5 Best Alternative Energy Stocks to Buy Now

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

Number of Hedge Fund Holders: 40    

SolarEdge Technologies, Inc. (NASDAQ:SEDG) designs, develops, and sells direct current (DC) optimized inverter systems for solar photovoltaic installations worldwide. The firm posted earnings for the second quarter of 2022 on August 2, reporting earnings per share of $0.95, missing market estimates by $0.02. The revenue over the period was $727 million, up more than 51% compared to the revenue over the same period last year. The firm said there were record revenues from the solar segment of $687.6 million. 

On August 18, Morgan Stanley analyst Stephen Byrd maintained an Equal Weight rating on SolarEdge Technologies, Inc. (NASDAQ:SEDG) stock and raised the price target to $352 from $316, citing increased growth rates for clean energy.

At the end of the second quarter of 2022, 40 hedge funds in the database of Insider Monkey held stakes worth $749.4 million in SolarEdge Technologies, Inc. (NASDAQ:SEDG), compared to 47 in the previous quarter worth $835.6 million.

In its Q2 2022 investor letter, ClearBridge Investments, an asset management firm, highlighted a few stocks and SolarEdge Technologies, Inc. (NASDAQ:SEDG) was one of them. Here is what the fund said:

“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.”