In this article, we discuss 5 best clean energy penny stocks to buy now. If you want to read about some more clean energy penny stocks, go directly to 10 Best Clean Energy Penny Stocks To Buy Now.
5. American Resources Corporation (NASDAQ:AREC)
Number of Hedge Fund Holders: 4
Share Price as of August 4: $2.31
American Resources Corporation (NASDAQ:AREC) is a resources firm that is expanding in the rare earth business. These rare earths are used in a variety of high-tech devices, including electric vehicles, that are reducing the reliance of the world on fossil fuels, hence paving the way for a sustainable future. In early June, the company announced that it had completed the first phase of commissioning of a rare earth element isolation and purification at a facility in Indiana. This allows the firm to move for initial production.
American Resources Corporation (NASDAQ:AREC) recently announced that it estimated second quarter revenue for 2022 to be in the $16 million range, up significantly from $9 million reported in the first quarter of 2022.
At the end of the first quarter of 2022, 4 hedge funds in the database of Insider Monkey held stakes worth $2.1 million in American Resources Corporation (NASDAQ:AREC), compared to 2 in the previous quarter worth $461,000.
4. Meta Materials Inc. (NASDAQ:MMAT)
Number of Hedge Fund Holders: 5
Share Price as of August 4: $0.92
Meta Materials Inc. (NASDAQ:MMAT) is a smart materials and photonics firm. The nano-composites developed by the firm serve a variety of industries, including aerospace, automotive, consumer electronics, communications, and energy. In the energy sector, the solar firms rely heavily on these nano-materials. Meta Materials is based in Canada and was founded in 2007. The company posted a revenue of over $4 million in 2021, up from $1.1 million in the previous year.
On May 10, Meta Materials Inc. (NASDAQ:MMAT) posted earnings for the first quarter of 2022, reporting a revenue of $2.97 million, up close to 300% compared to the revenue over the same period last year.
At the end of the first quarter of 2022, 5 hedge funds in the database of Insider Monkey held stakes worth $1.1 million in Meta Materials Inc. (NASDAQ:MMAT), compared to 4 in the preceding quarter worth $7 million. Among the hedge funds being tracked by Insider Monkey, Atlanta-based firm GMT Capital is a leading shareholder in Meta Materials Inc. (NASDAQ:MMAT), with 543,800 shares worth more than $908,000.
3. Sunworks, Inc. (NASDAQ:SUNW)
Number of Hedge Fund Holders: 7
Share Price as of August 4: $2.38
Sunworks, Inc. (NASDAQ:SUNW) markets photovoltaic and battery-based power and storage systems. The stock has benefited from soaring prices for solar cells in the past few months, primarily because of supply chain problems also affecting other industries. However, reports indicate that China, one of the largest producers of solar cells, is exploring ways to bring the prices of these cells under control. One of these ways is pushing mining firms towards lithium, an important material for the manufacture of solar cells, and away from coal.
In May, investment advisory Northland initiated coverage of Sunworks, Inc. (NASDAQ:SUNW) stock with an Outperform rating and a price target of $4.50. Analyst Donovan Schafer issued the ratings update.
At the end of the first quarter of 2022, 7 hedge funds in the database of Insider Monkey held stakes worth $4.8 million in Sunworks, Inc. (NASDAQ:SUNW), up from 6 in the previous quarter worth $4.4 million. Among the hedge funds being tracked by Insider Monkey, New York-based firm Millennium Management is a leading shareholder in Sunworks, Inc. (NASDAQ:SUNW), with 603,519 shares worth more than $1.5 million.
2. Uranium Energy Corp. (NYSE:UEC)
Number of Hedge Fund Holders: 12
Share Price as of August 4: $4.18
Uranium Energy Corp. (NYSE:UEC) extracts and processes lithium. In mid-June, the company announced that it had agreed to acquire peer UEX Corp in a deal worth C$234 million in stock. The deal, if it goes ahead, will create the largest uranium portfolio that is focused exclusively on the Americas. The former said the deal will double the amount of uranium resources it controls in a politically stable region while only diluting around 13.7% of the shares. It also provides the firm with an entry into rich uranium regions of Saskatchewan and Nunavut.
On June 15, Canaccord analyst Katie Lachapelle maintained a Speculative Buy rating on Uranium Energy Corp. (NYSE:UEC) stock and raised the price target to $6 from $5.5, noting that the UEX transaction was a net positive for the firm.
At the end of the first quarter of 2022,12 hedge funds in the database of Insider Monkey held stakes worth $39 million in Uranium Energy Corp. (NYSE:UEC), compared to 10 in the previous quarter worth $15 million. Among the hedge funds being tracked by Insider Monkey, London-based firm Marshall Wace LLP is a leading shareholder in Uranium Energy Corp. (NYSE:UEC), with 5.1 million shares worth more than $23 million.
1. Denison Mines Corp. (NYSE:DNN)
Number of Hedge Fund Holders: 16
Share Price as of August 4: $1.19
Denison Mines Corp. (NYSE:DNN) is a uranium exploration and development firm. On May 4, the company posted earnings for the first quarter of 2022, reporting earnings per share of C$0.05 and a revenue of C$413 million. The revenue was up 16,420% compared to the revenue over the same period last year. The firm also announced earlier this year that it had discovered high grade uranium deposits at the Athabasca Basin in Saskatchewan. The deposits were found during the winter 2022 exploration program.
In late May, TD Securities analyst Craig Hutchison upgraded Denison Mines Corp. (NYSE:DNN) stock to Speculative Buy from Hold with a price target of C$2.5, citing valuation as one of the prime reasons behind the upgrade.
At the end of the first quarter of 2022, 16 hedge funds in the database of Insider Monkey held stakes worth $40 million in Denison Mines Corp. (NYSE:DNN), compared to 17 in the preceding quarter worth $47 million. Among the hedge funds being tracked by Insider Monkey, New York-based firm Falcon Edge Capital is a leading shareholder in Denison Mines Corp. (NYSE:DNN), with 6.3 million shares worth more than $10 million.
You can also take a peek at 10 Penny Stocks Redditors are Buying in August and 10 Best Nickel Stocks to Buy Now.
