10 Best Renewable Energy Penny Stocks to Invest In

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1. Sunnova Energy International Inc. (NYSE:NOVA)

Share Price as of May 28: $4.31

Number of Hedge Fund Holders: 20

Sunnova Energy International Inc. (NYSE:NOVA) is ranked 1st on our list of the best renewable energy penny stocks to invest in. It is engaged in the provision of energy as a service, operations and maintenance, monitoring, repairs and replacements, equipment upgrades, on-site power optimization, and system diagnostics services. The company has operated a fleet of residential energy solar systems with a total generation capacity of 2.29 gigawatts, as of 2023.

The company recently released its financial results for the first quarter of 2024. The financial highlights for the quarter included an $18.09 million increase in unrestricted cash compared to the prior quarter. The company signed up 27,000 customers in the quarter, bringing the total customers of the company to 438,500. The company manages 2.6 gigawatts of power which is backed up by nearly 1.2 gigawatt hours of energy storage solutions. To date, the leading renewable energy company has partnered with 21,000 dealers and home installers all over the US.

Based on the consensus of 28 analysts as of May 28, Sunnova Energy International Inc. (NYSE:NOVA) has an overweight rating with an average price target of $10.5. Its average price forecast represents a 141.5% upside potential from its current price of $4.35.

According to Insider Monkey’s database, 20 hedge fund managers held stakes in Sunnova Energy International Inc. (NYSE:NOVA) at the end of Q1, with positions worth nearly $92 million. Of those, D E Shaw is the biggest shareholder in the company, with total stakes of over $47 million.

Follow Sunnova Energy International Inc. (NYSE:NOVA)

While we acknowledge the potential of these renewable energy stocks, our conviction lies in the belief that AI stocks hold greater promise for delivering higher returns, and doing so within a shorter timeframe. If you are looking for an AI stock that is more promising than NVIDIA but that trades at less than 5 times its earnings, check out our report about the cheapest AI stock.

Read Next:  Michael Burry Is Selling These Stocks and Jim Cramer is Recommending These Stocks

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