11 Best Solar Energy Stocks to Buy According to Hedge Funds

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

No. of Hedge Fund Holders: 39

Enphase Energy, Inc. (NASDAQ:ENPH) is a global energy technology company and the world’s leading supplier of micro inverter-based solar and battery systems. The company has shipped approximately 80 million microinverters, and approximately 4.7 million Enphase-based systems have been deployed in more than 160 countries around the world.

Enphase Energy, Inc. (NASDAQ:ENPH) posted strong financial results in Q4, reporting an adjusted EPS of $0.94 and beating analysts’ estimates by $0.19. The company’s revenue of $382.71 million also grew by 26.5% YoY and topped expectations by $5.21 million. The results reflected an improved performance in the American market, though challenges remained in Europe, where revenue decreased by 25% QoQ. Moreover, ENPH generated free cash flow of just over $480 million in FY 2024 and ended the year with cash, cash equivalents, restricted cash, and marketable securities of $1.72 billion. The energy technology company remains committed to its shareholders and repurchased approximately $199.7 million worth of its shares in the fourth quarter, with a remaining $398 million authorized for further share repurchases.

Enphase Energy, Inc. (NASDAQ:ENPH) was held by 8 billionaire investors in the Insider Monkey database at the end of Q4 2024, putting it among the 10 Best Clean Energy Stocks to Buy According to Billionaires.