5 Best Clean Energy Stocks To Buy According to Wall Street Analysts

In this article, we discuss the 5 best clean energy stocks to buy according to Wall Street analysts. To read the detailed analysis of the renewable energy industry, go directly to the 12 Best Clean Energy Stocks To Buy According to Wall Street Analysts.

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

Average Analyst Price Target Upside: 66.36%

Shoals Technologies Group, Inc. (NASDAQ:SHLS) is a Tennessee-based company that produces electrical balance of system components for solar technology, battery electric storage, and EV charging systems. The company’s main clients are solar technology companies.

Shoals Technologies Group, Inc. (NASDAQ:SHLS) ranks 5th on our list of clean energy stocks to buy according to analysts with an average analyst price target showing an upside of 66.36%. Furthermore, compared to the company’s growth, its trailing twelve-month price-to-earnings ratio of 19.41 makes the stock quite attractive. Shoals Technologies Group, Inc. (NASDAQ:SHLS) experienced a 62.2% year-over-year (YoY) revenue growth and a nearly 160% YoY growth in net income in the second quarter of 2023.

According to our database, 24 hedge funds had a stake worth $394.737 million in Shoals Technologies Group, Inc. (NASDAQ:SHLS) in the second quarter of 2023. A few billionaire hedge fund holders were fairly bullish on the company’s stock in Q2 as D E Shaw and Citadel Investment Group increased their stake in Shoals Technologies Group, Inc. (NASDAQ:SHLS) by 63% and 289%, respectively.

4. Bloom Energy Corporation (NYSE:BE)

Average Analyst Price Target Upside: 78.73%

Bloom Energy Corporation (NYSE:BE) manufactures and sells solid oxide fuel cells for on-site power generation. Solid oxide fuel cells are a growing trend among the green energy sector and its market size is expected to grow at a compound annual growth rate of 25.3% between 2022 and 2028.

Bloom Energy Corporation (NYSE:BE)’s stock was owned by 29 hedge funds in the second quarter of 2023. The hedge fund holders of the company in Q1 and Q2 remained the same, but the hedge fund investments in Bloom Energy Corporation (NYSE:BE) increased by nearly $1 billion in Q2.

On September 25, HSBC initiated coverage of Bloom Energy Corporation (NYSE:BE) with a Buy rating and a $22 price target.

3. SolarEdge Technologies, Inc. (NASDAQ:SEDG)

Average Analyst Price Target Upside: 122.81%

SolarEdge Technologies, Inc. (NASDAQ:SEDG) is an Israeli company that offers solar inverters, power optimizers, and battery energy storage solutions. It is one of the largest solar-inverter manufacturers in the world.

SolarEdge Technologies, Inc. (NASDAQ:SEDG) is a beaten down stock that was trading at around 62.5% below its all-time high on September 29. However, based on 17 Wall Street analyst estimates, the company’s stock price is estimated to grow by 122.81%, making SolarEdge Technologies, Inc. (NASDAQ:SEDG) one of the best alternative energy stocks to buy according to Wall Street analysts.

In Q2, SolarEdge Technologies, Inc. (NASDAQ:SEDG) was owned by 43 out of 910 hedge funds tracked by Insider Monkey.

2. Plug Power Inc. (NASDAQ:PLUG)

Average Analyst Price Target Upside: 141.84%

Plug Power Inc. (NASDAQ:PLUG) produces hydrogen fuel cell systems and provides for supply chain and logistics, electric vehicles, and stationary power applications. 

On September 25, HSBC initiated coverage of Plug Power Inc. (NASDAQ:PLUG) with a Buy rating and an $11 price target. The company was trading at $7.60 on September 29. According to Tipranks, Plug Power Inc. (NASDAQ:PLUG) has been covered by 19 Wall Street analysts with 13 Buy and 6 Hold ratings.

1. Sunrun Inc. (NASDAQ:RUN)

Average Analyst Price Target Upside: 165.37%

Sunrun Inc. (NASDAQ:RUN) is an American renewable energy company that provides solar power systems and battery energy storage solutions, primarily to residential customers. It was founded in 2007 and is headquartered in California.

With an average analyst price target upside of 165.37%, Sunrun Inc. (NASDAQ:RUN) is the best clean energy stock to buy according to Wall Street analysts. The lowest price target forecast of $21 shows a 67.2% upside to Sunrun Inc. (NASDAQ:RUN) stock price of $12.56 on September 29.

According to our database, 24 hedge funds held a stake in Sunrun Inc. (NASDAQ:RUN) in the second quarter of 2023.

You can also look at the 15 Best Cloud Computing Stocks Heading into 2024 and the 12 Best Automotive Stocks To Buy Now.