Nextracker Inc. NXT shares are trading higher Thursday after the company posted better-than-expected third-quarter financial results.

The Latest Financials:

Nextracker reported its third-quarter financials after the bell on Wednesday with stellar earnings of 96 cents per share, surpassing the analyst consensus estimate of 48 cents by 100%.

Revenue clocked in at $710.43 million, marking a robust 38.38% increase over sales in the same period last year when it was $513.37 million.

The company also boltered its full-year 2024 outlook, now estimating revenue between $2.425 billion and $2.475 billion.

Following the earnings release, numerous analysts have raised their price targets on Nextracker:

• Goldman Sachs analyst Brian Lee reiterated Nextracker with a Buy rating and raised the price target from $62 to $70.
• Wells Fargo analyst Praneeth Satish reiterated Nextracker with an Overweight rating and raised the price target from $57 to $68.
• JP Morgan analyst Mark Strouse reiterated Nextracker with an Overweight rating and raised the price target from $61 to $73.

Data from Benzinga Pro indicates that Nextracker shares are currently trading above the stock’s 50-day moving average of $43.29 and hit a new intraday 52-week high of $54.95 on Thursday.

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NXT Stock Prediction 2024

Equity research analysts on and off Wall Street often consider earnings growth and fundamental research in valuation and forecasting. However, many traders turn to technical analysis to form predictive models for share price trajectory.

Some investors leverage trends to forecast a stock’s potential future price. By examining NEXTracker, an investor could assess a stock’s long-term prospects using a moving average and trend line. If they believe a stock will remain above the moving average, often seen as a bullish signal, they can extrapolate that trend into the future using a trend line. For NEXTracker, the 200-day moving average sits at $39.58, according to Benzinga Pro, which is below the current price of $52.48.

Traders generally interpret a stock being above its moving average as a bullish signal, and crossing below as a more negative signal. Trend lines can help investors make an educated guess about a stock’s potential future price given stable conditions.

NXT Price Action: According to Benzinga Pro, Nextracker shares are up 17% at $53.00 at the time of publication.

Image: Created using AI via Midjourney