5 Best Solar Energy Stocks To Invest In Heading Into 2024

In this piece, we will take a look at the five best solar energy stocks to invest in heading into 2024. If you want to read about the latest trends in the industry, then head on over to 13 Best Solar Energy Stocks To Invest In Heading Into 2024.

5. Clearway Energy, Inc. (NYSE:CWEN)

Number of Hedge Fund Investors in Q2 2023: 29

Clearway Energy, Inc. (NYSE:CWEN) is a small American utility company headquartered in Princeton, New Jersey. The firm generates thousands of megawatts of electricity through renewable power plants which include solar facilities. Its shares saw considerable action in October after jumping by 10% during a single trading day, during the same period that Bank of America upgraded the rating to Buy from Hold.

As of Q2 2023 end, 29 out of the 910 hedge funds surveyed by Insider Monkey were Clearway Energy, Inc. (NYSE:CWEN)’s investors. Israel Englander’s Millennium Management is the biggest shareholder among these, owning one million shares that are worth $29 million.

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

Number of Hedge Fund Investors in Q2 2023: 32

Array Technologies, Inc. (NASDAQ:ARRY) sells hardware products that enable solar panels to track the Sun’s movements. Its second quarter results provided some breathtaking figures, as revenue jumped by nearly $100 million annually and the gross profit grew by 276%.

By the end of this year’s second quarter, 32 out of the 910 hedge funds polled by Insider Monkey had held a stake in the firm. Array Technologies, Inc. (NASDAQ:ARRY)’s largest investor is Jos Shaver’s Electron Capital Partners since it owns $121 million worth of shares.

3. SolarEdge Technologies, Inc. (NASDAQ:SEDG)

Number of Hedge Fund Investors in Q2 2023: 43

SolarEdge Technologies, Inc. (NASDAQ:SEDG) is a backend solar power firm that sells inverters and other associated products. The firm’s shares are rated Buy on average, and analysts have priced in a rather sizeable upside of $156 based on the average share price target of $276.

During this year’s June quarter, 43 hedge funds among the 910 surveyed by Insider Monkey were SolarEdge Technologies, Inc. (NASDAQ:SEDG)’s shareholders. D. E. Shaw’s D E Shaw is the biggest shareholder among these due to its $404 million investment.

2. Enphase Energy, Inc. (NASDAQ:ENPH)

Number of Hedge Fund Investors in Q2 2023: 50

Enphase Energy, Inc. (NASDAQ:ENPH) is one of the largest solar companies in the U.S. It provides micro inverters, batteries, and other solar power products. Even as investor sentiment around the solar industry becomes cautious, Enphase Energy, Inc. (NASDAQ:ENPH) has been performing well financially as it has beaten analyst EPS estimates in all four of its latest quarters.

Insider Monkey dug through 910 hedge funds for their shareholdings during 2023’s second quarter to find that 43 had invested in the company. Enphase Energy, Inc. (NASDAQ:ENPH)’s largest hedge fund investor is Philippe Laffont’s Coatue Management since it owns $102 million worth of shares.

1. First Solar, Inc. (NASDAQ:FSLR)

Number of Hedge Fund Investors in Q2 2023: 51

First Solar, Inc. (NASDAQ:FSLR) sells solar panels to industrial and other large scale users. The firm expanded its global footprint this year after it launched micro inverters for sale in South Africa.

50 out of the 910 hedge funds part of Insider Monkey’s Q2 2023 database hold a stake in First Solar, Inc. (NASDAQ:FSLR). Out of these, the biggest stakeholder is Robert Pohly’s Samlyn Capital since it owns 1.2 million shares that are worth $239 million.

Disclosure: None. You can also take a look at 12 Most Undervalued Blue Chip Stocks to Buy According to Hedge Funds and 25 Strongest Armies in the World in 2023.

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