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Best Solar Stocks to Buy Now (2023)
Top solar stocks in 2023 ranked by overall Zen Score. See the best solar stocks to buy now, according to analyst forecasts for the solar industry.

Industry: Solar

Zen Score Price Valuation Financials Forecast Earnings & Revenue Dividends Ownership Technicals

Ticker	Company	Exchange	Industry	Market Cap	Price	1d %	EBITDA	P/E	D/E
ENPH	ENPHASE ENERGY INC	NASDAQ	Solar	$23.83B	$173.88	-0.14%	$642.28M	47.90x	2.49
SHLS	SHOALS TECHNOLOGIES GROUP INC	NASDAQ	Solar	$3.99B	$23.49	-1.30%	$180.87M	19.74x	0.60
CSIQ	CANADIAN SOLAR INC	NASDAQ	Solar	$2.70B	$41.80	-3.69%	N/A	8.55x	3.61
SEDG	SOLAREDGE TECHNOLOGIES INC	NASDAQ	Solar	$16.05B	$284.83	-3.71%	$318.48M	80.46x	0.91
JKS	JINKOSOLAR HOLDING CO LTD	NYSE	Solar	$2.11B	$41.91	-0.88%	$730.06M	23.10x	5.00
ARRY	ARRAY TECHNOLOGIES INC	NASDAQ	Solar	$3.34B	$22.17	-2.51%	$194.19M	1,108.50x	6.15
SPWR	SUNPOWER CORP	NASDAQ	Solar	$1.85B	$10.60	-2.84%	$101.14M	55.79x	1.97
FSLR	FIRST SOLAR INC	NASDAQ	Solar	$21.68B	$202.96	0.28%	$390.51M	520.41x	0.46
SOL	EMEREN GROUP LTD	NYSE	Solar	$201.92M	$3.35	-1.47%	$7.23M	N/A	0.30
MAXN	MAXEON SOLAR TECHNOLOGIES LTD	NASDAQ	Solar	$1.26B	$27.79	-1.66%	-$60.98M	-6.05x	17.46
BEEM	BEAM GLOBAL	NASDAQ	Solar	$127.83M	$11.88	1.54%	-$19.98M	-5.63x	0.88
SUNW	SUNWORKS INC	NASDAQ	Solar	$51.61M	$1.40	9.38%	-$20.38M	-1.82x	0.87
RUN	SUNRUN INC	NASDAQ	Solar	$3.80B	$17.64	-1.73%	$931.02M	160.36x	1.79
ISUN	ISUN INC	NASDAQ	Solar	$10.00M	$0.53	-3.81%	-$45.89M	-0.14x	2.68
FTCI	FTC SOLAR INC	NASDAQ	Solar	$308.28M	$2.76	2.99%	-$81.24M	-3.41x	1.04
NOVA	SUNNOVA ENERGY INTERNATIONAL INC	NYSE	Solar	$2.05B	$17.66	-0.11%	$135.66M	-9.76x	5.44
VVPR	VIVOPOWER INTERNATIONAL PLC	NASDAQ	Solar	$11.85M	$0.56	9.45%	-$14.78M	27.80x	3.22
SPI	SPI ENERGY CO LTD	NASDAQ	Solar	$3.60M	$1.19	-0.83%	-$19.35M	-0.89x	46.86

Solar Stocks FAQ

What are the best solar stocks to buy right now in Jun 2023?

According to Zen Score, the 3 best solar energy stocks to buy right now are:

1. Enphase Energy (NASDAQ:ENPH)

Enphase Energy (NASDAQ:ENPH) is the top solar stock with a Zen Score of 60, which is 24 points higher than the solar industry average of 36. It passed 20 out of 33 due diligence checks and has strong fundamentals. Enphase Energy has seen its stock lose -6.61% over the past year, underperforming other solar stocks by -24 percentage points.

Enphase Energy has an average 1 year price target of $267.75, an upside of 53.99% from Enphase Energy's current stock price of $173.88.

Enphase Energy stock has a consensus Buy recommendation according to Wall Street analysts. Of the 24 analysts covering Enphase Energy, 41.67% have issued a Strong Buy rating, 37.5% have issued a Buy, 16.67% have issued a hold, while 4.17% have issued a Sell rating, and 0% have issued a Strong Sell.

2. Shoals Technologies Group (NASDAQ:SHLS)

Shoals Technologies Group (NASDAQ:SHLS) is the second best solar stock with a Zen Score of 55, which is 19 points higher than the solar industry average of 36. It passed 19 out of 33 due diligence checks and has strong fundamentals. Shoals Technologies Group has seen its stock return 50.58% over the past year, overperforming other solar stocks by 34 percentage points.

Shoals Technologies Group has an average 1 year price target of $30.58, an upside of 30.2% from Shoals Technologies Group's current stock price of $23.49.

Shoals Technologies Group stock has a consensus Buy recommendation according to Wall Street analysts. Of the 12 analysts covering Shoals Technologies Group, 25% have issued a Strong Buy rating, 33.33% have issued a Buy, 33.33% have issued a hold, while 0% have issued a Sell rating, and 8.33% have issued a Strong Sell.

3. Canadian Solar (NASDAQ:CSIQ)

Canadian Solar (NASDAQ:CSIQ) is the third best solar stock with a Zen Score of 53, which is 17 points higher than the solar industry average of 36. It passed 16 out of 33 due diligence checks and has strong fundamentals. Canadian Solar has seen its stock return 30.38% over the past year, overperforming other solar stocks by 13 percentage points.

Canadian Solar has an average 1 year price target of $44.70, an upside of 6.94% from Canadian Solar's current stock price of $41.80.

Canadian Solar stock has a consensus Hold recommendation according to Wall Street analysts. Of the 6 analysts covering Canadian Solar, 16.67% have issued a Strong Buy rating, 16.67% have issued a Buy, 33.33% have issued a hold, while 0% have issued a Sell rating, and 33.33% have issued a Strong Sell.

Are solar stocks a good buy now?

50% of solar stocks rated by analysts are a buy right now. On average, analysts expect solar stocks to rise by 31.87% over the next year.

What is the average p/e ratio of the solar industry?

The average P/E ratio of the solar industry is 218.96x.

What are the most undervalued solar stocks?

Based on WallStreetZen's Valuation Score, the 3 most undervalued solar stocks right now are:

1. Canadian Solar (NASDAQ:CSIQ)

Canadian Solar (NASDAQ:CSIQ) is the most undervalued solar stock based on WallStreetZen's Valuation Score. Canadian Solar has a valuation score of 100, which is 64 points higher than the solar industry average of 36. It passed 7 out of 7 valuation due diligence checks.

Canadian Solar's stock has gained 30.38% in the past year. It has overperformed other stocks in the solar industry by 13 percentage points.

2. Jinkosolar Holding Co (NYSE:JKS)

Jinkosolar Holding Co (NYSE:JKS) is the second most undervalued solar stock based on WallStreetZen's Valuation Score. Jinkosolar Holding Co has a valuation score of 71, which is 35 points higher than the solar industry average of 36. It passed 5 out of 7 valuation due diligence checks.

Jinkosolar Holding Co's stock has dropped -31.6% in the past year. It has underperformed other stocks in the solar industry by -49 percentage points.

3. Vivopower International (NASDAQ:VVPR)

Vivopower International (NASDAQ:VVPR) is the third most undervalued solar stock based on WallStreetZen's Valuation Score. Vivopower International has a valuation score of 71, which is 35 points higher than the solar industry average of 36. It passed 5 out of 7 valuation due diligence checks.

Vivopower International's stock has dropped -62.18% in the past year. It has underperformed other stocks in the solar industry by -79 percentage points.

Why are solar stocks down?

Solar stocks were down -1.58% in the last day, and up 0.54% over the last week. Solaredge Technologies was the among the top losers in the solar industry, dropping -3.71% yesterday.

Shares of semiconductor and chip companies are trading lower as the sector pulls back following recent AI-driven momentum. Weak guidance from Ambarella has also weighed on the sector.

WallStreetZen does not provide financial advice and does not issue recommendations or offers to buy stock or sell any security.

Information is provided 'as-is' and solely for informational purposes and is not advice. WallStreetZen does not bear any responsibility for any losses or damage that may occur as a result of reliance on this data.