10 Best Solar Energy Stocks to Invest In

4. Canadian Solar Inc. (NASDAQ:CSIQ)

Hedge Funds Holding Stakes: 11

Upside potential as of August 2, 2024: 65.41%

Canadian Solar Inc. (NASDAQ:CSIQ) is for investors who are eyeing exposure in the Canadian solar market. As a technology company, it develops solar energy and battery energy storage products and solutions.

Canadian Solar Inc. (NASDAQ:CSIQ) delivered net revenues of $1.33 billion in Q1 2024, and gross margins improved to 19% from 18% a year ago. The company is projecting $1.7 billion in sales in Q2. While the stock has been trading sideways in recent weeks, it is down by about 40%, making it a discount play among the ten best solar energy stocks to invest in.

Based on 6 Wall Street analysts offering 12-month price targets for Canadian Solar Inc. (NASDAQ:CSIQ) in the last three months, the average price target is $25.88, with a high forecast of $43.00 and a low forecast of $12.28. The average price target represents a 65.41% change from the last price of $16.58. 11 out of 920 hedge funds tracked in the Insider Monkey database held stakes in Canadian Solar Inc. (NASDAQ:CSIQ) as of the end of the first quarter.