10 Cash-Rich Mid Cap Stocks To Buy Now

6. Enphase Energy, Inc. (NASDAQ:ENPH)

Number of Hedge Fund Holders: 39

Cash and Cash Equivalents as of December 31, 2024: $1,622,590,000

Enphase Energy, Inc. (NASDAQ:ENPH) ranks 6th on our list of the best cash rich stocks. The company makes smart home energy solutions for the solar industry. It specializes in microinverters that convert energy at the panel level, battery storage systems, energy monitoring software, and EV chargers. On February 11, 2025, Enphase expanded its IQ Battery 5P to work with both single-phase and split-phase voltage, making it a great fit for new homes in California, while being cost effective. Fully compliant with state energy regulations, it helps builders meet solar requirements while maximizing storage benefits under NEM 3.0.

In Q4 2024, Enphase Energy, Inc. (NASDAQ:ENPH) made $382.7 million in revenue, a slight increase from $380.9 million in Q3. Sales in the United States grew by 6%, given the strong demand for microinverters, but European sales took a 25% hit due to weaker demand. Fourth quarter free cash flow came in at $159.2 million, with total cash and investments reaching $1.72 billion at the end of the year. In Q4, Enphase repurchased 2.88 million shares for $199.7 million at an average price of $69.25. The company also spent $5 million on share withholding for employee stock vesting, reducing diluted shares by 68,532.

According to Insider Monkey’s fourth quarter database, 39 hedge funds were bullish on Enphase Energy, Inc. (NASDAQ:ENPH), compared to 38 funds in the last quarter.