The solar industry could achieve solid growth next year with supportive federal policies and simmering demand. Therefore, we think it might be a good idea to add solar stocks Array Technologies (ARRY) and Beam Global (BEEM) to its watchlist. Wall Street analysts expect them to rise more than 45% in price over the next 12 months. Continue reading.
According to the Solar Energy Industries Association, the U.S. solar industry is set to grow 25% less than expected for 2022, due to logistical disruptions and rising input prices. However, the Biden administration Build Back Better Planif adopted, should strengthen investor sentiment towards this industry. One of the objectives of the bill is to make the installation of solar panels profitable for households.
Additionally, the industry is expected to experience solid growth with an increasing focus on sustainable energy to address climate change concerns. A report from the US Energy Information Administration claims that solar generation will represent 14% of total US electricity generation by 2035 and 20% by 2050.
Therefore, we believe that solar stocks Array Technologies, Inc. (ARRY) and global beam (BEEM) might be good additions to his watch list now. Wall Street analysts expect them to rise 45% or more over the next 12 months.
Array Technologies, Inc. (ARRY)
Based in Albuquerque, New Mexico, ARRY manufactures and supplies solar tracking systems and related products for customers in the United States and abroad. It is one of the world’s leading providers of utility-scale solar tracking technology.
On November 11, 2021, ARRY announced that it had entered into a definitive agreement to acquire Soluciones Técnicas Integrales Norland, SL Jim Fusaro, CEO of ARRY, said, “STI Norland and Array are rooted in entrepreneurial, founder-led businesses that are focused on innovation. Together, I believe we have the technology, culture and capabilities to build a truly global company that can create tremendous value for our customers, employees and shareholders.
ARRY’s revenue was $192.07 million for its fiscal third quarter, ended September 30, 2021, up 37.7% year-over-year. The company’s total assets were $776.59 million for the period ended September 30, 2021, compared to $656.02 million for the period ended December 31, 2020. In addition, its cash and cash equivalents of cash amounted to 116.39 million dollars against 108.44 million dollars for the same period.
For its 2022 fiscal year, analysts expect ARRY’s revenue to be $1.41 billion, a 63.8% year-over-year increase. Also, the company PES is expected to rise 392.9% year-over-year to reach $0.69 next year. Over the past six months, the stock price has gained 8.8% to close yesterday’s trading session at $17.50. Wall Street analysts expect the stock to hit $25.75 in the next 12 months, indicating a upside potential of 47.1%.
Overall beam (BEEM)
San Diego. Based in California BEEM is a clean technology company that designs, develops, designs, manufactures and sells renewable energy products for electric vehicle (EV) charging infrastructure, outdoor media and branding, and security products energy. Its product portfolio includes EV ARC and Solar Tree DCFC.
On December 8, 2021, BEEM announced that a federally funded research and development center had made a third to expand its fleet of EV ARC solar-powered electric vehicle charging systems. BEEM CEO Desmond Wheatley said, “Solar-powered off-grid ARC EV systems are the fastest-to-deploy permanent yet transportable EV charging solution on the market and they provide a layer of resiliency that you can’t get centralized network.
BEEM’s revenue increased 63.3% year-over-year to $2.02 million in the third quarter ended September 30, 2021. Its total liabilities were $3.63 million for the period ended September 30, 2021, compared to $3.75 for the period ended December 31. , 2020. And its net inventory was $2.13 million, compared to $1.09 million for the same period.
Analysts expect BEEM’s revenue to grow 129.7% year-over-year to $20.19 million in its fiscal 2022. And its EPS is expected to rise 11.9 % during the current year.
BEEM closed the last trading session at $22.02. Wall Street analysts expect the stock to hit $40 in the next 12 months, indicating a upside potential of 81.7%.
ARRY shares were unchanged in pre-market trading on Wednesday. Year-to-date, the ARRY is down -59.43%, compared to a 25.15% rise in the benchmark S&P 500 over the same period.
About the Author: Riddhima Chakraborty
Riddhima is a financial journalist with a passion for analyzing financial instruments. With a master’s degree in economicsshe helps investors make informed investment decisions through her insightful commentary.
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