In this article, we discuss the 5 best clean energy penny stocks to buy now. If you want to read our detailed analysis of these stocks, go directly to the 10 Best Clean Energy Penny Stocks To Buy Now.
5. Advent Technologies Holdings, Inc. (NASDAQ:ADN)
Number of Hedge Fund Holders: 11
Advent Technologies Holdings, Inc. (NASDAQ:ADN) operates as an advanced materials and technology firm. It markets critical components that determine the performance of hydrogen fuel cell systems. These fuel cell systems are a fast-growing sector within the clean energy market. Advent Technologies Holdings, Inc. (NASDAQ:ADN) joined the Russell 3000 Index in June 2021. In the same month, Advent Technologies Holdings, Inc. (NASDAQ:ADN) agreed to a €52 million deal to purchase the fuel cell systems business of Fischer Group.
Advent Technologies Holdings, Inc. (NASDAQ:ADN) has also recently signed a distribution and service agreement with Calscan Solutions. The deal will enhance the plans of the latter to offer fuel cell systems solutions to the oil and gas sector for their power needs.
Hedge funds seem bullish on Advent Technologies Holdings, Inc. (NASDAQ:ADN) as a new fiscal year begins. At the end of the third quarter of 2021, 11 hedge funds in the database of Insider Monkey held stakes worth $15 million in Advent Technologies Holdings, Inc. (NASDAQ:ADN).
4. Orbital Energy Group, Inc. (NASDAQ:OEG)
Number of Hedge Fund Holders: 6
Orbital Energy Group, Inc. (NASDAQ:OEG) provides electric power and solar infrastructure. The stock has soared in the past few months after an important acquisition and insider buying. In November, Orbital Energy Group, Inc. (NASDAQ:OEG) announced it had purchased electric infrastructure firm Front Line Power in a deal worth $218 million. The purchase could see the revenue of the former exceed $300 million in 2022. In December, the CEO of the firm, Jim O’Neil, purchased 165,000 Orbital Energy Group, Inc. (NASDAQ:OEG) shares in two days.
Orbital Energy Group, Inc. (NASDAQ:OEG) was also awarded a lucrative contract to build 1,910 miles of a rural broadband network in Virginia by telecom giant Charter Communications in late September. Orbital Energy Group, Inc. (NASDAQ:OEG) operates from Texas.
There has been significant hedge fund interest in Orbital Energy Group, Inc. (NASDAQ:OEG) in the past few months. At the end of the third quarter of 2021, 6 hedge funds in the database of Insider Monkey held stakes worth $3 million in Orbital Energy Group, Inc. (NASDAQ:OEG), up from 4 in the preceding quarter worth $4 million.
3. Sunworks, Inc. (NASDAQ:SUNW)
Number of Hedge Fund Holders: 8
Sunworks, Inc. (NASDAQ:SUNW) has been on the radar of hedge funds over the past few months. At the end of the third quarter of 2021, 8 hedge funds in the database of Insider Monkey held stakes worth $3.3 million in Sunworks, Inc. (NASDAQ:SUNW), up from 5 in the previous quarter worth $3.1 million. Sunworks, Inc. (NASDAQ:SUNW) markets photovoltaic-based power systems.
Sunworks, Inc. (NASDAQ:SUNW) stock has jumped amid the successful passage of the Biden Infrastructure Plan that extends tax breaks for clean energy firms and ramps up government spending in the sector. Analysts like Jefferies and have also touted the potential of stocks like Sunworks, Inc. (NASDAQ:SUNW) as a “revolution for a decarbonized world” in bullish analysis over the past few months.
2. Uranium Energy Corp. (NYSE:UEC)
Number of Hedge Fund Holders: 12
In addition to solar and wind companies, stocks like Uranium Energy Corp. (NYSE:UEC) are also central to the clean energy business since nuclear is fast becoming the go-to alternative for countries that want to decrease their reliance on fossil fuels for power consumption. Uranium Energy Corp. (NYSE:UEC) stock has been given an extra boost by the situation in Kazakhstan, one of the premier uranium producing countries in the world, where political events have forced business to come to a halt, this increasing prices.
HC Wainwright analyst Heiko Ihle recently maintained a Buy rating on Uranium Energy Corp. (NYSE:UEC) stock and raised the price target to $7 from $5.6, highlighting the purchase of Uranium One Americas by Uranium Energy Corp. (NYSE:UEC) in a bullish analysis.
At the end of the third quarter of 2021,12 hedge funds in the database of Insider Monkey held stakes worth $10 million in Uranium Energy Corp. (NYSE:UEC), compared to 14 in the previous quarter worth $9 million.
1. Denison Mines Corp. (NYSE:DNN)
Number of Hedge Fund Holders: 14
Denison Mines Corp. (NYSE:DNN) is a uranium exploration and development firm. The firm posted earnings for the third quarter in early November, reporting earnings per share of C$0.04, beating estimates by CS$0.05. The revenue over the period was C$9.4 million, up more than 248% year-on-year. The Kazakh situation, Sprott buying, and the announcement of a physical uranium fund have all helped push Denison Mines Corp. (NYSE:DNN) stock to record highs in recent months.
Hedge funds also seem largely bullish on Denison Mines Corp. (NYSE:DNN). At the end of the third quarter of 2021, 14 hedge funds in the database of Insider Monkey held stakes worth $41 million in Denison Mines Corp. (NYSE:DNN), up from 13 in the preceding quarter worth $19 million.
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