Why Nextracker Stock Is Soaring After Earnings
Portfolio Pulse from Erica Kollmann
Nextracker Inc. (NASDAQ:NXT) shares surged after reporting Q3 earnings that doubled analyst estimates and raising its full-year 2024 revenue outlook. Earnings per share were 96 cents, surpassing the expected 48 cents. Revenue increased by 38.38% year-over-year to $710.43 million. The company now expects 2024 revenue between $2.425 billion and $2.475 billion. Following the earnings release, analysts from Goldman Sachs, Wells Fargo, and JP Morgan raised their price targets for NXT. The stock hit a 52-week high of $54.95, trading above its 50-day moving average of $43.29.
February 01, 2024 | 3:49 pm
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POSITIVE IMPACT
Nextracker's Q3 earnings beat and raised 2024 revenue outlook have positively impacted its stock, leading to a 52-week high and upgrades from analysts.
The significant beat on earnings expectations and the raised revenue outlook for 2024 indicate strong company performance and future growth prospects. This has led to a positive reaction in the stock market, with the stock reaching a new 52-week high. Analyst upgrades following the earnings release further validate the company's strong position and are likely to attract more investor interest in the short term.
CONFIDENCE 90
IMPORTANCE 95
RELEVANCE 100