5 Best Alternative Energy Stocks to Buy Now

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

Number of Hedge Fund Holders: 49
Forward P/E Ratio: 76.62

Enphase Energy, Inc. (NASDAQ: ENPH) works with home energy solutions for the solar photovoltaic industry in the US and internationally. The company ranks 2nd on our list of the best alternative energy stocks to buy now and also offers semiconductor-based microinverters which convert energy at the solar module level.

This May, Enphase Energy, Inc. (NASDAQ: ENPH) announced the launch of a $500 million buyback program.

Enphase Energy, Inc. (NASDAQ: ENPH) also reported in its first-quarter report that the company had revenue of $301.75 million for the first quarter, alongside $31.7 million in earnings. The stock also beat EPS estimates for the quarter by $0.11 with its $0.56 EPS, a growth from the $0.51 EPS of last quarter. Enphase Energy, Inc. (NASDAQ: ENPH) also gained 2.88% in the past 6 months.

In the first quarter of 2021, 49 hedge funds held stakes in Enphase Energy, Inc. (NASDAQ: ENPH) worth over $803 million. The number of hedge fund holders for the stock has increased by 1 since the previous quarter.