10 Worst-Performing Growth Stocks in 2024

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

Year to Date Gain as of October 28: -36.12%

 Number of Hedge Fund Holders: 42

Enphase Energy, Inc. (NASDAQ:ENPH) is a solar technology company that creates and sells home energy solutions for the solar industry. Even though it specializes in energy storage and power conversion technologies rather than solar panel manufacturing, its growth prospects are frequently impacted by pricing pressure or unfavorable trends affecting the demand for solar panels.

Enphase Energy, Inc. (NASDAQ:ENPH)’s growth prospects have been hampered by an apparent decline in solar demand, particularly in markets where the company depends on large installation volumes. Likewise, the high interest rate environment has made financing more expensive for clean energy companies that rely on borrowing to fund capital-intensive projects. The future of clean energy companies that depend on federal support for renewable energy initiatives is uncertain as polls indicate Donald Trump could assume office next year.

Clean energy firms like Enphase Energy, Inc. (NASDAQ:ENPH) have profited from the current administration’s green energy adoption-promoting policies, like the Inflation Reduction Act (IRA). Future growth prospects for Enphase may be hampered by new risks brought about by a possible change in the political landscape, such as eliminating or reducing incentives.

Consequently, investors have been wary of Enphase Energy, Inc. (NASDAQ:ENPH)’s long-term prospects amid political uncertainty and a high interest rate environment. The stock is already down by about 36.12%, underperforming the overall market and emerging as one of the worst-performing growth stocks in 2024.