7 Cheap New Stocks To Invest In Now

4. Nextracker Inc. (NASDAQ:NXT)

Forward Price-to-Earnings Ratio: 13.16

Market Cap as of October 1: $5.38 billion

Number of Hedge Fund Holders: 39

Nextracker Inc. (NASDAQ:NXT) is a leading provider of intelligent, integrated solar tracker and software solutions used in utility-scale and distributed generation solar projects around the world.

The company was selected to provide its NX Horizon-XTR tracker systems for the 1.17 GW Al Kahfah solar power project in Saudi Arabia earlier in 2024. These advanced tracker systems optimize energy output by following the sun’s movement. It will also collaborate with local partners in Saudi Arabia to provide raw materials and manufacturing support. This order expands the company’s total capacity of smart solar trackers in the Middle East, India, and Africa region to over 10 GW.

The company’s revenue grew by 50.13% year-over-year in FQ1 2025, marking the 6th consecutive quarter of double-digit year-over-year revenue growth. US revenue was up 71% year-over-year, while the rest of the world grew by 29%. The backlog increased sequentially to ~$4 billion. It also introduced new products such as agri PV solutions and NX low carbon tracker.

Management announced accepting orders for solar tracker solutions with 100% US domestic content, with production expected to begin in the early calendar year 2025. The company acquired Ojjo and Solar Pile International. By combining tracker systems and foundations, it can offer a comprehensive solution for various soil conditions in utility-scale projects worldwide.

The Biden administration’s imposition of import tariffs on products from China and Southeast Asia has raised concerns among developers about increased module costs, creating unease in the solar market. Despite this, the company stays a market leader with products that enhance utility-scale solar projects, giving it a competitive edge, and positioning it well for success.