In this article, we discuss the 5 best solar power stocks to invest in according to financial media. If you want to read our detailed analysis of these stocks, go directly to 12 Best Solar Power Stocks To Invest In According to Financial Media.
5. Enphase Energy, Inc. (NASDAQ:ENPH)
Number of Hedge Fund Holders: 40
Number of Times Stock Appeared in Top Picks of Financial Media: 5
Enphase Energy, Inc. (NASDAQ:ENPH) markets home energy solutions and has operations across the world. On December 19, investment advisory Piper Sandler maintained a Neutral rating on Enphase Energy, Inc. (NASDAQ:ENPH) stock and raised the price target to $120 from $75.
At the end of the third quarter of 2023, 40 hedge funds in the database of Insider Monkey held stakes worth $521 million in Enphase Energy, Inc. (NASDAQ:ENPH), compared to 50 the preceding quarter worth $772 million.
4. Shoals Technologies Group, Inc. (NASDAQ:SHLS)
Number of Hedge Fund Holders: 33
Number of Times Stock Appeared in Top Picks of Financial Media: 6
Shoals Technologies Group, Inc. (NASDAQ:SHLS) provides electrical balance of system (EBOS) solutions and components for solar, battery energy, and electric vehicle charging applications. On December 19, investment advisory Piper Sandler maintained an Overweight rating on Shoals Technologies Group, Inc. (NASDAQ:SHLS) stock and lowered the price target to $20 from $28.
At the end of the third quarter of 2023, 33 hedge funds in the database of Insider Monkey held stakes worth $349 million in Shoals Technologies Group, Inc. (NASDAQ:SHLS), compared to 24 in the preceding quarter worth $394 million.
In its Q3 2023 investor letter, ClearBridge Investments, an asset management firm, highlighted a few stocks and Shoals Technologies Group, Inc. (NASDAQ:SHLS) was one of them. Here is what the fund said:
“Solar energy technology companies SolarEdge and Shoals Technologies Group, Inc. (NASDAQ:SHLS), meanwhile, saw headwinds from destocking in the U.S. and Europe. U.S. demand could slow further due to new net metering rules that reduce the value to consumers from sending excess residential solar energy back to the grid. SolarEdge, which makes inverters for solar systems as well as residential and commercial battery systems, is also facing rising battery competition in the U.S. from Tesla.”
3. Array Technologies, Inc. (NASDAQ:ARRY)
Number of Hedge Fund Holders: 40
Number of Times Stock Appeared in Top Picks of Financial Media: 6
Array Technologies, Inc. (NASDAQ:ARRY) manufactures and sells ground-mounting tracking systems used in solar energy projects. On December 8, investment advisory Morgan Stanley maintained an Equal Weight rating on Array Technologies, Inc. (NASDAQ:ARRY) stock and lowered the price target to $19 from $23.
Among the hedge funds being tracked by Insider Monkey, New York-based investment firm Electron Capital Partners is a leading shareholder in GameStop Corp. (NYSE:GME) with 6.1 million shares worth more than $135 million.
2. SolarEdge Technologies, Inc. (NASDAQ:SEDG)
Number of Hedge Fund Holders: 27
Number of Times Stock Appeared in Top Picks of Financial Media: 7
SolarEdge Technologies, Inc. (NASDAQ:SEDG) markets semiconductor equipment to the solar industry. On December 7, investment advisory Roth MKM maintained a Neutral rating on SolarEdge Technologies, Inc. (NASDAQ:SEDG) stock and raised the price target to $80 from $60.
Among the hedge funds being tracked by Insider Monkey, London-based investment firm Impax Asset Management is a leading shareholder in SolarEdge Technologies, Inc. (NASDAQ:SEDG) with 939,386 shares worth more than $121 million.
In its Q3 2023 investor letter, ClearBridge Investments, an asset management firm, highlighted a few stocks and SolarEdge Technologies, Inc. (NASDAQ:SEDG) was one of them. Here is what the fund said:
“Solar energy technology companies SolarEdge Technologies, Inc. (NASDAQ:SEDG) and Shoals, meanwhile, saw headwinds from destocking in the U.S. and Europe. U.S. demand could slow further due to new net metering rules that reduce the value to consumers from sending excess residential solar energy back to the grid. SolarEdge, which makes inverters for solar systems as well as residential and commercial battery systems, is also facing rising battery competition in the U.S. from Tesla.”
1. First Solar, Inc. (NASDAQ:FSLR)
Number of Hedge Fund Holders: 49
Number of Times Stock Appeared in Top Picks of Financial Media: 7
First Solar, Inc. (NASDAQ:FSLR) provides solar energy solutions. On December 14, investment advisory Jefferies initiated coverage of First Solar, Inc. (NASDAQ:FSLR) stock with a Buy rating and a price target of $211.
At the end of the third quarter of 2023, 49 hedge funds in the database of Insider Monkey held stakes worth $1 billion in First Solar, Inc. (NASDAQ:FSLR), compared to 51 in the preceding quarter worth $884 million.
You can also take a peek at 15 Best Cybersecurity Stocks To Buy and 25 Smartest Countries in the World.
