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) is an Israel-based company that designs, develops, and sells direct current optimized inverter systems for solar photovoltaic installations worldwide. On November 7, SolarEdge Technologies, Inc. (NASDAQ:SEDG) posted a Q3 revenue of $836.7 million, up 58.9% year-over-year, beating estimates by $12.29 million. The solar segment reported a record revenue of $788.6 million. SolarEdge Technologies, Inc. (NASDAQ:SEDG) is one of the best clean energy stocks on Wall Street. 

On November 10, Wells Fargo analyst Michael Blum raised the price target on SolarEdge Technologies, Inc. (NASDAQ:SEDG) to $306 from $283 to reflect a higher EBITDA estimate, while maintaining an Overweight rating on the shares following the Q3 results. The analyst continues to like its broad geographic exposure and resilient market position, which should drive solid growth in the future.

According to Insider Monkey’s Q2 data, SolarEdge Technologies, Inc. (NASDAQ:SEDG) was part of 40 hedge fund portfolios, compared to 47 in the prior quarter. Ian Simm’s Impax Asset Management held the largest stake in the company, consisting of 580,909 shares worth $158.20 million. 

Here is what ClearBridge International Growth EAFE Portfolio has to say about SolarEdge Technologies, Inc. (NASDAQ:SEDG) in its Q2 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.”