10 Best Green Energy Penny Stocks to Buy Now

4. TPI Composites (NASDAQ:TPIC)  

Number of Hedge Fund Holders: 15  

Market Capitalization as of September 4: $183.75 Million  

TPI Composites (NASDAQ:TPIC) is an industrial machinery development company and a leading manufacturer of composite wind blades for the wind energy market. TPI Composites (NASDAQ:TPIC) has long-term relationships with major original equipment manufacturers (OEMs) in the wind industry and has a global presence with factories in the U.S., Mexico, Turkey, and India. The company also operates engineering centers in Denmark and Germany and training centers in the U.S. and Spain.

In Q2, TPI Composites (NASDAQ:TPIC) reported a revenue of $309.8 million, representing a 19% decline compared to the same quarter in 2023. However, the company managed to narrow its net loss by 24%, reducing it to $61.5 million from the previous year’s second quarter due to the increased average sales price per wind blade, which rose from $179,000 in 2023 to $208,000 in 2024. The company anticipates full-year revenue of $1.3 billion to $1.4 billion, which, along with cost-saving initiatives, positions it for a return to positive adjusted EBITDA by the end of 2024.

According to Precedence Research, the global wind energy market size was $98.74 billion in 2024 and is expected to reach around $260.81 billion by 2034, expanding at a CAGR of 10.2%. As the global wind energy market continues to expand, TPI Composites (NASDAQ:TPIC) is well-positioned to capitalize on this trend. The company has ten manufacturing lines in startup or transition phases which will boost production capacity. The company is expecting utilization to improve to between 75% and 80% in 2024 which reflects higher demand for its products.

TPI Composites (NASDAQ:TPIC) is streamlining its operations, including the reorganization of production lines and the ramp-up of operations at previously idle facilities. These efforts are expected to boost operational efficiency and profitability. Industry analysts have a consensus on the stock’s Buy rating, setting an average share price target at $5.20, which represents a 28% upside potential from its current level. As of the second quarter, the stock is held by 15 hedge funds and the stakes amount to $34.14 million. Monarch Alternative Capital is the largest shareholder in the company with stocks worth $23.18 million as of June 30.