In this piece, we will take a look at the five worst performing utility stocks in 2023. If you want to take a look at our contrast between the utility sector’s performance this year and the last, then head on over to 15 Worst Performing Utility Stocks in 2023.
5. Advent Technologies Holdings, Inc. (NASDAQ:ADN)
Year to Date Share Price Losses: 49.52%
Advent Technologies Holdings, Inc. (NASDAQ:ADN) is a backend utility company that manufactures both the products used in hydrogen fuel cells and the fuel cells themselves.
Insider Monkey dug through 943 hedge fund portfolios for their March quarter of 2023 shareholdings and discovered that five had held Advent Technologies Holdings, Inc. (NASDAQ:ADN)’s shares.
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Follow Advent Technologies Holdings Inc.
4. Smart Powerr Corp. (NASDAQ:CREG)
Year to Date Share Price Losses: 49.81%
Smart Powerr Corp. (NASDAQ:CREG) is a Chinese recycling company. Its share price drop this year has landed the company into trouble with the NASDAQ exchange, and Smart Powerr Corp. (NASDAQ:CREG) only recently regained compliance.
As March ended, four of the 943 hedge funds part of Insider Monkey’s research had invested in Smart Powerr Corp. (NASDAQ:CREG). Ken Griffin’s Citadel Investment Group is the largest shareholder due to its $82.5 million investment.
Follow China Recycling Energy Corp (NASDAQ:CREG)
Follow China Recycling Energy Corp (NASDAQ:CREG)
3. Fusion Fuel Green PLC (NASDAQ:HTOO)
Year to Date Share Price Losses: 53.93%
Fusion Fuel Green PLC (NASDAQ:HTOO) is an Ireland-based company that supplies hydrogen to companies in different countries. Its latest contract is with a Spanish customer to supply more than a hundred tons of hydrogen to an industrial group each year.
Insider Monkey’s Q1 2023 survey of 943 hedge funds revealed that three had invested in Fusion Fuel Green PLC (NASDAQ:HTOO). Michael Kaufman’s MAK Capital One is the firm’s largest shareholder since it owns a $4.9 million stake in the firm.
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Follow Fusion Fuel Green Plc
2. Heliogen, Inc. (NYSE:HLGN)
Year to Date Share Price Losses: 61.93%
Heliogen, Inc. (NYSE:HLGN) is one of the more interesting utility companies on our list. The firm provides heat to its customers, by using a series of mirrors that are optimized through proprietary software to focus the Sun’s energy on a singular point. Additionally, Heliogen, Inc. (NYSE:HLGN) also generates power from sunlight and sells it to corporate and industrial users.
During 2023’s March quarter, 16 of the 943 hedge funds part of Insider Monkey’s database had bought Heliogen, Inc. (NYSE:HLGN)’s shares.
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Follow Heliogen Inc.
1. Via Renewables, Inc. (NASDAQ:VIA)
Year to Date Share Price Losses: 62.59%
Via Renewables, Inc. (NASDAQ:VIA) sells electricity and gas to more than three hundred thousand customers in nearly 20 American states. The firm reported strong second quarter results as its earnings grew by more than $6 million along with a $10 million or roughly 29% annual revenue growth.
After digging through 943 hedge funds for this year’s first quarter, Insider Monkey discovered that three had held a stake in Via Renewables, Inc. (NASDAQ:VIA).
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Follow Via Renewables Inc. (NASDAQ:VIA)
Disclosure: None. You can also take a look at Gen Z’s 25 Favorite Brands in 2023 and 10 Most Profitable Small Businesses in 2023.
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