In this article, we discuss the 5 best green energy stocks to buy. If you want to read about some more green energy stocks to buy, go directly to 11 Best Green Energy Stocks to Buy.
5. Plug Power Inc. (NASDAQ:PLUG)
Number of Hedge Fund Holders: 32
Plug Power Inc. (NASDAQ:PLUG) delivers end-to-end clean hydrogen and zero-emissions fuel cell solutions for supply chain and logistics applications, on-road electric vehicles, stationary power markets, and others in North America and internationally. On November 8, Plug Power posted earnings for the third quarter of 2022, reporting losses per share of $0.30, missing market estimates by $0.07. The revenue over the period was $188.6 million, up 58.9% compared to the revenue over the same period last year and missing market estimates by $58.61 million.
On November 10, Truist analyst Bronson Fleig maintained a Hold rating on Plug Power Inc. (NASDAQ:PLUG) stock and lowered the price target to $18 from $32, noting that the management has affirmed its longer-term financial framework and that its demand appears constructive.
Among the hedge funds being tracked by Insider Monkey, Chicago-based investment firm Citadel Investment Group is a leading shareholder in Plug Power Inc. (NASDAQ:PLUG) with 118.5 million shares worth more than $498.5 million.
4. SolarEdge Technologies, Inc. (NASDAQ:SEDG)
Number of Hedge Fund Holders: 44
SolarEdge Technologies, Inc. (NASDAQ:SEDG) designs, develops and sells direct current (DC) optimized inverter systems for solar photovoltaic (PV) installations worldwide. On November 7, SolarEdge Tech posted earnings for the third quarter of 2022, reporting earnings per share of $0.91, missing market estimates by $0.53. The revenue over the period was $836.7 million, up 58.9% compared to the revenue over the same period last year and beating market estimates by $12.19 million.
On November 18, BMO Capital analyst Ameet Thakkar maintained an Outperform rating on SolarEdge Technologies, Inc. (NASDAQ:SEDG) stock and raised the price target to $355 from $316, noting that the combination of exposure to a transformational period in European Energy Markets driven by demand is attractive.
At the end of the third quarter of 2022, 44 hedge funds in the database of Insider Monkey held stakes worth $673.8 million in SolarEdge Technologies, Inc. (NASDAQ:SEDG), compared to 40 in the previous quarter worth $749.4 million.
In its Q2 2022 investor letter, ClearBridge Investments, an asset management firm, highlighted a few stocks and SolarEdge Technologies, Inc. (NASDAQ:SEDG) was one of them. Here is what the fund said:
“We are well-positioned to participate in the accelerating energy transition. High and rising utility costs combined with policy support are driving increased penetration of home solar plus storage systems in Europe. Israel-based SolarEdge Technologies (NASDAQ:SEDG) expects to see significant growth in solar installations in this market led by Germany and Italy, among others, where consumers are not only demanding solar on the roof but a complete system solution including batteries. This phenomenon is accelerating revenue growth for these companies.”
3. First Solar, Inc. (NASDAQ:FSLR)
Number of Hedge Fund Holders: 45
First Solar, Inc. (NASDAQ:FSLR) provides global photovoltaic (PV) solar energy solutions. On November 17, First Solar announced that it will supply an additional 4.9 gigawatts of its thin-film photovoltaic solar modules to Intersect Power. Intersect had previously announced an agreement for 2.4GW FSLR modules in July 2022. The firm has so far booked 43.7 GW of new business this year.
On October 11, Argus analyst Bill Selesky maintained a Buy rating on First Solar, Inc. (NASDAQ:FSLR) stock and raised the price target to $176 from $123, noting that the company’s operating loss was primarily the result of significantly higher logistics costs during the quarter.
Among the hedge funds being tracked by Insider Monkey, Chicago-based investment firm Citadel Investment Group is a leading shareholder in First Solar, Inc. (NASDAQ:FSLR) with 3.2 million shares worth more than $426 million.
2. General Electric Company (NYSE:GE)
Number of Hedge Fund Holders: 53
General Electric Company (NYSE:GE) operates as a high-tech industrial company in Europe, China, Asia, the Americas, the Middle East, and Africa. It operates through four segments: Power, Renewable Energy, Aviation, and Healthcare segments. On November 30, General Electric Company said that its board of directors approved a spin-off of its healthcare business, GE Healthcare Holding. GE Healthcare is expected to begin trading on Nasdaq on Jan. 4, 2023. The healthcare unit is expected to be converted into a corporation and renamed GE HealthCare Technologies before the spin-off.
On December 5, Deutsche Bank analyst Nicole Deblase maintained a Buy rating on General Electric Company (NYSE:GE) stock and raised the price target to $94 from $89, noting that the supply chain is only just beginning to heal, backlogs are extended, and order growth generally remains quite healthy.
Among the hedge funds being tracked by Insider Monkey, New York-based investment firm Pzena Investment Group is a leading shareholder in General Electric Company (NYSE:GE) with 13.8 million shares worth more than $852 million.
In its Q2 2022 investor letter, Longleaf Partners, an asset management firm, highlighted a few stocks and General Electric Company (NYSE:GE) was one of them. Here is what the fund said:
“General Electric Company (NYSE:GE) – Aviation, Healthcare and Power conglomerate GE was punished in the quarter amid top-down economic fears for this collection of seemingly cyclical businesses. However, the market is not giving the company credit for the material improvements CEO Larry Culp has made in his tenure. The balance sheet today is stronger than it has been in a very long time, and each of the three primary business segments each has strong paths to increasing earnings, regardless of the economic environment. Healthcare has historically not been a cyclical business. While Aviation typically has some economic sensitivity, the business still has a strong COVID rebound tailwind that should continue even in an uncertain environment. Power is a less cyclical business, and GE maintains a steady business servicing approximately one-third of the world’s electricity. GE is another example of strong insider buying indicating management’s confidence in the business, while the company also began buying back discounted shares. GE is still on track to break the company into three separate businesses, and we believe this will help the market properly weigh the value of each core segment.”
1. Tesla, Inc. (NASDAQ:TSLA)
Number of Hedge Fund Holders: 88
Tesla, Inc. (NASDAQ:TSLA) designs, develops, manufactures, leases, and sells electric vehicles, and energy generation and storage systems. On December 5, Tesla said that it is looking to reduce production at its Shanghai factory by 20%. The production cut, which will take effect as soon as this week, follows the EV maker’s assessment of its recent performance in the domestic market. The firm is a big player in the green energy space with a large solar business.
On November 23, Citi analyst Itay Michaeli upgraded Tesla, Inc. (NASDAQ:TSLA) stock to Neutral from Sell with a price target of $176, up from $141.33, noting that the year-to-date pullback in the shares has balanced out the near-term risk/reward.
At the end of the third quarter of 2022, 88 hedge funds in the database of Insider Monkey held stakes worth $7.4 billion in Tesla, Inc. (NASDAQ:TSLA), compared to 73 in the preceding quarter worth $7.2 billion.
In its Q2 2022 investor letter, Baron Funds, an asset management firm, highlighted a few stocks and Tesla, Inc. (NASDAQ:TSLA) was one of them. Here is what the fund said:
“In 2014, before we began to invest in Tesla (NASDAQ:TSLA), I called Roger to ask whether he thought Elon Musk’s electric car business would succeed. I did not believe that Roger, an owner of dealerships that sell cars powered by internal combustion engines (ICE) would likely have a favorable opinion of Tesla’s prospects. That was principally for two reasons:
First, automobile manufacturing and distribution is unusually complicated, capital intensive, and highly regulated, which makes profitability problematic;
second, cars with ICE motors require extensive annual maintenance, and dealer services revenues, not profits from automobile sales, are the most important contributor to profits of perpetual licensed ICE car dealerships.
Penske Automotive Group is principally an ICE car dealer. Since electric cars are powered by batteries and need little service, franchised dealerships are incented to sell ICE, not EV automobiles. Further, Roger had been a long-term director of General Motors. General Motors’ ICE automobile business would be disrupted if Tesla were successful. (click here to read more…)
You can also take a peek at 11 Best Micro-cap Dividend Stocks To Buy and 15 Best E-Commerce Stocks To Buy.
