5 Best Renewable Energy Stocks to Buy Now

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

Number of Hedge Fund Holders:  63

Enphase Energy, Inc. (NASDAQ:ENPH) is one of the most versatile renewable energy companies, making several solutions in the industry, including solar micro-inverters, battery energy storage, and EV charging stations for homes.

In late February, Enphase Energy, Inc. (NASDAQ:ENPH) shares jumped after Janney Montgomery analyst Sean Milligan upgraded the stock to Buy from Neutral with a $282 price target. The analyst said that Enphase Energy, Inc. (NASDAQ:ENPH)’s valuation looks attractive following a 40% drop from a recent peak.

At the end of the fourth quarter of 2022, 63 hedge funds reported having stakes in Enphase Energy, Inc. (NASDAQ:ENPH). The total value of these stakes was about $2.2 billion.

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

“In IT, Enphase Energy, Inc. (NASDAQ:ENPH) delivered a strong quarter driven by secular growth in global rooftop solar, increased penetration into Europe, where demand accelerated, and a continued ramp up in battery storage sales. Also with a strong presence in the U.S., Enphase Energy designs and manufactures microinverters for residential and small commercial solar PV systems and has made strides in evolving from a solar inverter maker into a “home energy management” company that can act as the brains for the home’s energy system, including microinverters for solar, as well as storage and energy management software.”