5 Best Solar Energy Stocks to Invest In Heading into 2023

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

Number of Hedge Fund Holders: 44

SolarEdge Technologies, Inc. (NASDAQ:SEDG) is an Israeli company that designs and distributes photovoltaic inverters, energy generation monitoring software, and battery energy storage devices. SolarEdge Technologies, Inc. (NASDAQ:SEDG) sells services to residential, business, and industrial clients.

On December 14, 2022, Christine Cho, an analyst at Barclays, raised her price target on SolarEdge Technologies, Inc. (NASDAQ:SEDG) to $396 and upgraded the stock’s rating to Overweight. The analyst is confident that Europe’s macro dynamics can support the company’s growth and believes that the company can take market share in the near term.

44 hedge funds were long on the company’s stock at the end of the third quarter, according to Insider Monkey’s database. Impax Asset Management had the biggest long position in the company at the end of Q3 2022.

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.