5 Best Alternative Energy Stocks To Buy Now

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

Number of Hedge Fund Holders: 53

Enphase Energy, Inc. (NASDAQ:ENPH) is a California-based company that designs, develops, manufactures, and sells home energy solutions for the solar photovoltaic industry in the United States and internationally. On October 25, the company reported a Q3 non-GAAP EPS of $1.25 and a revenue of $634.71 million, topping Wall Street estimates by $0.16 and $18.85 million, respectively. The revenue increased 80.6% compared to the prior-year quarter. 

On October 26, Cowen analyst Jeffrey Osborne raised the price target on Enphase Energy, Inc. (NASDAQ:ENPH) to $335 from $278 and maintained an Outperform rating on the shares. The analyst noted that demand continues to be resilient as Enphase Energy, Inc. (NASDAQ:ENPH) will add production capacity both in Europe and the United States. 

Among the hedge funds tracked by Insider Monkey, Enphase Energy, Inc. (NASDAQ:ENPH) was part of 53 public stock portfolios at the end of June 2022, compared to 57 in the prior quarter. Philippe Laffont’s Coatue Management is the biggest stakeholder of the company, with 1.36 million shares worth about $267 million. 

Carillon Tower Advisers made the following comment about Enphase Energy, Inc. (NASDAQ:ENPH) in its Q3 2022 investor letter:

“Enphase Energy, Inc. (NASDAQ:ENPH) provides technology to manage solar generation, storage, and communication on one platform. The company reported an impressive quarter that exceeded investor expectations on all meaningful metrics, which sent shares higher. The stock remains a useful way to gain exposure to the secular theme of alternative energy and could benefit from the recently passed Inflation Reduction Act.”