10 Cheap Clean Energy Stocks To Buy According to Hedge Funds

6. Array Technologies (NASDAQ:ARRY)  

Number of Hedge Fund Investors: 30  

Forward P/E Ratio as of September 8: 9.63

Array Technologies (NASDAQ:ARRY) manufactures and sells single-axis trackers for solar panels, which include steel supports, electric motors, gearboxes, and electronic controllers. These systems, enable solar panels to follow the sun’s movement throughout the day.

In Q1, Array Technologies (NASDAQ:ARRY) introduced the Hail Alert Response system. This system uses weather prediction algorithms to autonomously stow solar trackers about 30 minutes before a predicted hail event. The system is compatible with Array’s existing products and requires a SmarTrack Controller for effective operation.

In February, Array Technologies (NASDAQ:ARRY) confirmed a partnership with Alpuco in Saudi Arabia to supply locally sourced materials. This partnership benefits from domestic incentives and strengthens the company’s position in the Middle Eastern market. The region is expected to add nearly 70 GW of photovoltaic capacity by 2030, with Saudi Arabia alone aiming for 130 GW of renewable energy by 2030. This partnership has the potential to significantly boost Array Technologies’ (NASDAQ:ARRY) market expansion goals and grow its order book.

Array Technologies (NASDAQ:ARRY) is trading 9.63 times its earnings, which is a 48.70% discount compared to the sector median of 18.77. The stock was held by 30 hedge funds at the end of the first quarter with stakes worth $396.77 million. As of June 30, Hill City Capital is the largest shareholder in the company with a stake worth $136.61 million. Industry analysts have a consensus on the stock’s Buy rating, setting an average share price target at $13.73, which represents a 73.09% upside potential from its current level.