Nextracker Inc. (NXT) Launches Earth Truss to Boost Solar Expansion in Australia

Nextracker Inc. (NASDAQ:NXT) is one of the best solar energy stocks to buy right now. On October 27, Nextracker Inc. (NASDAQ:NXT) introduced its NX Earth Truss foundation system in Australia, backed by a grant from the Australian Renewable Energy Agency (ARENA). Designed for rocky and hard soil, the solution aims to simplify utility-scale solar construction on difficult terrain. Featuring the NX Truss Driver, a semi-autonomous drill system, it reduces labor and accelerates timelines. This marks the technology’s first deployment outside North America and supports Australia’s push for renewable energy by unlocking previously unusable land. With over 10 GW of systems delivered or underway, Nextracker continues to lead the region’s solar tracker market.

Nextracker Inc. (NXT) Launches Earth Truss to Boost Solar Expansion in Australia

On October 31, Baird withdrew its Fresh Pick designation for Nextracker Inc. (NASDAQ:NXT) but reaffirmed its positive outlook, maintaining an Outperform rating and a $100 price target. Earlier on October 24, TD Cowen reiterated a ‘Hold rating on Nextracker Inc. stock and raised its price target to $88 from $65. The price target hike follows strong quarterly performance and backlog growth.

The company delivered an impressive 13.3% revenue growth driven by strong demand for its products in the US. In addition, it is benefiting from business expansion in Europe. The robust growth comes against the backdrop of tariff impact that was partially offset by the Inflation Reduction Act’s 45X manufacturing credits. Nextracker exited the third quarter with $845 million in cash and a backlog of over $5 billion, affirming strong financial flexibility. TD Cowen expects the upcoming Investor Day to affirm expansion in the total addressable market supported by recent acquisitions. Nevertheless, the research firm has warned that tariff pressure and increased international mix could affect margins.

Nextracker Inc. (NASDAQ:NXT) designs and manufactures solar tracker systems for utility-scale and ground-mounted solar power plants. Its systems are advanced hardware and software solutions that mechanically follow the sun’s movement to optimize energy production.

While we acknowledge the potential of NXT to grow, our conviction lies in the belief that some AI stocks hold greater promise for delivering higher returns and have limited downside risk. If you are looking for an AI stock that is more promising than NXT and that has 100x upside potential, check out our report about this cheapest AI stock.

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Disclosure: None. This article is originally published at Insider Monkey.