10 Technology Stocks with Insider Buying in 2024

4. Enphase Energy Inc. (NASDAQ:ENPH)

Number of Hedge Fund Holders: 39

Enphase Energy Inc. (NASDAQ:ENPH) is a global leader in solar energy technology, specializing in microinverter-based solar and battery storage solutions. Its advanced energy management platform enables homeowners and businesses to generate, store, and control their own clean energy with greater efficiency and reliability. The company’s innovative microinverter technology improves system performance, enhances safety, and simplifies installation compared to traditional solar inverters. It is among tech stocks with insider buying.

Enphase Energy Inc. (NASDAQ:ENPH) has had a volatile performance in the last years, exhibiting pronounced cyclicality. The stock price is down 45% in the last twelve months and reached a floor of around $60 – $65 per share as the entire industry was experiencing a strong downcycle after the 2022 peak. There are signs, however, that the market has bottomed and the future is more optimistic – the company is expanding its product portfolio with several new launches, including the IQ Battery 5P with FlexPhase for European markets, new IQ EV chargers, and the upcoming fourth-generation battery with 60% less wall space. Furthermore, Enphase Energy Inc. (NASDAQ:ENPH) has successfully diversified its manufacturing base with a global capacity of 7.25 million microinverters per quarter, including 5 million in the US. Looking ahead, management expects gradual revenue growth throughout 2025, supported by new product introductions and safe harbor ordering potential in the second half of 2025. With that being said, the insider buying activity in 2024 supports the positive outlook from management.