5 Best Green Energy Stocks to Buy

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

Number of Hedge Fund Holders: 44    

SolarEdge Technologies, Inc. (NASDAQ:SEDG) designs, develops and sells direct current (DC) optimized inverter systems for solar photovoltaic (PV) installations worldwide. On November 7, SolarEdge Tech posted earnings for the third quarter of 2022, reporting earnings per share of $0.91, missing market estimates by $0.53. The revenue over the period was $836.7 million, up 58.9% compared to the revenue over the same period last year and beating market estimates by $12.19 million.

On November 18, BMO Capital analyst Ameet Thakkar maintained an Outperform rating on SolarEdge Technologies, Inc. (NASDAQ:SEDG) stock and raised the price target to $355 from $316, noting that the combination of exposure to a transformational period in European Energy Markets driven by demand is attractive.

At the end of the third quarter of 2022, 44 hedge funds in the database of Insider Monkey held stakes worth $673.8 million in SolarEdge Technologies, Inc. (NASDAQ:SEDG), compared to 40 in the previous quarter worth $749.4 million.

In its Q2 2022 investor letter, ClearBridge Investments, an asset management firm, highlighted a few stocks and SolarEdge Technologies, Inc. (NASDAQ:SEDG) was one of them. 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.”