5 Best Solar Stocks to Buy Now

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

Number of Hedge Fund Holders: 26

Array Technologies, Inc. (NASDAQ:ARRY) is an American company that provides a solar tracking system based on machine learning software that identifies optimal positions for a solar array to generate electricity. The company is headquartered in Albuquerque, New Mexico.

Array Technologies, Inc. (NASDAQ:ARRY) is a key supplier to the electric utility industry, and since California has mandated that all utilities have to be 100% carbon free by 2045, the company will continue to see strong demand for its products. Its trackers improve electricity output by 25%, and the tracker industry itself is expected to stand at $21 billion by 2028 – ensuring a strong market for its products. Following an acquisition earlier this year, Array Technologies, Inc. (NASDAQ:ARRY) is also the largest solar tracking company in the world.

Truist raised Array Technologies, Inc. (NASDAQ:ARRY)’s share price target to $23 from $13 in August 2022, outlining that while its recent quarterly performance was impressive, there is still some uncertainty about margins. Insider Monkey profiled 895 hedge funds for this year’s first quarter and discovered that 26 had held a stake in the company.

Out of these, Jos Shaver’s Electron Capital Partners is Array Technologies, Inc. (NASDAQ:ARRY)’s largest investor. It has a $59 million stake that comes through 5.3 million shares.