Below is the list of the 5 Most Sold Clean Energy Stocks. For a detailed discussion about why hedge funds are selling and shorting clean energy stocks please see Hedge Funds Selling Energy Stocks: 10 Most Sold Clean Energy Stocks.
5. Brookfield Renewable Partners L.P. (NYSE:BEP)
Number of Fund Holders at the End of Q1: 17
Number of Fund Holders at the End of Q2: 13
Brookfield Renewable Partners L.P. (NYSE:BEP) provides renewable energy in North America and internationally through wind, hydroelectric, solar, pumped storage, and biomass sources. Like other players in the industry, its shares and financial numbers have been under pressure due to tough broader market conditions. Its stock price has fallen 13% in the last six months. Its revenue of $1.21 billion in the second quarter fell 5% year on year.
The number of hedge fund positions in Brookfield Renewable Partners fell from 17 in the first quarter of 2023 to 13 at the end of the second quarter. Robert Joseph Caruso’s Select Equity Group was among the largest stakeholders in the company. Caruso’s firm appears to be bullish on the company’s fundamentals, having increased its stake by 29% in the most recent quarter.
4. JinkoSolar Holding Co., Ltd. (NYSE:JKS)
Number of Fund Holders at the End of Q1: 16
Number of Fund Holders at the End of Q2: 12
Despite avoiding new tariffs imposed by the US government on some solar panel manufacturers due to their connection with China, JinkoSolar Holding Co., Ltd. (NYSE:JKS) has seen a 34% decline in share price year to date. Besides that controversy and broader challenging conditions, the company appears in a solid position. Its second-quarter revenue of $4.23 billion increased 31% quarter over quarter and 63% year over year. The revenue growth is attributed to an increase in module shipments.
As of the end of the second quarter, JinkoSolar was in 12 hedge fund portfolios, down from 15 in the previous quarter.
3. Enphase Energy, Inc. (NASDAQ:ENPH)
Number of Fund Holders at the End of Q1: 55
Number of Fund Holders at the End of Q2: 50
Enphase Energy, Inc. (NASDAQ:ENPH) shares have lost more than half of their value in the last year due to increased inventories and slowing demand. Its U.S. microinverter shipments are expected to fall 25% year on year in the fourth quarter of 2023 and 28% year on year in the first quarter of 2024. Previously, the company was expecting shipments to decline by 18% and 8%, respectively. Enphase Energy provides home energy solutions for the solar photovoltaic industry in the United States and around the world.
Hedge funds have also reduced their exposure to the company over the last two quarters. The number of hedge fund positions fell from 55 at the end of the first quarter of 2023 to 50 at the end of the second quarter. There were 62 hedge fund positions in the company at the end of 2022.
2. Sunnova Energy International Inc. (NYSE:NOVA)
Number of Fund Holders at the End of Q1: 27
Number of Fund Holders at the End of Q2: 19
Sunnova Energy International Inc. (NYSE:NOVA) has lost 54% of its share price value in the last year as it struggles to reduce losses. Its net loss increased to $100.8 million in the most recent quarter, up from $13.8 million in the same quarter last year, owing largely to an increase in interest expense as well as higher expenses. The business is having a difficult time funding its expansion plans as it has been reporting larger financial losses. Therefore, it attempts to raise money through public and private offerings.
The number of hedge fund positions in the company declined to 19 at the end of the second quarter from 27 at the end of the first quarter.
1. Shoals Technologies Group, Inc. (NASDAQ:SHLS)
Number of Fund Holders at the End of Q1: 34
Number of Fund Holders at the End of Q2: 24
Shoals Technologies Group, Inc. (NASDAQ:SHLS) is a provider of solutions and components for battery energy, solar, and charging applications. The company’s stock has also been under pressure, falling 16% year to date as a result of high interest rates and broader economic trends. On the positive side, the company is still generating record revenue and earnings. Its record second-quarter revenue of $119 million increased 62% year on year, while its order backlog increased 67% year on year.
However, it experienced one of the steepest drops in hedge fund interest in the second quarter. The number of hedge fund positions fell to 24 in the second quarter, compared to 34 in the previous quarter.
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