10 Best Clean Energy Stocks According to Reddit

6. Nextracker (NASDAQ:NXT)  

Number of Hedge Fund Holders: 39  

Market Capitalization as of September 4: $5.48 Billion

Nextracker (NASDAQ:NXT) provides solar tracking solutions for utility-scale and distributed generation projects. Since its IPO in 2023, the company has delivered impressive double-digit returns due to its robust market position and the overall growth of the solar energy market.

According to Precedence Research, the global solar power market was valued at $269.07 billion in 2024 and is forecasted to reach around $495.12 billion by 2034, expanding at a CAGR of 6% from 2024 to 2034. Nextracker’s (NASDAQ:NXT) financial health is strong as of June, the company held $472 million in cash and short-term investments, and its debt-to-capital ratio has improved from 24% in 2023 to 11% in 2024. Given the solar power sector’s projected growth, Nextracker (NASDAQ:NXT) is well-positioned to continue its strong performance, providing potential for sustained revenue growth and profitability in the coming years.

Nextracker (NASDAQ:NXT) stock is trading at a forward PE of 12.12, a 37% discount to its sector. Industry analysts have a consensus on the stock’s Buy rating, setting an average share price target at $59.93, which represents a 46.14% upside potential from its current level. As of the second quarter, the stock is held by 39 hedge funds and the stakes amount to $672.68 million.