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Best Solar Stocks to Buy Now (2024)
Top solar stocks in 2024 ranked by overall Zen Score. See the best solar stocks to buy now, according to analyst forecasts for the solar industry.

Industry: Solar
Ticker
Company
Price
Valuation Score
Graham Fair Value
Graham Fair Value %
P/E
Forward P/E
P/S
P/B
PEG
Free Cash Flow
Free Cash Flow Yield
Book Value
BVPS
EV
EV/EBITDA
FSLR
FIRST SOLAR INC
$180.10$132.8735.54%23.15x26.60x5.80x2.88x0.70x-$784.52M-4.08%$6.69B62.62$17.86B14.73
ARRY
ARRAY TECHNOLOGIES INC
$11.94$15.79-24.39%20.95x9.87x1.14x6.97x0.33x$215.13M11.93%$259.25M1.72$2.24B8.56
CSIQ
CANADIAN SOLAR INC
$14.87$73.96-79.89%3.55x2.43x0.13x0.38x0.10x-$840.85M-86.50%$2.56B39.15$2.51BN/A
JKS
JINKOSOLAR HOLDING CO LTD
$22.88$69.84-67.24%2.48x3.17x0.07x0.43x0.42xN/AN/A$2.80B53.91$6.37BN/A
SHLS
SHOALS TECHNOLOGIES GROUP INC
$8.46$5.9741.76%35.25x9.61x2.84x2.64x0.64x$81.38M5.86%$545.00M3.32$1.60B18.41
ENPH
ENPHASE ENERGY INC
$113.48$43.23162.48%55.90x22.74x8.44x16.73x1.24x$404.45M2.62%$922.72M6.79$16.48B40.22
SOL
EMEREN GROUP LTD
$1.69N/AN/AN/A1.92x1.10x0.30xN/A-$38.51M-40.47%$322.34M5.73$94.04MN/A
SEDG
SOLAREDGE TECHNOLOGIES INC
$56.77$41.7935.83%93.07x5.96x1.08x1.34x0.52x-$350.64M-10.92%$2.41B42.65$3.62B37.41
BEEM
BEAM GLOBAL
$6.60N/AN/A-5.08x3.47x1.21x1.92xN/A-$14.24M-17.48%$49.54M4.01$86.11M-6.08
FTCI
FTC SOLAR INC
$0.42N/AN/A-0.95x-2.09x0.38x0.84xN/A-$53.47M-111.03%$62.47M0.54$28.27M-0.58
NXT
NEXTRACKER INC
$44.42N/AN/AN/AN/A1.21x-1.95xN/A$348.39M12.63%-$3.12B-50.19$5.84B15.39
MAXN
MAXEON SOLAR TECHNOLOGIES LTD
$1.96N/AN/A-0.55x-1.90x0.08x0.61xN/A-$201.25M-209.85%$169.85M3.47$330.48M-10.13
SPRU
SPRUCE POWER HOLDING CORP
$4.31N/AN/A-1.20xN/A0.99x0.37xN/A-$27.86M-35.15%$212.34M11.55$531.60M-230.23
SPWR
SUNPOWER CORP
$1.96N/AN/A-2.88x3.06x0.19x0.81xN/A-$180.53M-52.55%$422.61M2.41$579.10M-13.09
RUN
SUNRUN INC
$10.27N/AN/A-1.39x-20.14x0.98x0.43xN/A-$3.43B-154.11%$5.23B24.14$12.32B-28.49
TYGO
TIGO ENERGY INC
$1.02N/AN/A-12.75xN/A0.27x0.97xN/A-$39.34M-101.37%$62.82M1.65$59.06M6.30
SPI
SPI ENERGY CO LTD
$0.53N/AN/A-0.57xN/A0.08x1.32xN/A-$5.23M-32.19%$12.55M0.41$74.55M-10.93
ISUN
ISUN INC
$0.15N/AN/AN/A4.97x0.04x0.54xN/A-$9.39M-236.24%$13.12M0.49$20.09M-1.44
NOVA
SUNNOVA ENERGY INTERNATIONAL INC
$3.92N/AN/A-1.11x-3.60x0.64x0.31xN/A-$2.07B-446.28%$1.53B12.90$7.78B57.74
PEGY
PINEAPPLE ENERGY INC
$0.06N/AN/A-0.07xN/A0.01x0.18xN/A-$1.32M-231.58%$20.44M2.04$18.03M-82.30
TURB
TURBO ENERGY SA
$1.15N/AN/A-5.35xN/A0.84x2.24xN/A$166.47k1.39%$5.65M0.55$16.35M-5.86
VVPR
VIVOPOWER INTERNATIONAL PLC
$3.60N/AN/A-16.36xN/A0.76x-2.30xN/A-$5.75M-61.94%-$4.04M-1.57$41.93M-3.53
ASTI
ASCENT SOLAR TECHNOLOGIES INC
$0.10N/AN/A-0.00xN/A0.23x-0.25xN/A-$13.39M-12,810.78%-$1.53M-1.49$3.32M-0.23

Solar Stocks FAQ

What are the best solar stocks to buy right now in Apr 2024?

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

1. First Solar (NASDAQ:FSLR)


First Solar (NASDAQ:FSLR) is the top solar stock with a Zen Score of 64, which is 32 points higher than the solar industry average of 32. It passed 21 out of 33 due diligence checks and has strong fundamentals. First Solar has seen its stock lose -14.2% over the past year, overperforming other solar stocks by 41 percentage points.

First Solar has an average 1 year price target of $226.73, an upside of 25.89% from First Solar's current stock price of $180.10.

First Solar stock has a consensus Strong Buy recommendation according to Wall Street analysts. Of the 15 analysts covering First Solar, 73.33% have issued a Strong Buy rating, 26.67% have issued a Buy, 0% have issued a hold, while 0% have issued a Sell rating, and 0% have issued a Strong Sell.

2. Array Technologies (NASDAQ:ARRY)


Array Technologies (NASDAQ:ARRY) is the second best solar stock with a Zen Score of 58, which is 26 points higher than the solar industry average of 32. It passed 18 out of 33 due diligence checks and has strong fundamentals. Array Technologies has seen its stock lose -45.48% over the past year, overperforming other solar stocks by 10 percentage points.

Array Technologies has an average 1 year price target of $19.83, an upside of 66.11% from Array Technologies's current stock price of $11.94.

Array Technologies stock has a consensus Buy recommendation according to Wall Street analysts. Of the 12 analysts covering Array Technologies, 50% have issued a Strong Buy rating, 0% have issued a Buy, 50% have issued a hold, while 0% have issued a Sell rating, and 0% 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 57, which is 25 points higher than the solar industry average of 32. It passed 18 out of 33 due diligence checks and has strong fundamentals. Canadian Solar has seen its stock lose -62.84% over the past year, underperforming other solar stocks by -8 percentage points.

Canadian Solar has an average 1 year price target of $27.01, an upside of 81.67% from Canadian Solar's current stock price of $14.87.

Canadian Solar stock has a consensus Hold recommendation according to Wall Street analysts. Of the 7 analysts covering Canadian Solar, 14.29% have issued a Strong Buy rating, 14.29% have issued a Buy, 42.86% have issued a hold, while 0% have issued a Sell rating, and 28.57% have issued a Strong Sell.

What are the solar stocks with highest dividends?

Out of 1 solar stocks that have issued dividends in the past year, the 1 solar stocks with the highest dividend yields are:

1. Jinkosolar Holding Co (NYSE:JKS)


Jinkosolar Holding Co (NYSE:JKS) has an annual dividend yield of 6.56%, which is the same as the solar industry average of 6.56%.

Jinkosolar Holding Co's dividend payout ratio of 16.3% indicates that its high dividend yield is sustainable for the long-term.

Why are solar stocks up?

Solar stocks were up 2.57% in the last day, and up 2.03% over the last week. Enphase Energy was the among the top gainers in the solar industry, gaining 2.69% yesterday.

Enphase Energy shares are trading lower after the company reported worse-than-expected Q1 financial results and issued Q2 revenue guidance below estimates.

What are the most undervalued solar stocks?

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

1. Array Technologies (NASDAQ:ARRY)


Array Technologies (NASDAQ:ARRY) is the most undervalued solar stock based on WallStreetZen's Valuation Score. Array Technologies has a valuation score of 86, which is 59 points higher than the solar industry average of 27. It passed 6 out of 7 valuation due diligence checks.

Array Technologies's stock has dropped -45.48% in the past year. It has overperformed other stocks in the solar industry by 10 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 44 points higher than the solar industry average of 27. It passed 5 out of 7 valuation due diligence checks.

Jinkosolar Holding Co's stock has dropped -50.26% in the past year. It has overperformed other stocks in the solar industry by 5 percentage points.

3. Canadian Solar (NASDAQ:CSIQ)


Canadian Solar (NASDAQ:CSIQ) is the third most undervalued solar stock based on WallStreetZen's Valuation Score. Canadian Solar has a valuation score of 71, which is 44 points higher than the solar industry average of 27. It passed 5 out of 7 valuation due diligence checks.

Canadian Solar's stock has dropped -62.84% in the past year. It has underperformed other stocks in the solar industry by -8 percentage points.

Are solar stocks a good buy now?

37.5% of solar stocks rated by analysts are a strong buy right now. On average, analysts expect solar stocks to rise by 37.55% 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 32.04x.
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.