10 Best Solar Energy Stocks to Invest In

3. Array Technologies, Inc. (NASDAQ:ARRY)

Hedge Funds Holding Stakes: 30

Upside potential as of August 2, 2024: 71%

Array Technologies, Inc. (NASDAQ:ARRY) is a unique solar investment player as it manufactures and sells ground tracking systems for solar energy projects. Its flagship product is DuraTrack HZ v3, a single-axis tracker with a tracker system that delivers a lower energy cost. Its technology is increasingly used to turn solar panels towards the sun and move across the sky. Array Technologies, Inc. (NASDAQ:ARRY) delivered solid Q1 results, with revenues at $153.4 million, beating estimates of $140.1 million.

While the stock is down by about 35% for the year, analysts remain bullish about its long-term prospects, given the robust sales growth. Array Technologies, Inc. (NASDAQ:ARRY) boasts an average price target of $17.66, implying a 71% upside potential from current levels. According to Insider Monkey, 30 hedge funds held stakes in the company as of the end of the first quarter of 2024.