May 11, 2022 (StockMarket.com via COMTEX) -- 5 Renewable Energy Stocks To Watch In The Stock Market Today
As climate change concerns grow, the global economy is rapidly working on shifting away from carbon-based fossil fuels to cleaner, alternative energy sources. And with renewable energy playing a crucial role in this energy transition, renewable energy stocks could be worth noting in the stock market. Renewable energy companies are engaged in generating clean energy from renewable sources such as wind, solar, and hydroelectric. And with the growing shift to clean energy, they are likely to see stronger demand for their products and services.
Investors keen on renewable energy stocks may be looking at the likes of Canadian Solar ( NASDAQ: CSIQ ). The company yesterday made its first move in the battery energy storage space in the United Kingdom. Notably, it signed a number of agreements with Pulse Clean Energy to provide integrated energy storage systems for four battery storage projects. Elsewhere, Algonquin Power's ( NYSE: AQN ) Liberty unit is working with Meta Platforms ( NASDAQ: FB ) on a new wind power project in Michigan. Evidently, this deal builds upon an existing partnership the companies have at the operating Altavista solar facility in Virginia. With that being said, check out these renewable energy stocks in the stock market today.
Renewable Energy Stocks To Watch Right Now
Blink Charging Co. ( NASDAQ: BLNK )
Ormat Technologies Inc. ( NYSE: ORA )
Sunrun Inc. ( NASDAQ: RUN )
SolarEdge Technologies Inc. ( NASDAQ: SEDG )
Enphase Energy Inc. ( NASDAQ: ENPH )
For starters, we will be taking a look at the Blink Charging. In short, it is an up-and-coming name in the EV charging industry today. For a sense of scale, the company currently operates and maintains over 30,000 charging ports across 13 countries. Additionally, most of Blink's charging stations are linked via its global network, allowing users to seamlessly charge at any of its locations worldwide.
On Monday, the company announced record first-quarter results. Blink saw its total revenues soar to $9.8 million, a massive 339% increase year-over-year. The company attributes this massive growth in revenue to increased product sales and service revenues. Besides that, the company also sees 3,174 charging stations contracted or sold, a 99% year-over-year increase. With Blink expecting this momentum to persist through 2022, should you invest in BLNK stock?
Following that, we have Ormat, a company that mainly engages in delivering renewable power and energy solutions to its customers. The company's expertise lies in providing energy solutions that come from geothermal power and recovered energy. Ormat is a geothermal industry leader that has supplied power-generating equipment for customers in over 30 countries. Apart from that, it also has expertise in energy storage solutions.
Last Thursday, the renewable energy company reported its earnings for the first quarter of the year. Jumping right in, Ormat generated revenues of $183.7 million, an increase of 10.4% year-over-year. The company owes this revenue growth to its Electricity segment performance as well as its strategic capacity additions. Next to that, its adjusted net income came in at $18.4 million, rising 20.8% from $15.3 million. Accordingly, diluted earnings per share were $0.33, growing 22.2%. The company also provided its guidance for the rest of the year. Specifically, Ormat forecasts revenues to range between $710 million and $735 million. All in all, is ORA stock one to watch?