesses a Zacks Rank of #3 (Hold).
In the context of valuation, Nextracker is at present trading with a Forward P/E ratio of 15.24. This signifies a premium in comparison to the average Forward P/E of 14.93 for its industry.
One should further note that NXT currently holds a PEG ratio of 1.28. The PEG ratio is akin to the commonly utilized P/E ratio, but this measure also incorporates the company's anticipated earnings growth rate. The average PEG ratio for the Solar industry stood at 0.59 at the close of the market yesterday.
The Solar industry is part of the Oils-Energy sector. This industry, currently bearing a Zacks Industry Rank of 181, finds itself in the bottom 27% echelons of all 250+ industries.
The Zacks Industry Rank gauges the strength of our industry groups by measuring the average Zacks Rank of the individual stocks within the groups. 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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Here's Why Nextracker (NXT) Fell More Than Broader Market
Nextracker (NXT - Free Report) closed at $57.62 in the latest trading session, marking a -2.17% move from the prior day. This change lagged the S&P 500's 0.22% loss on the day. Meanwhile, the Dow gained 0.08%, and the Nasdaq, a tech-heavy index, lost 0.51%.
Coming into today, shares of the solar energy equipment supplier had gained 5.08% in the past month. In that same time, the Oils-Energy sector gained 5.72%, while the S&P 500 gained 0.45%.
Investors will be eagerly watching for the performance of Nextracker in its upcoming earnings disclosure. The company is forecasted to report an EPS of $1.03, showcasing a 10.75% upward movement from the corresponding quarter of the prior year. Meanwhile, our latest consensus estimate is calling for revenue of $867.15 million, up 20.45% from the prior-year quarter.
Regarding the entire year, the Zacks Consensus Estimates forecast earnings of $3.87 per share and revenue of $3.33 billion, indicating changes of -8.29% and +12.56%, respectively, compared to the previous year.
Any recent changes to analyst estimates for Nextracker should also be noted by investors. These revisions typically reflect the latest short-term business trends, which can change frequently. As a result, upbeat changes in estimates indicate analysts' favorable outlook on the business health and profitability.
Our research suggests that these changes in estimates have a direct relationship with upcoming stock price performance. To exploit this, we've formed the Zacks Rank, a quantitative model that includes these estimate changes and presents a viable rating system.
The Zacks Rank system, which varies between #1 (Strong Buy) and #5 (Strong Sell), carries an impressive track record of exceeding expectations, confirmed by external audits, with stocks at #1 delivering an average annual return of +25% since 1988. Over the past month, there's been a 0.31% rise in the Zacks Consensus EPS estimate. Right now, Nextracker possesses a Zacks Rank of #3 (Hold).
In the context of valuation, Nextracker is at present trading with a Forward P/E ratio of 15.24. This signifies a premium in comparison to the average Forward P/E of 14.93 for its industry.
One should further note that NXT currently holds a PEG ratio of 1.28. The PEG ratio is akin to the commonly utilized P/E ratio, but this measure also incorporates the company's anticipated earnings growth rate. The average PEG ratio for the Solar industry stood at 0.59 at the close of the market yesterday.
The Solar industry is part of the Oils-Energy sector. This industry, currently bearing a Zacks Industry Rank of 181, finds itself in the bottom 27% echelons of all 250+ industries.
The Zacks Industry Rank gauges the strength of our industry groups by measuring the average Zacks Rank of the individual stocks within the groups. 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.