8 Tech Stocks with Biggest Upside Potential According to Analysts

3) Nextracker Inc. (NASDAQ:NXT)

Expected Upside Potential: 69.45%

Number of Hedge Fund Holders: 39

Nextracker Inc. (NASDAQ:NXT) offers solar tracker and software solutions for utility-scale and distributed-generation solar projects in the US and internationally.

Nextracker Inc. (NASDAQ:NXT)’s recent acquisitions of Ojjo and Solar Pile International should enhance its geotechnical capabilities. Also, the company’s focus on domestic manufacturing in the US should be underscored by the planned delivery of a product having 100% domestic content in early 2025. Wall Street analysts remain optimistic about the company’s backlog, with 80% anticipated to be fulfilled over the upcoming 8 quarters. Nextracker Inc. (NASDAQ:NXT) remains optimistic about the role of AgriPV and grid-enhancing technologies in the renewable energy sector. The company has been responding to supply chain cost inflation through hybrid strategy and design innovations.

Irrespective of the US election outcome, Nextracker Inc. (NASDAQ:NXT) is expecting continued growth, with acquisitions and domestic manufacturing to be the primary drivers. The analysts believe that the company’s focus on domestic content and innovations in AgriPV, together with the strategic use of the 45x manufacturing credit, places it well amidst increased supply chain costs.

In Q1 2025, Nextracker Inc. (NASDAQ:NXT) saw healthy execution, characterized by strong demand dynamics for solar trackers in both the US and international markets. For FY 2025, the company expects revenue in the range of $2.8 billion – $2.9 billion and GAAP net income of $363 million – $393 million. The company’s recent launch of NX Foundation Solutions is a move focused on optimizing solar project development for numerous soil conditions. Nextracker Inc. (NASDAQ:NXT)’s rapid integration of patented technologies from Ojjo and Solar Pile expands its product offerings, addressing utility-scale developers witnessing diverse ground conditions.

Cantor Fitzgerald reissued an “Overweight” rating on the shares of Nextracker Inc. (NASDAQ:NXT), setting a price target of $55.00 on 2nd August.