5 Best Renewable Energy Stocks to Buy Right Now

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

Number of Hedge Fund Holders: 34

SolarEdge Technologies, Inc. (NASDAQ:SEDG) is an Israel-based provider of power optimizers, solar inverters, and monitoring systems for photovoltaic arrays. This April, Wells Fargo analyst Michael Blum raised his price target on SolarEdge Technologies Inc. (NASDAQ:SEDG) to $399 from $361 and maintained an Overweight rating on the shares. The analyst sees upside for SolarEdge Technologies Inc. (NASDAQ:SEDG), following the company’s investor day, on which the company presented long-term target revenue and profitability guidance for the solar business along with unveiling new products to be launched in the second half of 2022. Blum commented that the company is bound for growth as global battery adoption rates increase and there is a consistent expansion of the residential and commercial solar markets.

On February 15, SolarEdge Technologies, Inc. (NASDAQ:SEDG) reported that its revenues for the fiscal fourth quarter of 2021 came to $551.92 million, outperforming market consensus by $1.96 million. The company reported earnings per share of $1.10. As of April 3, 2022, SolarEdge Technologies, Inc. (NASDAQ:SEDG) has gained 26.47% over the past six months and boasts a market capitalization of $17.79 billion.

SolarEdge Technologies, Inc. (NASDAQ:SEDG) is becoming a popular renewable energy stock pick among investors. By the end of Q4 2021, 34 hedge funds were bullish on SolarEdge Technologies, Inc. (NASDAQ:SEDG), having stakes worth more than $766.5 million. This is compared to 33 hedge funds in Q3 2021, with stakes worth roughly $594.4 million. It can be concluded from these numbers that the hedge fund sentiment for the stock is positive.

As of March 30, 2022, Impax Asset Management is the most prominent shareholder in SolarEdge Technologies, Inc. (NASDAQ:SEDG), having stakes worth more than $210.83 million in the company, up 1% from its previous stakes of $198.2 million. The investment covers 0.77% of Impax Asset Management’s Q4 2021 investment portfolio.