Nextracker Inc. NXT is currently experiencing a bullish run in the stock market. The company recently revealed its third-quarter financial results, showcasing an impressive performance that has left investors beaming with delight.
Nextracker reported a remarkable 100% beat on its third-quarter earnings, standing at 96 cents per share, as compared to the analyst consensus estimate of 48 cents. The company’s revenue also witnessed a substantial 38.38% increase, reaching $710.43 million from the same period last year.
Furthermore, Nextracker lifted its full-year 2024 revenue outlook to a range between $2.425 billion and $2.475 billion, signifying a robust trajectory for the company’s financial performance.
Following the stellar earnings release, several notable analysts have raised their price targets on Nextracker. Goldman Sachs’ Brian Lee, Wells Fargo’s Praneeth Satish, and JP Morgan’s Mark Strouse have all maintained their ratings on Nextracker and raised their respective price targets, reflecting growing confidence in the company’s future prospects.
- Goldman Sachs analyst Brian Lee maintained Nextracker with a Buy and raised the price target from $62 to $70.
- Wells Fargo analyst Praneeth Satish maintained Nextracker with an Overweight and raised the price target from $57 to $68.
- JP Morgan analyst Mark Strouse maintained Nextracker with an Overweight and raised the price target from $61 to $73.
According to data from Benzinga Pro, Nextracker shares have surged above the stock’s 50-day moving average of $43.29 and marked a new, intraday 52-week high of $54.95, underscoring the strong upward momentum in its stock performance.
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Assessing Nextracker’s Stock Prediction in 2024
When assessing the future trajectory of Nextracker’s stock, investors often rely on both fundamental and technical analysis. While earnings growth and fundamental research play a crucial role, many traders turn to technical analysis to form predictive models for share price trajectory.
Utilizing technical analysis, some investors observe trends to forecast a stock’s potential future performance. For Nextracker, an investor could gauge the stock’s long-term prospects using a moving average and trend line analysis. The 200-day moving average for Nextracker rests at $39.58, which is notably below the current price of $52.48, signifying a bullish trend in its stock performance.
Traders often interpret a stock being above its moving average as a bullish signal, indicating positive momentum, while a cross below the moving average is viewed as a more negative signal. This analysis allows investors to make informed predictions about a stock’s potential future performance under stable conditions.
Evaluating Nextracker’s Price Action: According to Benzinga Pro, Nextracker shares have surged by a significant 17%, reaching $53.00 at the time of publication, further reinforcing the company’s exceptional stock performance.
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