5 Most Undervalued Renewable Energy Stocks To Buy According To Analysts

4. Canadian Solar Inc. (NASDAQ:CSIQ)

PE Ratio as of March 21: 3.77

Average Upside Potential as of March 21: 42.02%

Number of Hedge Fund Holders: 10

Canadian Solar Inc. (NASDAQ:CSIQ) manufactures and sells solar photovoltaic modules, provides solar energy and battery storage solutions, and is engaged in developing utility-scale solar power and battery storage projects. According to the company’s website, it has more than 118GW solar module shipments and over 3.3GWh battery storage shipments. Moreover, the company has active customers in over 160 countries.

According to our database, 10 hedge funds held stakes in Canadian Solar Inc. (NASDAQ:CSIQ) in the fourth quarter of 2023, with positions worth $40.879 million. With 714,445 shares of the company, valued at $18.74 million, D E Shaw is the most prominent shareholder of the company as of December 31, 2023.

On March 20, Canadian Solar Inc. (NASDAQ:CSIQ) announced that it entered into an agreement to purchase a solar photovoltaic project portfolio in Spain’s Andalusia region from an unnamed seller. The portfolio has 4 projects, namely Rey I, II, III, and IV, and has a capacity of over 420 megawatt peak.

As of March 21, Canadian Solar Inc. (NASDAQ:CSIQ) has a PE ratio of 3.77. Additionally, in the past three months, the stock has received Buy ratings from 2 Wall Street analysts. As of March 21, the average price target of $26.73 has an upside of 42.02% from current levels.