7 Most Undervalued Renewable Energy Stocks To Buy Now

3. Nextracker (NASDAQ:NXT)  

Number of Hedge Fund Investors: 39  

Forward P/E Ratio as of October 6: 11.73  

Nextracker (NASDAQ:NXT) is a leading solar tracker company, that manufactures one of the world’s most advanced single-axis solar trackers for both utility-scale and distributed generation projects.

In February, Nextracker’s (NASDAQ:NXT) NX Horizon-XTR all-terrain tracker was selected by ACWA Power and Larsen & Toubro for a 1.17 GW solar power project in Saudi Arabia. Nextracker (NASDAQ:NXT) will supply its innovative tracker systems and will collaborate with local partners in Saudi Arabia to provide raw materials and manufacturing support for the trackers. This substantial 1.17 GW order brings Nextracker’s total capacity of smart solar trackers in the Middle East, India, and Africa region to over 10 GW, encompassing both operational and currently under-development projects.

According to Precedence Research, the global solar tracker market is valued at $7.01 billion in 2024 and is forecasted to reach around $71.81 billion by 2034, expanding at a compound annual growth rate (CAGR) of 26.2%. Nextracker (NASDAQ:NXT) is well-positioned to capitalize on the increasing demand for solar tracking solutions.

Nextracker (NASDAQ:NXT) is trading at an attractive valuation, the company’s stock trades at a forward price-to-earnings ratio of 11.73, representing a 41.94% discount compared to the sector median of 20.21.