What Happened?
Shares of solar tracker company Nextpower (NASDAQ:NXT) jumped 8.2% in the afternoon session after the company, formerly known as Nextracker, completed the formation of a joint venture in Saudi Arabia.
The venture, named Nextpower Arabia, was established with Abunayyan Holding to speed up the development of large-scale solar power plants in the Middle East and North Africa. The partnership also announced a new manufacturing facility for advanced solar tracker systems in Jeddah. The factory was under construction and was expected to open in the second quarter of 2026 with an annual production capacity of up to 12 gigawatts. This project involved an investment of around $88 million and was projected to create up to 2,000 jobs.
The shares closed the day at $99.09, up 8.3% from previous close.
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What Is The Market Telling Us
Nextpower’s shares are extremely volatile and have had 35 moves greater than 5% over the last year. In that context, today’s move indicates the market considers this news meaningful but not something that would fundamentally change its perception of the business.
The previous big move we wrote about was 26 days ago when the stock dropped 2.3% on the news that Jefferies Financial Group downgraded the stock. The investment firm lowered its rating on the solar company from "strong-buy" to "hold." Compounding the negative sentiment, Nextracker's Chief Accounting Officer, David P. Bennett, recently sold 33,725 shares of stock for a total of approximately $2.97 million. The decline also coincided with broader weakness in the solar sector, as several of Nextracker's peers also traded in negative territory.
Nextpower is up 6.9% since the beginning of the year, but at $99.17 per share, it is still trading 11.3% below its 52-week high of $111.84 from November 2025. Investors who bought $1,000 worth of Nextpower’s shares at the IPO in February 2023 would now be looking at an investment worth $3,256.
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