13 Most Promising EV Stocks to Buy According to Hedge Funds

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

Number of Hedge Fund Holders: 42

Enphase Energy, Inc. (NASDAQ:ENPH) is a leading company in the energy technology sector, recognized for its innovative solar micro-inverter technology that converts direct current from solar panels into alternating current suitable for home use and the power grid.

The company mainly serves residential customers and offers a range of solar solutions, energy storage systems, and EV charging products.

One of its significant products is the Enphase IQ EV Charger, designed for efficient and flexible EV charging. The charger connects to the internet and allows users to monitor and manage their charging sessions through a digital interface. It helps users optimize charging times for cost savings and lower environmental impact. Moreover, an accompanying app provides insights into energy consumption based on the EV’s battery capacity, which guarantees safe charging while delivering real-time data on energy usage.

Enphase (NASDAQ:ENPH) also offers flexible and reliable commercial EV chargers suitable for several applications, such as workplace charging, fleet management, and improving amenities in residential properties. The chargers are built for all-weather reliability, kept in fully sealed NEMA 4-rated enclosures, and come with integrated cable management solutions.

Its product lineup includes different charging stations, like the IQ EV Charger and HCS models, which offer several power levels and features such as energy monitoring and integration with existing energy systems and it meets different commercial needs.

Enphase (NASDAQ:ENPH) is constantly expanding and increasing its global footprint. On September 24, the company announced that it launched its most powerful system in India, which features the scalable IQ Battery 5P and IQ8 Microinverters to provide reliable backup during frequent outages. The system, with advanced lithium iron phosphate technology, offers continuous and peak power to run appliances and can restart using sunlight.

In addition to that, on October 3, it announced the launch of its IQ8X Microinverters in Australia, which offer peak output power of 384 W and is suitable for high-powered solar modules. Starting October 1, all IQ8 Microinverters activated in Australia will come with a 25-year limited warranty, the longest in the residential solar market there.

According to the Insider Monkey database of 912 hedge funds, 42 hedge funds had stakes in Enphase (NASDAQ:ENPH) in the second quarter, which brings the company to the 4th spot on our list of most promising EV stocks to buy.