5 Cheap Renewable Energy Stocks to Buy Now

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

Number of Hedge Fund Holders: 63

One-Year Average Price Estimate: $294.00

Enphase Energy, Inc. (NASDAQ:ENPH)’s one-year average price target estimate by analysts stands at $294, which presents an attractive upside potential from the current levels. Recently, Goldman Sachs shared a list of high-margin growth stocks. Enphase Energy, Inc. (NASDAQ:ENPH) was in the list. Goldman said that its “Long Duration basket has outperformed the Short Duration basket by 6 pp YTD”. The firm said that this has created an “asymmetry” that supports its thesis to own high-margin growth stocks versus low-margin growth stocks.

As of the end of the fourth quarter of 2022, 63 hedge funds tracked by Insider Monkey had stakes in Enphase Energy, Inc. (NASDAQ:ENPH). The total value of these hedge funds’ stakes was $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.”