The most recent trading session ended with Nextracker (NXT) standing at $42.87, reflecting a +0.19% shift from the previouse trading day's closing. The stock outperformed the S&P 500, which registered a daily loss of 0.34%. At the same time, the Dow added 0.23%, and the tech-heavy Nasdaq lost 0.33%.

The the stock of solar energy equipment supplier has fallen by 18.25% in the past month, lagging the Oils-Energy sector's gain of 0.17% and the S&P 500's loss of 4.05%.

Market participants will be closely following the financial results of Nextracker in its upcoming release. The company plans to announce its earnings on May 14, 2024. In that report, analysts expect Nextracker to post earnings of $0.59 per share. This would mark year-over-year growth of 180.95%. Meanwhile, our latest consensus estimate is calling for revenue of $678.21 million, up 30.83% from the prior-year quarter.

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. Consequently, upward revisions in estimates express analysts' positivity towards the company's business operations and its ability to generate profits.

Based on our research, we believe these estimate revisions are directly related to near-team stock moves. 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, spanning from #1 (Strong Buy) to #5 (Strong Sell), boasts an impressive track record of outperformance, audited externally, with #1 ranked stocks yielding an average annual return of +25% since 1988. Over the last 30 days, the Zacks Consensus EPS estimate has moved 3.18% lower. Right now, Nextracker possesses a Zacks Rank of #3 (Hold).

In terms of valuation, Nextracker is presently being traded at a Forward P/E ratio of 13.38. This valuation marks a premium compared to its industry's average Forward P/E of 12.23.

Meanwhile, NXT's PEG ratio is currently 0.29. This metric is used similarly to the famous P/E ratio, but the PEG ratio also takes into account the stock's expected earnings growth rate. As of the close of trade yesterday, the Solar industry held an average PEG ratio of 0.3.

The Solar industry is part of the Oils-Energy sector. This group has a Zacks Industry Rank of 160, putting it in the bottom 37% 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.

To follow NXT in the coming trading sessions, be sure to utilize Zacks.com.

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