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    Jordan Levy

    Vice President and Equity Research Analyst at Truist Securities

    Jordan Levy is a Vice President and Equity Research Analyst at Truist Securities, specializing in coverage of clean energy and renewables, with key coverage of companies such as Array Technologies, Shoals Technologies Group, Aemetis, Renewable Energy Group, REX American Resources, Green Plains, and California Resources. Over the past year, Levy has maintained a success rate of 17.8% and a total average return of -30.8%, though prior ratings include notable high-return calls such as a 1043.79% move on Aemetis and over 400% on Shoals Technologies Group. Levy’s career began prior to 2020, with a track record of initiating coverage and maintaining buy ratings at Truist Securities for at least five years. He holds active securities licenses and FINRA registration, supporting his analyst credentials and public commentary on network outlets such as CNBC.

    Jordan Levy's questions to GENERAC HOLDINGS (GNRC) leadership

    Jordan Levy's questions to GENERAC HOLDINGS (GNRC) leadership • Q1 2025

    Question

    Jordan Levy asked about the strategy for new product rollouts and economics in the residential solar space, considering market challenges and tariffs, beyond the current boost from the Puerto Rico program.

    Answer

    President and CEO Aaron P. Jagdfeld highlighted a strong quarter for Energy Technology, driven by Ecobee and the Puerto Rico program. He sees opportunity in supplier consolidation within the solar market. He expressed long-term confidence driven by rising power costs, which support the economics of solar and storage even without incentives. The new, lower-cost Power Cell 2 system is launching soon, with more innovations to be revealed in September.

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    Jordan Levy's questions to GENERAC HOLDINGS (GNRC) leadership • Q4 2024

    Question

    Jordan Levy inquired about the upcoming next-generation home standby generator rollout, asking about its expected pricing and cost structure relative to the current product line and how this is reflected in the 2025 guidance.

    Answer

    CEO Aaron P. Jagdfeld confirmed the new product line has an enhanced feature set that will add some nominal cost, and consequently, pricing will be higher. He noted that while pricing assumptions are baked into the 2025 guidance, the impact is modest. The company is holding off on a formal price announcement to assess the ongoing tariff situation before finalizing.

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    Jordan Levy's questions to GENERAC HOLDINGS (GNRC) leadership • Q3 2024

    Question

    Jordan Levy of Truist Securities inquired about the potential to expand financing options for home standby generators, noting that the current program accounts for about 20% of dealer sales.

    Answer

    CFO York Ragen affirmed that financing is a critical tool for overcoming price barriers and improving close rates. He stated that Generac plans to ramp up its financing initiatives through the dealer channel in 2025, making it a 'big focus' for the upcoming year to help drive sales.

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    Jordan Levy's questions to HA Sustainable Infrastructure Capital (HASI) leadership

    Jordan Levy's questions to HA Sustainable Infrastructure Capital (HASI) leadership • Q1 2025

    Question

    On behalf of Jordan Levy, an analyst asked for more details on the wind opportunities in the pipeline and inquired about the asset mix within the FTN (Fuels, Transport, and Nature) segment of the CCH1 vehicle.

    Answer

    President and CEO Jeffrey Lipson confirmed the wind opportunities are all onshore and have a risk profile consistent with past solar projects. He also stated that the FTN investments in CCH1 are primarily in renewable natural gas (RNG) and that the asset diversification in CCH1 is designed to mirror HASI's overall portfolio.

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    Jordan Levy's questions to HA Sustainable Infrastructure Capital (HASI) leadership • Q4 2024

    Question

    Jordan Levy asked if potential platform investments would target historical sectors or new growth areas, and also inquired about the drivers behind the strong year for Commercial & Industrial (C&I) investments.

    Answer

    President and CEO Jeffrey Lipson responded that platform investments could fall into either historical or new growth buckets, but emphasized that asset-level investments remain the core business. Chief Revenue & Strategy Officer Marc Pangburn noted that the strength in C&I was driven by better opportunities seen recently, primarily within the solar and storage business, as part of the continued focus on behind-the-meter (BTM) solar.

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    Jordan Levy's questions to QuantumScape (QS) leadership

    Jordan Levy's questions to QuantumScape (QS) leadership • Q1 2025

    Question

    Jordan Levy inquired about the specifics of the Murata Manufacturing collaboration, asking whether Murata would be integral to the commercialization process from the start or step in later. He also asked if geopolitical factors and tariffs have increased excitement among potential IP licensing customers.

    Answer

    CEO Dr. Siva Sivaram confirmed that Murata is expected to be a very integral partner in the supply chain ecosystem from the development phase, citing their expertise in high-volume precision ceramic manufacturing and their excitement about the Cobra process. Dr. Sivaram also noted a real uptick in urgency and excitement from potential customers since the company announced its technology licensing model. CFO Kevin Hettrich added that partners like Murata add value to the core technology platform, making it more robust.

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    Jordan Levy's questions to REX AMERICAN RESOURCES (REX) leadership

    Jordan Levy's questions to REX AMERICAN RESOURCES (REX) leadership • Q4 2024

    Question

    Jordan Levy of Truist Securities inquired about the reasons for the increased capital budget for the One Earth expansion project and asked for an update on regulatory dialogue with the EPA regarding the Class VI well permit.

    Answer

    CEO Zafar Rizvi explained that the capital budget increased because REX decided to invest in more energy-efficient equipment that could handle future production growth up to 225 million gallons, which also extended the project's timeline. Regarding regulations, Rizvi confirmed that communication with the EPA, which had previously stopped, has resumed. Executive Chairman Stuart Rose added that while the new administration seems more responsive, the ultimate regulatory outcomes are still uncertain.

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    Jordan Levy's questions to REX AMERICAN RESOURCES (REX) leadership • Q3 2024

    Question

    Jordan Levy inquired about the potential impact on REX's growth initiatives, specifically the CCUS project and plant expansion, if the incoming administration does not finalize the 45Z tax credit guidance. He also asked about the most attractive opportunities for deploying the company's significant cash balance.

    Answer

    Executive Chairman Stuart Rose stated that REX does not expect 45Z to be finalized this term and acknowledged uncertainty with a new administration. However, he emphasized that the existing 45Q credit at $85/ton is already law and would still make the carbon capture project very profitable. CEO Zafar Rizvi added that support from farmers could be influential. Regarding capital allocation, Stuart Rose highlighted share buybacks during stock drops, evaluating potential ethanol plant acquisitions, and exploring other business ventures as key opportunities.

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    Jordan Levy's questions to REX AMERICAN RESOURCES (REX) leadership • Q2 2024

    Question

    Jordan Levy of Truist Securities asked for an update on the carbon capture project timeline, specifically the pipeline build-out post-permit approval. He also inquired about the potential impact of the U.S. election on carbon capture policy and the conditions needed for a future expansion of the South Dakota plant.

    Answer

    CEO Zafar Rizvi and Executive Chairman Stuart Rose clarified that the main project delay is permitting, not construction, with an expected operational start in August or September 2025, contingent on EPA and state approvals. Stuart Rose added that he views carbon capture as a bipartisan issue, not significantly threatened by the election. Regarding the South Dakota plant, Rose stated an expansion would depend on efficiency gains and local corn supply, not the Summit pipeline, with a key goal of lowering the plant's Carbon Intensity (CI) score to qualify for tax credits.

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    Jordan Levy's questions to AEMETIS (AMTX) leadership

    Jordan Levy's questions to AEMETIS (AMTX) leadership • Q4 2024

    Question

    Jordan Levy asked about Aemetis's confidence in refinancing government-backed loans amid potential spending pauses and inquired about the capital expenditure on the Riverbank SAF project and the contingency plan if 45Z tax credit clarification is delayed.

    Answer

    CEO Eric McAfee expressed high confidence in the USDA REAP loan program, stating it has been cleared from freezes and a $25 million loan is expected to move forward this month. Regarding the Riverbank project, he noted that about $43 million has been invested for project financing purposes and acknowledged that progress for most SAF projects is slowing pending federal 45Z clarification and California LCFS inclusion for jet fuel, which may take most of the year to resolve.

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    Jordan Levy's questions to Ballard Power Systems (BLDP) leadership

    Jordan Levy's questions to Ballard Power Systems (BLDP) leadership • Q4 2024

    Question

    Jordan Levy questioned whether U.S. order timing would be lumpier due to ITC expirations and asked for an update on the timing and margin impact of Project Forge.

    Answer

    CEO Randall MacEwen stated he does not expect extra lumpiness in U.S. orders, as the key bus market relies on consistent Low-No funding, not the specific hydrogen ITC. Regarding Project Forge, he noted a minor supplier delay but expects commissioning by June, with significant benefits and a potential 70% plate cost reduction materializing in 2026, driven by new processes and materials rather than volume.

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    Jordan Levy's questions to Ballard Power Systems (BLDP) leadership • Q2 2024

    Question

    Jordan Levy asked about the relationship between gross margin and contribution margin for the quarter, the impact of market slowdowns on the gross margin breakeven timeline, and for an update on the Texas facility decision process.

    Answer

    CFO Paul Dobson explained that the year-over-year decline in Q2 gross margin was mostly due to a lower contribution margin from product mix and strategic pricing, partially offset by lower inventory provisions. He reiterated the forecast for positive gross margin in Q4. CEO Randall MacEwen added that the main challenge with the Texas facility is that the significant government funding opportunity is timed ahead of market adoption, creating a difficult investment decision.

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    Jordan Levy's questions to Ballard Power Systems (BLDP) leadership • Q2 2024

    Question

    Jordan Levy of Truist Securities questioned the difference between gross margin and contribution margin in Q2, whether the market slowdown affects the gross margin breakeven timeline, and the decision-making process for the Texas facility, including potential alternatives.

    Answer

    CFO Paul Dobson explained that the year-over-year decline in gross margin was mostly due to a lower contribution margin from product mix and strategic pricing, though partially offset by lower inventory provisions. He reiterated the forecast for positive gross margin in Q4. CEO Randall MacEwen added that the main challenge with the Texas facility is that the significant government funding opportunity is arriving earlier than market adoption, forcing a careful analysis of investment timing versus demand.

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    Jordan Levy's questions to Fluence Energy (FLNC) leadership

    Jordan Levy's questions to Fluence Energy (FLNC) leadership • Q1 2025

    Question

    Jordan Levy asked about the confidence in securing the uncovered portion of the new guidance and whether there was potential for further cost reductions beyond the $30 million announced.

    Answer

    President and CEO Julian Nebreda expressed confidence but acknowledged being in the "penalty box" and needing to deliver new contracts by the next call. He explained the $30 million in cuts align costs with the new revenue outlook and their model of having costs grow at half the rate of revenue.

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    Jordan Levy's questions to Green Plains (GPRE) leadership

    Jordan Levy's questions to Green Plains (GPRE) leadership • Q4 2024

    Question

    Jordan Levy of Truist Securities requested an update on the market development for Clean Sugar Technology (CST) and sought clarification on the timeline for achieving the full $50 million in cost savings.

    Answer

    Todd Becker, President and CEO, stated that for CST, customer interest is strong, but the plant is limited to one-third capacity due to a wastewater challenge, pending a final Food Safety Certification. He clarified the goal is to achieve the full $50 million annualized cost savings run rate within 90 days, with $30 million already executed.

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    Jordan Levy's questions to Green Plains (GPRE) leadership • Q3 2024

    Question

    Jordan Levy asked why Green Plains' equity value doesn't reflect its carbon capture, protein, and sugar initiatives, and what milestones the market needs to see. He also asked about the long-term value of Clean Sugar Technology (CST) versus protein challenges.

    Answer

    CEO Todd Becker stated that key milestones, like breaking ground on the carbon project, will help adjust the company's valuation. He acknowledged past volatility but emphasized the company's strong financial position and the game-changing, albeit long-term, nature of the CST technology, which has significant customer interest and strong margins.

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    Jordan Levy's questions to Nextracker (NXT) leadership

    Jordan Levy's questions to Nextracker (NXT) leadership • Q3 2025

    Question

    Jordan Levy inquired about Nextracker's steel supply chain and the potential risks associated with discussions around new tariffs.

    Answer

    Dan Shugar, CEO and Founder, stated the company feels very good about its supply chain, both domestically and internationally. He emphasized strong relationships with U.S. steel mills, the use of 100% U.S. steel for U.S.-made tubes, and a global footprint that allows for arbitrage. He concluded that the supply chain is considered a competitive strength.

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    Jordan Levy's questions to Nextracker (NXT) leadership • Q2 2025

    Question

    Jordan Levy of Truist Securities followed up on comments about increased R&D spending, asking for more specific color on the new technologies and markets Nextracker finds attractive for expansion.

    Answer

    CEO Dan Shugar explained that R&D investments are spread across their three core patent categories: mechanical, electronics/controls, and software. He described a disciplined process for evaluating innovation based on customer value, monetization potential, and risk. He emphasized that new technologies are piloted in the field and that the company remains open to acquiring technology.

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    Jordan Levy's questions to Shoals Technologies Group (SHLS) leadership

    Jordan Levy's questions to Shoals Technologies Group (SHLS) leadership • Q3 2024

    Question

    Jordan Levy asked about the typical timeframe for booking projects for the following year and inquired about customer response to the new international product set.

    Answer

    CEO Brandon Moss explained that the project cycle has elongated to 13-14 months, with some orders now being booked for 2026, providing longer-term visibility. He also noted that while no major international wins have been announced, the new products have generated substantial quoting activity since their launch, which is a positive leading indicator.

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    Jordan Levy's questions to Sunrun (RUN) leadership

    Jordan Levy's questions to Sunrun (RUN) leadership • Q3 2024

    Question

    An analyst on behalf of Jordan Levy asked about the profitability and margin profile of the new homes segment compared to the traditional subscription model, and how blended margins might be affected as the segment grows.

    Answer

    CFO Danny Abajian reiterated that the new homes business has strong cost efficiencies in sales and permitting. He explained that while individual system sizes may be smaller, the margin percentage is similar to comparable retrofit products due to these efficiencies. As a high-value market primarily in California, it compares well, and the batch nature of the installations provides a strong offset to smaller system sizes.

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    Jordan Levy's questions to Array Technologies (ARRY) leadership

    Jordan Levy's questions to Array Technologies (ARRY) leadership • Q3 2024

    Question

    Jordan Levy asked for the timeline of the remaining low-margin VCA contract and whether there have been any structural shifts between VCA and EPC contracts.

    Answer

    CEO Kevin Hostetler stated that this is the only remaining fixed-price VCA contract, which was signed in 2021 and extends through 2026. He anticipates a couple more low-margin projects will ship under this VCA before it concludes. He did not indicate any broader structural shifts in contract types.

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    Jordan Levy's questions to Enphase Energy (ENPH) leadership

    Jordan Levy's questions to Enphase Energy (ENPH) leadership • Q3 2024

    Question

    Jordan Levy sought clarification on whether Enphase was making pricing concessions in Europe and if there was any change to its overall pricing strategy for microinverters.

    Answer

    President and CEO Badri Kothandaraman firmly denied any broad pricing concessions in Europe or elsewhere. He reiterated that Enphase maintains a disciplined, value-based pricing strategy managed by a dedicated team. While minor, case-by-case adjustments for loyal customers are part of normal business, he stressed that there has been no strategic shift to lower prices.

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    Jordan Levy's questions to NOVA leadership

    Jordan Levy's questions to NOVA leadership • Q2 2024

    Question

    Asked about the competitive landscape, specifically where new entrants in the lease/PPA space are most active, and requested an update on the Puerto Rico market.

    Answer

    Sunnova embraces competition but is confident in its competitive moat, believing new entrants underestimate the scale and complexity required to succeed. The Puerto Rico market is described as 'great' and 'fantastic,' with strong dealer partners, and the company remains firmly committed to it.

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