Nextracker (NXT) Tumbles 8.8% on Name Change, Diversification
We recently published 10 Stocks Suffer Heavy Selling Pressure. Nextracker Inc. (NASDAQ:NXT) is one of the worst-performing stocks on Wednesday.
Nextracker dropped for a second day on Wednesday, slashing 8.81 percent to close at $96.50 apiece as investors sold off positions following plans to diversify from solar tracking to other technologies such as robotics and AI.
In a statement, Nextracker Inc. (NASDAQ:NXT) said that it would change its name to Nextpower Inc. in line with plans to transform from being a sole solar tracking company to becoming a full-platform organization, delivering an integrated portfolio of advanced technologies and services for utility-scale solar power plants.
Despite the name change, the company will continue to trade under the ticker symbol “NXT.”
The new brand will offer a number of product portfolios, including trackers, foundations, eBOS, advanced module frames, robotics, software, yield management and control systems, and services.
In other news, Nextracker Inc. (NASDAQ:NXT) reaffirmed its outlook for full-year 2026 and announced a target of hitting $4.8 billion to $5.6 billion in revenues by 2030. Of the total, approximately one-third is expected to come from sales of non-tracker products and services.
Pixabay/Public Domain
“Our multi-year financial targets reflect our confidence in Nextpower’s growth trajectory and the strength of our business model,” said CFO Chuck Boynton. “We expect to deliver continued top-line growth, expand cash generation, and fund ongoing investments in growth while maintaining healthy margins and a fortress balance sheet through disciplined execution and operational efficiency.”
While we acknowledge the potential of NXT as an investment, 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 extremely cheap AI stock that is also a major beneficiary of Trump tariffs and onshoring, see our free report on the best short-term AI stock.
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Disclosure: None. This article is originally published at Insider Monkey.
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