12 Best Solar Energy Stocks to Invest In Heading into 2023

Published on December 16, 2022 at 4:23 pm by Mohammed Saqib in Hedge Funds, News

In this article, we will discuss the 12 Best Solar Energy Stocks to Invest In Heading into 2023. You can skip our detailed industry analysis and go directly to the 5 Best Solar Energy Stocks to Invest In Heading into 2023.

The shift to sustainable energy to protect the environment has caused the solar power market to grow worldwide. According to SolarPower Europe, the worldwide solar market will double to 2.3 TW in 2025 compared to a global 1 TW capacity in 2022. The exponential growth of the solar energy industry has come about owing to multiple positive triggers, including cost reductions, enhanced affordability, government incentives, improved solar panel durability, concerns surrounding climate change, and subsequent growth in demand.

The US solar power industry is expected to grow by 27.3% in 2022 and is estimated to be valued at $16.9 billion as of 2022. The United States boasts 617 businesses in the industry with an employee base of 5,525 individuals. The global solar power market is projected to grow at a CAGR of 6.9% over the period 2021-2028, growing from $184.03 billion in 2021 to $293.18 billion in 2028. Some of the key players in the industry include First Solar, Inc. (NASDAQ:FSLR), Sunrun Inc. (NASDAQ:RUN) and Enphase Energy, Inc. (NASDAQ:ENPH).

Global X Solar ETF (RAYS) is an ETF tracking the Solactive Solar Index. The ETF is designed to invest in companies that are well-positioned to reap the benefits of the rise in the adoption of solar technology. The companies included in the ETF are involved in the solar power production, development, and manufacturing of solar-powered batteries/generators, etc.

Our Methodology

We started with the holdings of Global X Solar ETF (RAYS) and ranked its holdings using Insider Monkey’s proprietary hedge fund sentiment data which tracks the holdings of over 900 elite hedge funds. So, the stocks we have included in our list are the best solar energy stocks to buy according to hedge funds.

Best Solar Energy Stocks to Invest In Heading into 2023

12. Daqo New Energy Corp. (NYSE:DQ)

Number of Hedge Fund Holders: 20

Headquartered in Shanghai, Daqo New Energy Corp. (NYSE: DQ) is a global leader in the production of high-purity polysilicon for the solar PV sector. The company produces and sells high-purity polysilicon to photovoltaic product manufacturers, who then process the polysilicon into cells, ingots, and modules for solar power solutions.

On December 5, 2022, Chao Ji, an analyst at Goldman Sachs, reduced her price target on Daqo New Energy Corp. (NYSE:DQ) to $70 while keeping a Neutral rating on the stock. According to the analyst, poly prices began to decline in November as a result of industry capacity expansion, and the current price level gives a balance risk/reward to investors.

In addition to Daqo New Energy Corp. (NYSE:DQ), First Solar, Inc. (NASDAQ:FSLR), Sunrun Inc. (NASDAQ:RUN), and Enphase Energy, Inc. (NASDAQ:ENPH) are included in our list of 12 best solar energy stocks to invest in heading into 2023.

At the end of Q3 2022, 20 hedge funds in Insider Monkey’s database were long on Daqo New Energy Corp. (NYSE:DQ) at the end of the quarter. Hillhouse Capital Management remained the leading stakeholder of the company at the end of Q3 2022.

11. Atlantica Sustainable Infrastructure plc (NASDAQ:AY)

Number of Hedge Fund Holders: 21

Atlantica Sustainable Infrastructure plc (NASDAQ:AY) is a United Kingdom-based sustainable infrastructure company that owns, operates, and invests in renewable energy, storage, efficient natural gas and heat, transmission lines, and water assets across North America, South America, and Europe.

On September 19, 2022, Julien Dumoulin-Smith, an analyst at BofA, reduced her price target on Atlantica Sustainable Infrastructure plc (NASDAQ:AY) to $34. The company’s Q3 revenue stood at $303.12 million, missing market expectations by $24.66 million. The Normalized EPS stood at -$0.11, missing market expectations by $0.47.

As per Insider Monkey’s database, 21 hedge funds had stakes in Atlantica Sustainable Infrastructure plc (NASDAQ:AY) at the end of the third quarter. Renaissance Technologies remained the leading stakeholder in the company at the end of Q3 2022.

10. Shoals Technologies Group, Inc. (NASDAQ:SHLS)

Number of Hedge Fund Holders: 21

Shoals Technologies Group, Inc. (NASDAQ:SHLS) is a leading provider of EBOS solutions and components for solar energy projects. The company sells EV Charging solutions in the United States for public and fleet electric car charging stations. Shoals Technologies Group, Inc. (NASDAQ:SHLS) primarily sells to engineering, procurement, and construction organizations that develop solar energy projects and install electric car charging stations.

On November 16, 2022, Christine Cho, an analyst at Barclays, increased her price target on Shoals Technologies Group, Inc. (NASDAQ:SHLS) to $30 while keeping an Equal Weight rating on the stock. According to the analyst, the company is still in a strong position with improved backlog visibility and a more enticing value proposition.

According to Insider Monkey’s database, 21 hedge funds had stakes in Shoals Technologies Group, Inc. (NASDAQ:SHLS) at the end of the September quarter. Electron Capital Partners remained the leading stakeholder of the company at the end of the third quarter.

ClearBridge Investments made the following comment about Shoals Technologies Group, Inc. (NASDAQ:SHLS) in its Q3 2022 investor letter:

Shoals Technologies Group, Inc. (NASDAQ:SHLS) manufactures electrical balance of systems (EBOS) components for ground-mounted solar projects and has been gaining market share for quality of service and price. Shoals is also starting to develop an EV charging infrastructure business. We previously owned Shoals and sold our position earlier this year as supply chain issues were negatively affecting margins. Improving supply chain dynamics should support the stock, and tax credits for clean energy production and investment in the IRA should further act as a tailwind for Shoals.

9. Canadian Solar Inc. (NASDAQ:CSIQ)

Number of Hedge Fund Holders: 22

Canadian Solar Inc. (NASDAQ:CSIQ) is one of Canada’s world’s largest solar technology and renewable energy firms. The company is a major solar photovoltaic module producer and a manufacturer of battery storage projects with a diverse geographical pipeline at various stages of development.

On November 22, 2022, Canadian Solar Inc. (NASDAQ:CSIQ) reported third-quarter results. The revenue was reported at $1.93 billion, missing market expectations by $140 million. The Normalized EPS of the company stood at $1.12, beating market expectations by $0.74. The CEO, while commenting on the results, stated that despite the macroeconomic challenges and COVID-19 shutdowns, the company has achieved a 123% increment in its net income on a YOY basis.

As per Insider Monkey’s database, 22 hedge funds remained bullish on Canadian Solar Inc. (NASDAQ:CSIQ) at the end of Q3 2022. Millennium Management came out to be the biggest holder of the company’s shares at the end of the quarter.

8. Sunnova Energy International Inc. (NYSE:NOVA)

Number of Hedge Fund Holders: 25

Sunnova Energy International Inc. (NYSE:NOVA) provides home solar and energy storage services. The company delivers energy resilience and dependability to solar plus energy storage consumers through energy storage technology. Services provided by the company include operations and maintenance, monitoring, repairs and replacements, equipment upgrades, and onsite power optimization. Sunnova Energy International Inc. (NYSE:NOVA) has roughly 195,000 subscribers in over 25 states and territories.

On December 13, 2022, Biju Perincheril, an analyst at Susquehanna, reiterated his Positive rating on Sunnova Energy International Inc. (NYSE:NOVA) as he believes that the company’s supply chain is improving, and the management is confident about achieving targets. The analyst currently has a price target of $38 on the stock.

25 hedge funds are currently bullish on Sunnova Energy International Inc. (NYSE:NOVA) as per Insider Monkey’s database. Moore Global Investments had the leading stake in the company at the end of Q3 2022.

Here is what ClearBridge Investments Small Cap Strategy has to say about Sunnova Energy International Inc. (NYSE:NOVA) in its Q3 2022 investor letter:

Within the utilities sector, solar power and energy storage company Sunnova (NYSE:NOVA) saw its share price benefit from passage of the Inflation Reduction Act legislation, which includes an array of new and extended tax credits that should not only support but enhance the company’s long-term growth prospects.

7. SunPower Corporation (NASDAQ:SPWR)

Number of Hedge Fund Holders: 26

SunPower Corporation (NASDAQ:SPWR) is a leading provider of solar technology and energy services that provides fully integrated solar, storage, and home energy solutions to consumers, mainly in the United States and Canada, through a variety of hardware, software and financing options, as well as Smart Energy solutions.

On November 9, 2022, Biju Perincheril, an analyst at Susquehanna, increased his price target on SunPower Corporation (NASDAQ:SPWR) to $27 while keeping a Positive rating on the stock. According to the analyst, the company’s Q3 revenue and EBITDA exceeded expectations as the company continued to execute with high volumes.

As per Insider Monkey’s proprietary database, 26 hedge funds were bullish on SunPower Corporation (NASDAQ:SPWR), as of the end of the third quarter. D E Shaw was the biggest stakeholder in the company’s stock at the end of Q3 2022.

6. Array Technologies, Inc. (NASDAQ:ARRY)

Number of Hedge Fund Holders: 29

Array Technologies (NASDAQ: ARRY) is a global utility-scale solar tracker technology. SmarTrack, a machine learning program that identifies the ideal location for a solar array in real time to improve energy output, and DuraTrack HZ v3, a single-axis solar tracking system, are among the company’s products. Array Technologies (NASDAQ: ARRY) products are sold to engineering, procurement, and construction businesses that build solar energy projects, as well as to solar developers and independent power producers.

On December 6, 2022, Michael Blum, an analyst at Wells Fargo, started covering Array Technologies, Inc. (NASDAQ:ARRY) with a price target of $28 and an Overweight rating on the stock. According to the analyst, policy support, the low cost of solar, and state and federal utility regulations to decarbonize and attain net zero emission will be the driving factor for the company to grow revenues at a CAGR of 10%.

According to Insider Monkey’s database, 29 hedge funds held shares of the company at the end of the third quarter of 2022. Electron Capital Partners was the most bullish fund on the company’s stock at the end of Q3 2022.

Click to continue reading and see 5 Best Solar Energy Stocks to Invest In Heading into 2023.

AI Fire Sale: Insider Monkey’s #1 AI Stock Pick Is On A Steep Discount

Published on May 1, 2024 at by Inan Dogan, PhD

Artificial intelligence is the greatest investment opportunity of our lifetime. The time to invest in groundbreaking AI is now, and this stock is a steal!

The whispers are turning into roars.

Artificial intelligence isn’t science fiction anymore.

It’s the revolution reshaping every industry on the planet.

From driverless cars to medical breakthroughs, AI is on the cusp of a global explosion, and savvy investors stand to reap the rewards.

Here’s why this is the prime moment to jump on the AI bandwagon:

Exponential Growth on the Horizon: Forget linear growth – AI is poised for a hockey stick trajectory.

Imagine every sector, from healthcare to finance, infused with superhuman intelligence.

We’re talking disease prediction, hyper-personalized marketing, and automated logistics that streamline everything.

This isn’t a maybe – it’s an inevitability.

Early investors will be the ones positioned to ride the wave of this technological tsunami.

Ground Floor Opportunity: Remember the early days of the internet?

Those who saw the potential of tech giants back then are sitting pretty today.

AI is at a similar inflection point.

We’re not talking about established players – we’re talking about nimble startups with groundbreaking ideas and the potential to become the next Google or Amazon.

This is your chance to get in before the rockets take off!

Disruption is the New Name of the Game: Let’s face it, complacency breeds stagnation.

AI is the ultimate disruptor, and it’s shaking the foundations of traditional industries.

The companies that embrace AI will thrive, while the dinosaurs clinging to outdated methods will be left in the dust.

As an investor, you want to be on the side of the winners, and AI is the winning ticket.

The Talent Pool is Overflowing: The world’s brightest minds are flocking to AI.

From computer scientists to mathematicians, the next generation of innovators is pouring its energy into this field.

This influx of talent guarantees a constant stream of groundbreaking ideas and rapid advancements.

By investing in AI, you’re essentially backing the future.

The future is powered by artificial intelligence, and the time to invest is NOW.

Don’t be a spectator in this technological revolution.

Dive into the AI gold rush and watch your portfolio soar alongside the brightest minds of our generation.

This isn’t just about making money – it’s about being part of the future.

So, buckle up and get ready for the ride of your investment life!

Act Now and Unlock a Potential 10,000% Return: This AI Stock is a Diamond in the Rough (But Our Help is Key!)

The AI revolution is upon us, and savvy investors stand to make a fortune.

But with so many choices, how do you find the hidden gem – the company poised for explosive growth?

That’s where our expertise comes in.

We’ve got the answer, but there’s a twist…

Imagine an AI company so groundbreaking, so far ahead of the curve, that even if its stock price quadrupled today, it would still be considered ridiculously cheap.

That’s the potential you’re looking at. This isn’t just about a decent return – we’re talking about a 10,000% gain over the next decade!

Our research team has identified a hidden gem – an AI company with cutting-edge technology, massive potential, and a current stock price that screams opportunity.

This company boasts the most advanced technology in the AI sector, putting them leagues ahead of competitors.

It’s like having a race car on a go-kart track.

They have a strong possibility of cornering entire markets, becoming the undisputed leader in their field.

Here’s the catch (it’s a good one): To uncover this sleeping giant, you’ll need our exclusive intel.

We want to make sure none of our valued readers miss out on this groundbreaking opportunity!

That’s why we’re slashing the price of our Premium Readership Newsletter by a whopping 75%.

For a ridiculously low price of just $24, you can unlock a year’s worth of in-depth investment research and exclusive insights – that’s less than a single restaurant meal!

Here’s why this is a deal you can’t afford to pass up:

The Name of the Game-Changing AI Stock: Our in-depth report dives deep into our #1 AI stock’s groundbreaking technology and massive growth potential.
Ad-Free Browsing: Enjoy a year of investment research free from distracting banner and pop-up ads, allowing you to focus on uncovering the next big opportunity.
Lifetime Money-Back Guarantee: If you’re not absolutely satisfied with our service, we’ll provide a full refund ANYTIME, no questions asked.

Space is Limited! Only 1000 spots are available for this exclusive offer. Don’t let this chance slip away – subscribe to our Premium Readership Newsletter today and unlock the potential for a life-changing investment.

Here’s what to do next:

Head over to our website and subscribe to our Premium Readership Newsletter for just $24.
Enjoy a year of ad-free browsing, exclusive access to our in-depth report on the revolutionary AI company, and the upcoming issues of our Premium Readership Newsletter over the next 12 months.
Sit back, relax, and know that you’re backed by our ironclad lifetime money-back guarantee.

Don’t miss out on this incredible opportunity! Subscribe now and take control of your AI investment future!

Subscribe Now!

A New Dawn is Coming to U.S. Stocks

Published on May 2, 2024 at by Insider Monkey Staff

I work for one of the largest independent financial publishers in the world – representing over 1 million people in 148 countries.

We’re independently funding today’s broadcast to address something on the mind of every investor in America right now…

Should I put my money in Artificial Intelligence?

Here to answer that for us… and give away his No. 1 free AI recommendation… is 50-year Wall Street titan, Marc Chaikin.

Marc’s been a trader, stockbroker, and analyst. He was the head of the options department at a major brokerage firm and is a sought-after expert for CNBC, Fox Business, Barron’s, and Yahoo! Finance…

But what Marc’s most known for is his award-winning stock-rating system. Which determines whether a stock could shoot sky-high in the next three to six months… or come crashing down.

That’s why Marc’s work appears in every Bloomberg and Reuters terminal on the planet…

And is still used by hundreds of banks, hedge funds, and brokerages to track the billions of dollars flowing in and out of stocks each day.

He’s used this system to survive nine bear markets… create three new indices for the Nasdaq… and even predict the brutal bear market of 2022, 90 days in advance.

Click to continue reading…

Insider Monkey Ads

Markets

Insider Trading

Hedge Funds

Retirement

Opinion

Log In

Sign Up