3. Enphase Energy, Inc. (NASDAQ:ENPH)
Number of Hedge Fund Holders: 55
Number of Billionaire Investors: 12
Enphase Energy, Inc. (NASDAQ:ENPH) is involved in the design, development, manufacturing, and sale of home energy solutions for the solar photovoltaic sector. In the first quarter of 2023, Enphase Energy, Inc. (NASDAQ:ENPH) was found in 12 billionaire portfolios.
On April 25, Enphase Energy, Inc. (NASDAQ:ENPH) reported a Q1 non-GAAP EPS of $1.37 and a revenue of $726.02 million, outperforming Wall Street estimates by $0.15 and $5.51 million, respectively. In Q2 2023, the company expects revenue to be within a range of $700 million to $750 million, which includes shipments of 80 to 100 megawatt hours of Enphase IQ Batteries.
Following the release of Enphase Energy, Inc. (NASDAQ:ENPH)’s Q1 results, Barclays analyst Christine Cho maintained an Equal Weight rating on the shares but revised down the price target for the shares from $248 to $226. Barclays believes that Enphase Energy, Inc. (NASDAQ:ENPH) is well-positioned to capture a larger market share in the residential sector, particularly in Europe.
According to Insider Monkey’s first quarter database, 55 hedge funds were bullish on Enphase Energy, Inc. (NASDAQ:ENPH), compared to 63 funds in the prior quarter. Billionaire Philippe Laffont’s Coatue Management is a prominent stakeholder of the company, with 714,442 shares worth $150.2 million.
Aristotle Atlantic Large Cap Growth Strategy made the following comment about Enphase Energy, Inc. (NASDAQ:ENPH) in its Q1 2023 investor letter:
“Enphase Energy, Inc. (NASDAQ:ENPH) designs, develops, manufactures and sells home energy solutions in the U.S. and internationally for the solar industry. The company is the world’s leading manufacturer of microinverters that convert solar-generated D.C. energy to A.C. energy usable in homes and buildings. Enphase introduced the world’s first microinverter system in 2008 and has expanded its offerings to include battery storage systems and proprietary technologies that provide energy monitoring and control services for solar energy systems. It sells its products and solutions directly to solar system distributors, large installers and strategic partners.
We see Enphase having a substantial market share that is gained through a premium product offering, superior customer service and the development of a large and diverse network of solar installers and distributors. The company’s products and services address a growing residential solar market. Coupling battery backup systems with existing and newly installed residential solar systems could accelerate the company’s revenue and earnings growth over the next several years, in our view. Additionally, commercial and international expansion offer additional revenue and earnings upside. Enphase also plans to expand manufacturing capacity in the U.S. during 2023 to benefit from tax incentives related to domestic production included in the Inflation Reduction Act (IRA).”
