Stanley Druckenmiller Was Right About These 4 Stocks

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

Number of Hedge Fund Holders: 47  

Percentage Increase in Share Price (YTD): 5.63%

SolarEdge Technologies, Inc. (NASDAQ:SEDG) markets semiconductor equipment to the solar industry. Regulatory filings reveal that the investment firm of Druckenmiller owned 29,900 shares of SolarEdge Technologies, Inc. (NASDAQ:SEDG) at the end of the first quarter of 2022 worth $9.6 million, representing 0.41% of the portfolio. 

On June 2, Oppenheimer analyst Colin Rusch upgraded SolarEdge Technologies, Inc. (NASDAQ:SEDG) stock to Outperform from Perform with a price target of $334, noting the firm was “demonstrating a highly defensible technology position poised for outsized growth”. 

Among the hedge funds being tracked by Insider Monkey, London-based investment firm Impax Asset Management is a leading shareholder in SolarEdge Technologies, Inc. (NASDAQ:SEDG), with 588,056 shares worth more than $188 million. 

In its Q1 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:

“The Strategy is well-exposed to this secular shift and to accelerated spending on alternative energy sourcing and generation. Growth in renewables should benefit SolarEdge Technologies, Inc. (NASDAQ:SEDG), a company we repurchased on weakness in the first quarter that develops electronics for solar installations and should take advantage of greater incentives for solar installations in many geographies. SolarEdge Technologies, Inc. (NASDAQ:SEDG) has expanded its products offering to address larger markets in commercial and utility solar on top of its traditional residential solar market.”