5 Alternative Energy Stocks to Buy Amid Energy Crisis in Europe

1. SolarEdge Technologies, Inc. (NASDAQ:SEDG)

Number of Hedge Fund Holders: 40

SolarEdge Technologies, Inc. (NASDAQ:SEDG) develops, designs, and manufactures DC-optimized inverter systems for solar photovoltaic installations all across the world. The company through five business segments: Solar, Energy Storage, e-Mobility, Critical Power, and Automation Machines. At the end of Q2 2022, 40 hedge funds were long SolarEdge Technologies, Inc. (NASDAQ:SEDG) with stakes worth $749.36 million.

On August 2, SolarEdge Technologies, Inc. (NASDAQ:SEDG) reported earnings for the second quarter of fiscal 2022. The company generated a revenue of $727.7 million, up 51.6% year over year. The company reported earnings per share of $o.95.

Wall Street analysts see SolarEdge Technologies, Inc. (NASDAQ:SEDG) benefiting from the current energy situation and are bullish on the stock. On August 8, JPMorgan analyst Mark Strouse raised his price target on SolarEdge Technologies, Inc. (NASDAQ:SEDG) to $419 from $373 and reiterated a buy-side Overweight rating on the shares. On August 18, Morgan Stanley analyst Stephen Byrd raised his price target on SolarEdge Technologies, Inc. (NASDAQ:SEDG) to $352 from $316 and maintained an Equal Weight rating on the shares.

As of June 30, Impax Asset Management owns roughly 0.58 million shares of SolarEdge Technologies, Inc. (NASDAQ:SEDG) and is the largest shareholder in the company. The investment covers 0.77% of Ian Simm’s 13F portfolio.

Here is what ClearBridge Investments had to say about SolarEdge Technologies, Inc. (NASDAQ:SEDG) in its second-quarter 2022 investor letter:

“We are well-positioned to participate in the accelerating energy transition. High and rising utility costs combined with policy support are driving increased penetration of home solar plus storage systems in Europe. Israel-based SolarEdge Technologies (NASDAQ:SEDG) expects to see significant growth in solar installations in this market led by Germany and Italy, among others, where consumers are not only demanding solar on the roof but a complete system solution including batteries. This phenomenon is accelerating revenue growth for these companies.”

You can also take a look at 10 Best Alternative Energy Stocks to Buy Now and Analysts Are Recommending These 10 Green Energy Stocks for the Future.

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