5 Best Alternative Fuel Stocks To Buy Right Now

In this article, we discuss the 5 best alternative fuel stocks to buy right now. To read the industry analysis and the recent market behavior around the stocks, go directly to the 11 Best Alternative Fuel Stocks To Buy Right Now.

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

Number of Hedge Fund Holders: 43

SolarEdge Technologies, Inc. (NASDAQ:SEDG) is an Israeli renewable energy company that manufactures solar inverters for solar power systems and provides energy storage solutions, and energy monitoring systems.

In the fourth quarter of 2022, Rima Senvest Management increased its holdings in SolarEdge Technologies, Inc. (NASDAQ:SEDG) by 125% to 759,071 shares worth over $215 million, and became the most significant shareholder of the company in the quarter. In Q4, 43 hedge funds held SolarEdge Technologies, Inc. (NASDAQ:SEDG)’s stock.

In 2022, SolarEdge Technologies, Inc. (NASDAQ:SEDG) reported record revenues of $3.11 billion, representing a 58% YoY surge mainly due to $2.92 billion generated by its solar segment. The solar segment revenues were up 63% from 2021. Furthermore, the company’s non-GAAP net income was up 29% from 2021 levels at $351.2 million.

Here is what ClearBridge Investments had 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.”