In this article, we will take a look at the 5 cheap renewable energy stocks to buy now. To see more such companies, go directly to 10 Cheap Renewable Energy Stocks to Buy Now.
5. SolarEdge Technologies, Inc. (NASDAQ:SEDG)
Number of Hedge Fund Holders: 43
One-Year Average Price Estimate: $366.99
Israel-based SolarEdge Technologies, Inc. (NASDAQ:SEDG) ranks 5th in our list of cheap renewable energy stocks according to analysts. SolarEdge Technologies, Inc. (NASDAQ:SEDG) sells solar inverters for photovoltaic arrays.
In February, SolarEdge Technologies, Inc. (NASDAQ:SEDG) posted upbeat Q4 results. Adjusted EPS in the period came in at $2.86, beating estimates by $1.27. Revenue in the quarter jumped 61.4% year over year to reach $890 million, beating estimates by $11.64 million.
SolarEdge Technologies, Inc. (NASDAQ:SEDG) said its revenue from the solar segment was $837.0 million, a record.
Out of the 943 hedge funds tracked by Insider Monkey, 43 hedge funds had stakes in t SolarEdge Technologies, Inc. (NASDAQ:SEDG). The total worth of these stakes was $1.3 billion. The most significant hedge fund stakeholder of SolarEdge Technologies, Inc. (NASDAQ:SEDG) was Richard Mashaal’s Rima Senvest Management which has a $215 million stake in the company.
4. Constellation Energy Corporation (NASDAQ:CEG)
Number of Hedge Fund Holders: 51
One-Year Average Price Estimate: $97.92
Constellation Energy Corporation (NASDAQ:CEG) is one of the cheap renewable energy stocks according to analysts. Constellation Energy Corporation (NASDAQ:CEG) was trading at around $76.5 as of April 6 morning, while its one-year average analyst price estimate is $97.92. This shows a strong upside potential.
Constellation Energy Corporation (NASDAQ:CEG) recently announced that hydrogen production has started at its Nine Mile Point Nuclear Plant in New York.
As of the end of the fourth quarter of 2022, 51 hedge funds tracked by Insider Monkey were bullish on Constellation Energy Corporation (NASDAQ:CEG). The total worth of these hedge funds’ stakes was $2.4 billion. The biggest hedge fund stakeholder of Constellation Energy Corporation (NASDAQ:CEG) was William B. Gray’s Orbis Investment Management which owns a $357 million stake.
Alger Capital made the following comment about Constellation Energy Corporation (NASDAQ:CEG) in its Q3 2022 investor letter:
“Constellation Energy Corporation (NASDAQ:CEG) is America’s leading clean energy company, based on carbon-free production. The company is the largest supplier of clean energy and sustainable solutions to homes, businesses, governments, community aggregations, and a range of wholesale customers (such as municipalities, cooperatives, and other end markets) across the continental U.S., backed by approximately 32,400 megawatts of generating capacity consisting of nuclear, wind, solar, natural gas and hydroelectric assets. Constellation produces nearly 10% of the nation’s carbon-free energy.
Shares outperformed during the third quarter primarily due to the Inflation Reduction Act (IRA). Signed into law in august, the bill provides a nuclear production tax credit of approximately $43.75 per megawatt hour of energy generated. This credit favorably impacted earnings, resulting in an increase in Constellation’s share price.”
3. NextEra Energy, Inc. (NYSE:NEE)
Number of Hedge Fund Holders: 61
One-Year Average Price Estimate: $94.85
Morgan Stanley recently shared its best long-term stocks to buy list. NextEra Energy, Inc. (NYSE:NEE) was in the list, as the firm sees prospects for NextEra to “be among the leaders in building out these new markets and capturing attractive low-risk returns.” The firm has a $97 price target on NextEra Energy, Inc. (NYSE:NEE).
As of the end of the last quarter of 2022, 61 hedge funds tracked by Insider Monkey had stakes in NextEra Energy, Inc. (NYSE:NEE). The total value of these hedge funds was $2.1 billion. The biggest hedge fund stakeholder of NextEra Energy, Inc. (NYSE:NEE) was Phill Gross and Robert Atchinson’s Adage Capital Management $169 million.
2. Enphase Energy, Inc. (NASDAQ:ENPH)
Number of Hedge Fund Holders: 63
One-Year Average Price Estimate: $294.00
Enphase Energy, Inc. (NASDAQ:ENPH)’s one-year average price target estimate by analysts stands at $294, which presents an attractive upside potential from the current levels. Recently, Goldman Sachs shared a list of high-margin growth stocks. Enphase Energy, Inc. (NASDAQ:ENPH) was in the list. Goldman said that its “Long Duration basket has outperformed the Short Duration basket by 6 pp YTD”. The firm said that this has created an “asymmetry” that supports its thesis to own high-margin growth stocks versus low-margin growth stocks.
As of the end of the fourth quarter of 2022, 63 hedge funds tracked by Insider Monkey had stakes in Enphase Energy, Inc. (NASDAQ:ENPH). The total value of these hedge funds’ stakes was $2.2 billion.
ClearBridge Investments made the following comment about Enphase Energy, Inc. (NASDAQ:ENPH) in its Q3 2022 investor letter:
“In IT, Enphase Energy, Inc. (NASDAQ:ENPH) delivered a strong quarter driven by secular growth in global rooftop solar, increased penetration into Europe, where demand accelerated, and a continued ramp up in battery storage sales. Also with a strong presence in the U.S., Enphase Energy designs and manufactures microinverters for residential and small commercial solar PV systems and has made strides in evolving from a solar inverter maker into a “home energy management” company that can act as the brains for the home’s energy system, including microinverters for solar, as well as storage and energy management software.”
1. Tesla, Inc. (NASDAQ:TSLA)
Number of Hedge Fund Holders: 91
One-Year Average Price Estimate: $199.16
According to data compiled by CNN Business, 35 analysts have a median price target of $218 for Tesla, Inc. (NASDAQ:TSLA). According to Yahoo Finance, Tesla, Inc. (NASDAQ:TSLA)’s one-year average analyst price estimate is $199.16. Cathie Wood, one of the biggest Tesla, Inc. (NASDAQ:TSLA) bulls, believes the stock could reach $500 by 2026.
Hedge funds are also bullish on Tesla, Inc. (NASDAQ:TSLA). Insider Monkey’s database of 943 hedge funds shows that 91 hedge funds had stakes in Tesla, Inc. (NASDAQ:TSLA). The biggest stakeholder of Tesla, Inc. (NASDAQ:TSLA) was Ken Griffin’s Citadel Investment Group which had a $926 million stake in Tesla, Inc. (NASDAQ:TSLA).
Latest data shows that Tesla, Inc. (NASDAQ:TSLA) sold 88,869 China-made EVs in March, which shows a 35% YoY increase.
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