5 Best Solar Stocks to Buy Now

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

Number of Hedge Fund Holders: 40

SolarEdge Technologies, Inc. (NASDAQ:SEDG) designs and sells DC inverter systems for solar power installations. The company has its customers located all over the globe and some of its products include inverters, power optimization systems, communications systems, and a cloud based monitoring platform. It is headquartered in Herzliya, Israel.

SolarEdge Technologies, Inc. (NASDAQ:SEDG) has consistently grown its revenues over the last ten years, with a growth rate higher than 30% for eight of the ten years (including the most recent ones). Additionally, and for some eye popping figures, the company has its eye on the global expansion of the solar market, and by 2021 end it had grown its megawatts shipped outside Europe and North America by a whopping 511% over 2017. SolarEdge Technologies, Inc. (NASDAQ:SEDG)’s earnings per share are slated to grow by an average of 29% according to analysts, indicating that the best is yet to come.

JPMorgan raised SolarEdge Technologies, Inc. (NASDAQ:SEDG)’s share price target to $419 from $373 in August 2022. Insider Monkey’s June 2022 survey of 895 hedge funds outlined that 40 had held a stake in the company.

Ian Simm’s Impax Asset Management is SolarEdge Technologies, Inc. (NASDAQ:SEDG)’s largest investor. It owns 80,909 shares that are worth $158 million.

ClearBridge Investments mentioned the company in its Q2 2022 investor letter. 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.”