5 Best Solar Energy Stocks to Invest In Heading into 2023

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

Number of Hedge Fund Holders: 59

Enphase Energy, Inc. (NASDAQ:ENPH) is a global energy technology leader founded in 2006. The company develops and manufactures microinverters, solar panels, and energy storage systems for the residential and commercial markets. Enphase Energy, Inc. (NASDAQ:ENPH) has a global reach and operates in more than 21 countries worldwide.

On October 26, 2022, Biju Perincheril, an analyst at Susquehanna, increased his price target on Enphase Energy, Inc. (NASDAQ:ENPH) to $310 from $290 while keeping a Positive rating on the stock. According to the analyst, the Q4 revenue guide indicates a 10% growth which is more than his estimates.

As per Insider Monkey’s database, 59 hedge funds had stakes in Enphase Energy, Inc. (NASDAQ:ENPH) at the end of the third quarter. Two Sigma Advisors remained the leading stakeholder in the company at the end of Q3 2022.

Here is what ClearBridge Investments had to say about Enphase Energy, Inc. (NASDAQ:ENPH) in its third-quarter 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.

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