10 Best Renewable Energy Penny Stocks to Invest In

4. FTC Solar, Inc. (NASDAQ:FTCI)

Share Price as of May 28: $0.49

Number of Hedge Fund Holders: 10

FTC Solar, Inc. (NASDAQ:FTCI) is a solar technology company, engaged in the development of solar tracker systems, software, and engineering services across the world. Its solar tracker solutions include two-panel in-portrait (2P) and single-axis tracker solutions under the brand name Voyager. It also offers a one-module-in-portrait (1P) solar tracker solution under the Pioneer brand name. The company has an installed base of over 4.5 gigawatts. On May 10, the company released its financial results for the fiscal year 2023 and the first quarter of 2024. It reported a revenue of $127 million for the year 2023 and a backlog of $1.8 billion. Its contracted and awarded projects increased by $70 million reaching $1.8 billion in 2023, out of which contracted projects represent $485 million.

Its trackers provide improved performance and reliability, by dynamically optimizing solar panel orientation, at a market-competitive price. On May 13, HC Wainwright & Co. analyst Amit Dayal reiterated a buy rating on FTC Solar, Inc. (NASDAQ:FTCI) and maintained a price target of $1.5.

Based on Insider Monkey’s database, the stock was a part of 10 investors’ portfolios at the end of the first quarter of 2024, with positions worth $1.7 million. AQR Capital Management is the biggest shareholder in the company with stakes worth $476,508, as of March 31. It is ranked 4th on our list of the best renewable energy penny stocks to invest in.