5 Best Renewable Energy Stocks to Buy Right Now

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

Number of Hedge Fund Holders: 50

Enphase Energy, Inc. (NASDAQ:ENPH) operates as an energy technology company headquartered in California. The company provides software-driven home energy solutions for solar generation, home energy storage, and web-based monitoring and control systems. On March 31, 2022, Enphase Energy, Inc. (NASDAQ:ENPH) announced its plans to expand battery storage in Oklahoma. The company is witnessing growing demand for its energy systems in Oklahoma and is offering residents and homeowners the option to install its IQ8 Microinverters, which can provide solar power during power outages.

This February, Enphase Energy, Inc. (NASDAQ:ENPH) reported its earnings for the fiscal fourth quarter of 2021. The company generated revenues of $412.72 million, up 55.84% year over year, and outperformed market consensus by $12.84 million. The company’s earnings per share for the quarter came to $0.73, beating expert EPS estimates by $0.14. As of April 3, 2022, Enphase Energy, Inc. (NASDAQ:ENPH) has gained 41.96% over the past six months and has a market capitalization of $27.58 billion.

Enphase Energy, Inc. (NASDAQ:ENPH) is gaining popularity among analysts and investor circles. On March 14, 2022, Piper Sandler analyst Kashy Harrison raised her price target on Enphase Energy, Inc. (NASDAQ:ENPH) to $237 from $227 and maintained an Overweight rating on the shares. Moreover, By the end of the fourth quarter of 2021, 50 hedge funds held stakes in Enphase Energy, Inc. (NASDAQ:ENPH) worth more than $763.2 million.

As of March 23, 2022, D E Shaw is the largest shareholder in Enphase Energy, Inc. (NASDAQ:ENPH) having stakes worth more than $182.92 million in the company. The investment covers 0.15% of D E Shaw’s Q4 2021 investment portfolio.