In this article, we discuss the 10 solar penny stocks to buy according to Reddit. If you want to skip our detailed analysis of these stocks, go directly to the 5 Solar Penny Stocks to Buy According to Reddit.
Solar companies have seen a business boom during the past few years as governments across the world incentivize the production and adoption of clean energy. The United States and China, two of the largest manufacturing nations in the world, are leading this transformation. The US government has allowed solar tax credits since 2006 while China recently announced that it would be boosting solar installations to 300 GW by the end of the year. According to a report by the International Energy Agency, the annual solar PV expansion will reach 162 GW by 2022.
One of the biggest advances in solar tech has been the improvement in efficiency of solar PV systems. According to EnergySage, an online comparison marketplace for solar technology, these changes are best understood by the fact that the cost of solar energy per watt in 1956 was about $300. This has now dropped down to about $3 per watt. Furthermore, the US energy department estimates that the cost of solar-powered electricity has dropped from 28 cents per kilowatt-hour to 6 cents per kilowatt-hour between 2010 and 2017.
The improvement in technology and the policies designed to encourage adoption of clean energy sources have spurred growth in the industry. Even big business is jumping aboard the trend. According to news platform CNBC, tech giant Apple was the top business in the US for solar adoption in 2019, using solar tech with a power of 393 MW to power data centres. Solar Energy Industries Association, a non-profit trade body, estimates that there are at least 10,000 companies in the US working on solar products.
The body recently released a report highlighting the trends within the solar industry this year. In the first quarter, the US market added 5 GW of solar capacity, an increase of 40% year-on-year and representing 58% of all new electricity-generating capacity. The body projects that the total operating fleet of solar PVs will reach 250 GW by the end of 2026. Investors should note these growth catalysts for the industry and jump on the opportunity to invest in solar firms that have tremendous growth potential in both the short and long term.
Some of the best solar companies to invest in right now are Tesla, Inc. (NASDAQ: TSLA), Duke Energy Corporation (NYSE: DUK), General Electric Company (NYSE: GE), and NextEra Energy, Inc. (NYSE: NEE), among others. However, for investors working on a budget, there are several cheaper options available as well that can offer the same kind of returns at much lower prices. Some of these are discussed below. The technology powering the revolution in energy has also affected other sectors of the economy, including the world of finance.
The entire hedge fund industry is feeling the reverberations of the changing financial landscape. Its reputation has been tarnished in the last decade, during which its hedged returns couldn’t keep up with the unhedged returns of the market indices. On the other hand, Insider Monkey’s research was able to identify in advance a select group of hedge fund holdings that outperformed the S&P 500 ETFs by more than 124 percentage points since March 2017. Between March 2017 and July 2021 our monthly newsletter’s stock picks returned 186.1%, vs. 100.1% for the SPY. Our stock picks outperformed the market by more than 115 percentage points (see the details here). That’s why we believe hedge fund sentiment is an extremely useful indicator that investors should pay attention to. You can subscribe to our free newsletter on our homepage to receive our stories in your inbox.
Our Methodology
With this context in mind, here is our list of the 10 solar penny stocks to buy according to Reddit. These were listed keeping in mind the popularity of these companies on Reddit forums. Basic business fundamentals and analyst ratings were given special consideration in the final selection as well.
Solar Penny Stocks to Buy According to Reddit
10. SunHydrogen, Inc. (OTC: HYSR)
SunHydrogen, Inc. (OTC: HYSR) is placed tenth on our list of 10 solar penny stocks to buy according to Reddit. The firm is based in California and makes and sells nano-particle systems powered by solar energy energy that separate hydrogen from water in a process that mimics photosynthesis. The firm was founded in 2009 and has a market cap of over $280 million. The 52-week price range of the stock lies between $0.02 and $0.34. The share price of the firm has jumped 54% over the past twelve months.
In September last year, SunHydrogen, Inc. (OTC: HYSR) announced that it had agreed to a capital infusion of $4 million from GHS Investments for the accelerated development of hydrogen production technology.
SunHydrogen, Inc. (OTC: HYSR) is a popular stock on Reddit forums in the clean energy category and the volume of the stock is 9,793,913. The short interest is 0.4% and the firm has a 238% return on equity.
Just like Tesla, Inc. (NASDAQ: TSLA), Duke Energy Corporation (NYSE: DUK), General Electric Company (NYSE: GE), and NextEra Energy, Inc. (NYSE: NEE), SunHydrogen, Inc. (OTC: HYSR) is one of the best energy stocks to buy now.
9. Solar Integrated Roofing Corporation (OTC: SIRC)
Solar Integrated Roofing Corporation (OTC: SIRC) is ranked ninth on our list of 10 solar penny stocks to buy according to Reddit. The company is headquartered in California and provides solar systems installation services. It also provides electric vehicle charging solutions and related electrical contracting work. It was founded in 2007. The company has a market cap of $165 million and posted more than $9 million in revenue last year. It was previously known as Landstar Development Group.
On August 3, Solar Integrated Roofing Corporation (OTC: SIRC) announced that it had achieved $10.5 million in preliminary sales in July. The sales figure represented a year-on-year growth of more than 600% for the firm.
On July 21, Solar Integrated Roofing Corporation (OTC: SIRC) had revealed plans to acquire Approved Home Pros. The company claimed the purchase would add $11 million in revenue and increase leads in the residential solar and roofing businesses.
In addition to Tesla, Inc. (NASDAQ: TSLA), Duke Energy Corporation (NYSE: DUK), General Electric Company (NYSE: GE), and NextEra Energy, Inc. (NYSE: NEE), Solar Integrated Roofing Corporation (OTC: SIRC) is one of the best energy stocks to buy now.
8. Solar Alliance Energy Inc. (OTC: SAENF)
Solar Alliance Energy Inc. (OTC: SAENF) is a Canadian company that provides energy solutions. It is placed eighth on our list of 10 solar penny stocks to buy according to Reddit. The stock has returned more than 1,011% to investors in the past year. In earnings results for the fiscal year, posted on April 30, the company reported that gross profit was C$914,000 and the revenue was C$3.5 million, up more than 59% compared to the revenue over the same period last year.
Solar Alliance Energy Inc. (OTC: SAENF) was founded in 2003 and has a market cap of over $57 million. The 52-week price range of the stock lies between $0.01 and $0.65. The volume is 17,617. The firm was formerly known as Finavera Solar Energy.
Solar Alliance Energy Inc. (OTC: SAENF) concentrates on the development and construction of commercial and industrial solar projects. In addition to solar solutions, the company also has stakes in the electric vehicle charging business.
Alongside Tesla, Inc. (NASDAQ: TSLA), Duke Energy Corporation (NYSE: DUK), General Electric Company (NYSE: GE), and NextEra Energy, Inc. (NYSE: NEE), Solar Alliance Energy Inc. (OTC: SAENF) is one of the best energy stocks to buy now.
7. Ascent Solar Technologies, Inc. (OTC: ASTI)
Ascent Solar Technologies, Inc. (OTC: ASTI) is a Colorado-based company that makes and sells photovoltaic electronic products and portable power applications. It is ranked seventh on our list of 10 solar penny stocks to buy according to Reddit. In earnings results for the second quarter, posted on August 9, the company reported a revenue of more than $0.3 million, up 666% compared to the revenue over the same period last year. Earlier in August, the company signed a $10 million funding agreement with the controlling shareholders.
Ascent Solar Technologies, Inc. (OTC: ASTI) has a market cap of over $367 million and posted $66,000 in revenue last year. It was founded in 2005. One of the premier products marketed by the company is solar chargers, used for both military and commercial purposes.
Ascent Solar Technologies, Inc. (OTC: ASTI) stock has been soaring amid mentions on Reddit forums and has registered a year-to-date gain of 8,575% so far. However, since the net losses for the company have widened year-on-year, there is a bearish outlook on the firm as well.
Tesla, Inc. (NASDAQ: TSLA), Duke Energy Corporation (NYSE: DUK), General Electric Company (NYSE: GE), and NextEra Energy, Inc. (NYSE: NEE) are some of the best energy stocks to buy now, just like Ascent Solar Technologies, Inc. (OTC: ASTI).
6. Enerkon Solar International, Inc. (OTC: ENKS)
Enerkon Solar International, Inc. (OTC: ENKS) is placed sixth on our list of 10 solar penny stocks to buy according to Reddit. The company is based in Florida and operates power plants and renewable energy systems. In addition to marketing these systems, the firm also operates as an engineering, planning, and construction contractor. It has a market cap of over $5 million and the volume is 29,910. The 52-week price range of the stock lies between $0.03 and $2.45. It was previously named Castle Holding Corporation.
On May 3, the share price of Enerkon Solar International, Inc. (OTC: ENKS) soared by close to 21% after it announced that it had bought 122 acres of commercial land for the development of a 20 MW solar and hydrogen plant.
As part of plans for the development of the plant, Enerkon Solar International, Inc. (OTC: ENKS) has opened talks with Siemens for the engineering, procurement, and construction of the project. This would be the first US-based utility scale production project of the company.
Tesla, Inc. (NASDAQ: TSLA), Duke Energy Corporation (NYSE: DUK), General Electric Company (NYSE: GE), and NextEra Energy, Inc. (NYSE: NEE) are some of the best energy stocks to buy now, alongside Enerkon Solar International, Inc. (OTC: ENKS).
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Disclosure. None. 10 Solar Penny Stocks to Buy According to Reddit is originally published on Insider Monkey.
