NEXTracker (NASDAQ:NXT) is a standout investment opportunity in the rapidly growing solar industry. With impressive revenue and earnings growth, a growing backlog, and a modest valuation, NEXTracker is a promising choice for investors.
The company provides solar tracker and software solutions for industrial and utility-scale solar projects worldwide. By enabling solar panels to track the sun’s movements, NEXTracker’s products optimize energy output and increase returns on investment. With a 30% market share and numerous patents, NEXTracker stands out in a commoditized industry.
In Fiscal 2024, NEXTracker achieved record revenue and profits, with a growing backlog indicating rising demand. Future demand is expected to increase, with solar power predicted to match the electricity output of the entire US power grid by 2030.
CEO Dan Shugar anticipates a rise in demand from data centers, driven by artificial intelligence. NEXTracker’s products are well-positioned to meet this growing need.
Despite its high growth potential, NEXTracker trades at a modest valuation, making it an attractive choice for investors. The stock’s PEG ratio and strong ratings from analysts and TipRanks’ Smart Score system further support its investment appeal.
With a bright future ahead and strong endorsements from experts, NEXTracker is a compelling investment opportunity for those looking to capitalize on the growth of the solar industry.