11 Best Solar Energy Stocks to Buy According to Hedge Funds

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

No. of Hedge Fund Holders: 31

Array Technologies, Inc. (NASDAQ:ARRY) is a leading global provider of solar tracking technology to utility-scale and distributed generation customers, who construct, develop, and operate solar PV sites. The company has supplied more than 20,000 trackers to residential customers and more than 2 gigawatts to commercial and utility-scale markets around the globe.

Array Technologies, Inc. (NASDAQ:ARRY) reported a revenue of $275.23 million in Q4 2024, down by 19.43% but still above market expectations by $5.87 million. However, the company’s adjusted EPS of $0.16 fell slightly below estimates by $0.01. Despite the drop in revenue, Array finished 2024 with an orderbook of $2 billion, up 10% YoY. Moreover, it generated $135 million of free cash flow in FY 2024, ending the year with a strong cash balance of $364 million.

Array Technologies, Inc. (NASDAQ:ARRY) is on track to provide 100% of its domestic content trackers in the first half of 2025, making it eligible for domestic content benefits, especially in the current geoeconomic landscape. The strategic move will be made possible with the commissioning of the company’s manufacturing facility in New Mexico, at which it began construction in April 2024.