NEXTracker saw its IBD SmartSelect Composite Rating rise to 96 Thursday, up from 93 the day before.

The revised score means the stock currently tops 96% of all other stocks in terms of key performance metrics and technical strength. The best stocks tend to have a 95 or better grade as they launch a significant move so be sure to keep that in mind when looking for the best stocks to buy and watch.

NEXTracker is currently forming a ipo base, with a 34.95 entry. IPO stocks can be very volatile in normal markets, and we are certainly not in a 'normal' market. It has been in the buy zone and dropped out a few times already.

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One weak spot is the company's 78 EPS Rating, which tracks quarterly and annual earnings growth. Look for that to improve to 80 or better to show it's in the top 20% of all stocks.

Earnings Review

In Q3, the company posted 263% earnings-per-share growth. That marks three straight reports with rising EPS performance. Sales growth rose 52%, up from 38% in the prior quarter. The company has now posted rising growth in each of the last two reports.

NEXTracker earns the No. 1 rank among its peers in the Energy-Solar industry group. Canadian Solar and SolarEdge Technologies are also among the group's highest-rated stocks.

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