8 Cheap Growth Stocks to Buy According to Analysts

3. Nextracker Inc. (NASDAQ:NXT)

Forward P/E Ratio: 11.9

Earnings Growth This Year: 2.30%  

Analyst Upside Potential: 70.28%

Nextracker Inc. (NASDAQ:NXT) is a renewable energy technology company focused on the goal of transitioning the world to renewable power. To do so, it has specialized in solar tracker technology and software solutions for large-scale solar energy projects.

The solar tracker technology allows solar panels to follow the movement of the sun throughout the day and maximize the amount of sunlight it converts to consumable energy. On the other hand, the software, TrueCapture, optimizes the performance of solar panels by adjusting the angle based on the environmental needs.

Nextracker Inc. (NASDAQ:NXT) has a global presence and has installed more than 100 gigawatts of solar trackers internationally.

The company has demonstrated its ability to deliver consistent revenue growth. The fiscal first quarter of 2025 marked the sixth consecutive quarter of double-digit revenue growth since its IPO. The recent quarter’s revenue was up more than 50% year-over-year to 720 million.

Its technology has already started to gain traction in the market, especially in the United States. In the first quarter, US revenue was up 71% year-over-year, while the rest of the world grew by 29%. It already has increased its order backlog by $4 billion during the quarter indicating continued growth for at least a short term. Management has been working on enhancing its product portfolio and launched the NX HorizonTM Low Carbon Tracker in April 2024. Furthermore, it expects FY2025 revenue to be in the range of $2.8 billion to $2.9 billion.

With robust growth prospects and a cheap valuation indicated by a forward price-to-earnings ratio of 11.9, Nextracker Inc. (NASDAQ:NXT) is a cheap growth stock to buy according to analysts. 32 analysts have a consensus Buy rating for NXT with their median price target of $62 presenting an upside of 70.28% from current levels.