5 Cheap Solar Stocks to Buy

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

Number of Hedge Fund Holders: 29

Array Technologies, Inc. (NASDAQ:ARRY) is an American company that provides solar tracking systems. Its products can track the ideal positions for solar panel systems to achieve maximum production. As of December 19, the company is trading significantly below its IPO price and has shown growth at a considerable pace in recent quarters, and made it to the top 4 in our list of cheap solar stocks.

Array Technologies, Inc. (NASDAQ:ARRY) outperformed its Q3 EPS estimates by 8 cents and reported a non-GAAP net income per share of 18 cents. The company generated a revenue of $515 million in the quarter, showing a 173% increase from Q3 2021. Moreover, Array Technologies, Inc. (NASDAQ:ARRY) management raised its FY 2022 outlook to the range of $1.5 billion to $1.6 billion, compared to the previous $1.3 to $1.5 billion.

Wells Fargo analyst Michael Blum initiated Array Technologies, Inc. (NASDAQ:ARRY)’s coverage on December 6 with an Overweight rating. The analyst’s price target was $26 and he noted that he expects a revenue CAGR of 10% due to the government policies in favor of net-zero targets.