7 Cheap Technology Stocks To Buy Right Now

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1. Nextracker Inc. (NASDAQ:NXT)

Forward Price-to-Earnings Ratio: 12.42

Average Upside Potential: 69.12%

Number of Hedge Fund Holders: 39

Nextracker Inc. (NASDAQ:NXT) is a global leader in solar tracker technology, designing, manufacturing, and selling solar trackers that optimize the performance of solar panels by following the sun’s path throughout the day. Its trackers help solar power plants increase energy production and reduce costs.

Earlier this year, 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. These tracker systems are designed to optimize energy output by following the sun’s movement to maximize energy production.

It will also support the project with local partners in Saudi Arabia by providing raw materials and manufacturing support for the trackers. This order brings the company’s total capacity of smart solar trackers in the Middle East, India, and Africa region to over 10 GW.

In the first fiscal quarter of 2025, Nextracker Inc. (NASDAQ:NXT) grew its revenue by 50.13% year-over-year. For the 6th consecutive quarter, it achieved double-digit year-over-year revenue growth. Demand was strong in both the US and international markets. The backlog increased sequentially to ~$4 billion. The company also introduced new products like agri PV solutions and NX low carbon tracker.

In FQ1 2025, management announced accepting orders for solar tracker solutions with 100% US domestic content, with production expected to begin in 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 company is a market leader with products that enhance utility-scale solar projects and give it a competitive edge. Nextracker Inc. (NASDAQ:NXT) is therefore well-positioned for success.

While we acknowledge the growth potential of Nextracker Inc. (NASDAQ:NXT), our conviction lies in the belief that AI stocks hold great promise for delivering high returns and doing so within a shorter timeframe. If you are looking for an AI stock that is more promising than NVIDIA but that trades at less than 5 times its earnings, check out our report about the cheapest AI stock.

READ NEXT: $30 Trillion Opportunity: 15 Best Humanoid Robot Stocks to Buy According to Morgan Stanley and Jim Cramer Says NVIDIA ‘Has Become A Wasteland’.

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