5 Best Alternative Energy Stocks To Buy Now

In this article, we shall discuss the 5 best alternative energy stocks to buy now. To read our detailed analysis of the alternative energy sector in 2023, go directly and see 13 Best Alternative Energy Stocks To Buy Now. 

5. Enphase Energy Inc. (NASDAQ:ENPH)

Hedge Fund Holdings: 50

Based in Fremont, California, Enphase Energy Inc. (NASDAQ:ENPH) is an American energy technology company which produces and manufactures solar micro-inverters, battery energy storage, and EV charging stations. The company beat EPS estimates of $1.25 by $0.22, posting earnings of $1.47 per share in Q2 2023.

On October 5, Keybanc analysts lowered the price target on Enphase Energy Inc. (NASDAQ:ENPH) to $148 from $200, and maintained an Overweight rating on the shares. According to the analysts, despite the recent depreciation in stock valuation, the company is projected to see increased demand and enhanced profitability in the future. The current decline is merely due to broad economic headwinds, skyrocketing inflation rates, rising mortgages, and other transitory factors. However, Enphase Energy’s (NASDAQ:ENPH) estimates have consistently outperformed expectations, and its revenues are estimated to continue rising with double-digit growth in the coming quarters. Furthermore, the stock is incredibly cheap, trading at a forward P/E ratio well below 30 as of October 21.