5 Best Solar Energy Stocks to Buy for 2022

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

Number of Hedge Fund Holders: 27

Sunnova Energy International Inc. (NYSE:NOVA), an American provider of solar solutions to residential customers, announced earnings for the third quarter on October 27. The company posted a loss per share of $0.23, missing estimates by $0.06. Revenue over the period jumped 37.32% year-over-year to $68.9 million, exceeding estimates by $1.41 million. 

Riley analyst Christopher Souther on October 29 raised the price target on Sunnova Energy International Inc. (NYSE:NOVA) to $54 from $52 and kept a Buy rating on the shares after the “solid” Q3 results. The analyst observed that Sunnova Energy International Inc. (NYSE:NOVA)’s “demonstrated execution and bolstered balance sheet positions it well to meet or exceed its 2022+ goals.” He considers the stock to be the best way to invest in the residential solar sector heading into 2022.

By September end, 27 hedge funds were long Sunnova Energy International Inc. (NYSE:NOVA), up from 25 funds in the previous quarter. Jos Shaver’s Electron Capital Partners is the leading Sunnova Energy International Inc. (NYSE:NOVA) stakeholder from Q3 2021, holding a $48.55 million stake.