[ad_1]
NEXtracker
NEXtracker
NXT
1.46 dollars
4.58%
53%
IBD stock analysis
- The manufacturer of solar energy equipment went public on February 8
- Stocks rose on Friday due to the IPO-based stock exit.
- Revenues are expected to increase 144% in 2023 and 37% in 2024.
Industry group rating
An emerging design
The basis of the IPO
* Not real time data. All information displayed was updated on 03/03/2023 2:12PM EST.
NEXTRACKER ( NXT ) is the IBD Stock of the Day, as the solar equipment supplier launched a head-turning initial public offering last month.
X
NXT stock jumped 4.6% to close at 33.35 on the stock market today.
Nextracker manufactures solar energy tracking systems used to improve the performance of large-scale utility systems. Controllers reorient the solar panels throughout the day so they are constantly aligned at the best angle to the sun.
The company expects revenue of $1.45 billion in 2022, up 22 percent from last year, the Nextracker IPO reported. Nextracker earned 34 cents a share, down from 2021’s profit of 84 cents a share.
The biggest IPO since Mobileye
NXT’s stock IPO, led by JPMorgan and BofA Securities, raised $638.4 million on Feb. 8, making it the largest initial public offering since then. My mobile (MBLY) went public in October. Founded in 2013, Nextracker is based in Fremont, California.
In the IPO, the company sold 26.6 million shares in 24, 20 to 23 more than expected. Shares rose 27% on the first day, and closed at 30.46.
The biggest IPO was comparable to NXT stock. Negotiation technologies (IBD), which also makes solar trackers. Array managed an IPO in October 2020 that raised $1 billion.
Array offered 47.5 million shares at $22, above its range of $19 to $21. ARRY stock rose 66 percent on its first day of trading. Bargains are currently trading at around 20.35.
Nextracker is a subsidiary of San Jose, California. Flex (FLEX), which now owns 66% of Nextracker after the IPO.
NXT stock is the lead IPO.
The company was selected as the IPO Stock of the Week on February 2nd and is also featured on IBD’s IPO Leaders Stock Screen.
Annual revenues are expected to jump 144% in 2023 and another 37% in 2024, according to FactSet.
NXT stock is collapsing from the IPO base after consolidating since hitting a new high of 32.95. February 16. Friday afternoon, the stock was extended from a buying zone to 34.70.
When investing in IPO stocks, new issues don’t play by the usual rules.
IPOs often attract the attention of investors. That can produce results in unusual chart patterns. Volatility may increase as investors develop interest in the new stock. But there are opportunities in these cases if you can identify the right characteristics.
In the case of a good IPO, the decline from peak to trough is usually no more than 20%, but very volatile markets can result in declines of up to 50%. The duration is usually less than five weeks and can be as short as seven days.
Please follow Brian Diego on Twitter @IBD_BDeagon For more tech stocks, analysis and financial markets.
You might like it too.
Canadian solar, the IBD stock of the day, rides the clean energy wave.
First Solar, a leader in solar panels, targets long-term expansion
EV, solar stocks rally like Energy Bill offers broad, deep incentives
Is it time to shift your investments into an inflationary environment?
Top IPO stocks to buy and watch.
[ad_2]
Source link
