5 Best Alternative Fuel Stocks to Buy Now

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

Number of Hedge Fund Holders: 48
Total Value of Hedge Fund Holdings: $988 Million

California-based energy technology company Enphase Energy, Inc. (NASDAQ:ENPH) ranks 2nd in our list of 10 best alternative fuel stocks to buy now. The company was founded in 2006 and is engaged in planning, creating, manufacturing, and retailing home energy solutions for the solar photovoltaic industry. In April, transport operator Transdev announced they selected Enphase to deploy microinverters for the first solar-powered public transport in Australia. On May 13, Capital One initiated coverage on Enphase Energy with an Overweight rating and announced a price target of $175.

Enphase Energy, Inc. (NASDAQ:ENPH) has a market cap of $15.5 billion. The company’s quarterly revenue in the first quarter of 2021 came in at $301.8 million. Shares of ENPH increased 105% over the past twelve months.

There were 48 hedge funds that reported owning stakes in Enphase Energy, Inc. (NASDAQ:ENPH) at the end of the fourth quarter, down from 42 funds a quarter earlier. The total value of these stakes at the end of Q4 is $988 million.