Are These Top Renewable Energy Stocks On Your October 2021 Watchlist?
Renewable energy is a core factor in the current global green wave. As such, it makes sense renewable energy stocks continue to turn heads in the stock market today. As most would know, numerous environmental factors are fueling the current momentum in this industry. With the climate crisis becoming increasingly irreversible, the push towards sustainable energy sources would become more urgent. Moreover, the cost of conventional sources of energy continues to skyrocket. To put things into perspective, global gas prices have reportedly tripled year-to-date, according to reports by CNBC.
Accordingly, all this would see governments, organizations, and investors across the globe continue to turn their attention towards clean energy. To begin with, automotive manufacturing titan Ford (NYSE: F) is looking to further bolster the sustainability of its operations. As of today, Ford is now working with Redwood Materials to recycle its electric vehicle (EV) batteries. Not only would this reduce the company’s carbon footprint, but it would also serve to optimize its operations. According to Ford COO Lisa Drake, the move reduces reliance on imported materials to build the batteries. Drake then said that this will, in turn, “reduce the mining of raw materials, which is going to be incredibly important in the future as we start to scale.”
Meanwhile, SunPower (NASDAQ: SPWR) recently received a rosy analyst update. Namely, analysts over at Evercore (NYSE: EVR) hit SPWR stock with an Outperform rating earlier today. The firm believes that SunPower could benefit from overall industry tailwinds given its current position in the sector. Having read this far, you might be keen on renewable energy stocks yourself. Should that be the case, here are three to know in the stock market now.
Best Renewable Energy Stocks To Watch This Week
- ChargePoint Holdings Inc. (NYSE: CHPT)
- Tesla Inc. (NASDAQ: TSLA)
- Enphase Energy Inc. (NASDAQ: ENPH)
ChargePoint Holdings Inc.
First up, we have an EV infrastructure company ChargePoint. With over a decade of experience, the company has been facilitating mass EV adoption with one of the largest charging networks in the world. It also has a very strong leadership position in North America and has a growing presence in Europe. The company continues to enjoy the growth that is largely proportional to the rapidly increasing EV market.
On September 1, 2021, the company reported its second-quarter financials. Notably, its quarterly revenue increased by 61% year-over-year to $56.1 million. It also announced the agreement to acquire European e-mobility technology provider has·to·be. Furthermore, it has also acquired eBus and commercial vehicle management provider ViriCiti. The company also introduced a global fleet charging portfolio and announced seamless charging integration in-vehicle and in-app with Mercedes-Benz USA.
Besides, the company raised its full-year revenue guidance by 15% from $225 million to $235 million. “ChargePoint’s strong second-quarter results demonstrate our continued growth and leadership in the electric revolution,” said Pasquale Romano, President, and CEO of ChargePoint. “We achieved record revenue, significantly grew our commercial, fleet and residential businesses, launched a charging integration with Mercedes, announced our agreement to acquire e-mobility technology provider has·to·be and acquired eBus and commercial vehicle management provider ViriCiti.” Given this exciting piece of news, will you consider adding CHPT stock to your watchlist?
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Tesla Inc.
Next up, we have Tesla, a renewable energy company that focuses on EVs and also its battery energy storage and solar panels. In 2020, the company was reported to have had the most sales of battery EVs and plug-in EVs. Also, through its subsidiary Tesla Energy, it is a major installer of photovoltaic systems in the U.S. In fact, Tesla Energy is also one of the largest global suppliers of battery energy storage systems, with 3 gigawatt-hours installed in 2020.
Recently, the company says that it is planning to ramp up the rollout of its Full Self-Driving (FSD) software to customers by the end of this week. Revenue from its FSD subscriptions could boost Tesla’s topline. Even though the FSD feature is meant to provide a degree of autonomy from driving tasks, Tesla will still require drivers to remain fully engaged with their vehicles. The company currently charges $199 per month for an upgrade from Basic Autopilot to FSD capability.
In July, the company also reported its second-quarter financials. Impressively, the company exceeded a $1 billion GAAP net income for the first time in its history. It also delivered over 200,000 vehicles during the quarter. Also, the company ended the quarter with $16.2 billion in cash and cash equivalents. With strong global vehicle demand, the company says that component supply will have a strong influence on the rate of its delivery growth for the year. Revenue for the quarter was $11.95 billion, almost doubling from a year earlier. With this piece of information, will you consider watching TSLA stock right now?
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Enphase Energy Inc.
Following that, we have Enphase Energy. For the most part, Enphase is a leading name in the solar energy home grid market now. This is evident given its cutting-edge software-driven home energy solutions. The likes of which range from solar generation and home energy storage to web-based monitoring and control. Simply put, Enphase provides homeowners with the tools to harness and manage solar energy in their daily lives. As a result, ENPH stock would be a name to know among renewable energy stocks now.
Shares of ENPH stock have enjoyed gains of over 115% in the past year. Despite its current momentum, Enphase does not appear to be slowing down anytime soon. Just yesterday, the company revealed that it will be participating in Hawaiian Electric’s Battery Bonus (HEBB) grid services program. In brief, the HEBB incentivizes the new installation of home batteries for locals. For each kilowatt of energy generated, applicants will eligible to receive $850. Overall, Enphase continues to support the overall adoption of home solar energy grid systems. Time will tell if this plays in its favor in the long term.
Not to mention, Enphase saw green across the board in its second fiscal quarter report back in July. In detail, the company saw its total revenue, net income, and earnings per share all skyrocket by over 150% year-over-year. For investors looking to bet on the consumer home grid trends, ENPH stock could be a viable play now. Would you agree?
