5 Best Solar Energy and Battery Stocks To Buy Now

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

Number of Hedge Fund Holders: 42

SolarEdge Technologies, Inc. (NASDAQ:SEDG) develops and commercializes inverters optimized for direct current that are utilized in solar energy systems. The company provides all kinds of photovoltaic solutions for residential and commercial applications. Lately, the company has been developing solutions for energy storage and has been focused on the electric vehicle segment. On May 3, SolarEdge Technologies, Inc. (NASDAQ:SEDG) realized a 9% increase in share price as it announced improved adjusted earnings for the first quarter of 2023, with a record first quarter revenue of $943.9 million. It is one of the top solar stocks to watch. 

According to Insider Monkey’s database for the first quarter of 2023, 42 hedge funds were bullish on SolarEdge Technologies, Inc. (NASDAQ:SEDG), in contrast to 43 funds in the prior quarter. D E Shaw remains the largest shareholder of the company, with 895,709 shares worth $272.25 million. 

Here is what ClearBridge International Growth EAFE Portfolio had to say about SolarEdge Technologies, Inc. (NASDAQ:SEDG) in its investor letter for the second quarter of 2022:

“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.”

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