In this article, we discuss the 5 best alternative fuel stocks to buy now. If you want to read our detailed analysis of the fuel sector, go directly to the 10 Best Alternative Fuel Stocks to Buy Now.
5. Solaredge Technologies, Inc. (NASDAQ: SEDG)
Number of Hedge Fund Holders: 31
Total Value of Hedge Fund Holdings: $358 Million
The 5th best alternative fuel stock to buy now is Solaredge Technologies, Inc. (NASDAQ:SEDG). The California-based power optimizer and solar inverter shipped over 65.3 million power optimizers and more than 1.9 million PV installations. Solaredge Technologies, Inc. (NASDAQ:SEDG) has a market cap of $10.6 billion. The company’s total revenue came in at $405.5 million in the first quarter of 2021. Shares of SEDG surged 81% over the last twelve months.
There were 28 hedge funds that reported owning stakes in Solaredge Technologies, Inc. (NASDAQ:SEDG) at the end of the fourth quarter, down from 31 funds a quarter earlier. The total value of these stakes at the end of Q4 is $358 million.
Richie Capital Group mentioned that Solaredge Technologies, Inc. (NASDAQ:SEDG) was one of their biggest skeptics in its 1Q 2021 investor letter:
“Our biggest detractors for the quarter included SolarEdge Technologies (SEDG – down 11.2%) – The Smart Energy solar company declined during the quarter along with most other solar energy stocks due to concerns over higher interest rates. Higher interest rates will make it more expensive for businesses and consumers to borrow money for residential and commercial solar projects. We expect interest rates to be somewhat of a headwind for years to come. However, the stronger underlying trends are in their favor. We expect SEDG to be a net winner from the Biden Administration’s infrastructure plan which focuses on Clean Energy.”