5 Best Climate Change Stocks To Buy According To Hedge Funds

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

Number of Hedge Fund Holders: 59

Enphase Energy, Inc. (NASDAQ:ENPH) is an information technology company. It designs and manufactures home energy solutions for the solar photovoltaic industry in the US and internationally.

Corinne Blanchard at Deutsche Bank also initiated coverage of Enphase Energy, Inc. (NASDAQ:ENPH) shares on November 14, with a Buy rating and a $330 price target.

Enphase Energy, Inc. (NASDAQ:ENPH) reported impressive third-quarter results showcasing 80% year-over-year revenue growth, with revenue from Europe alone growing by 70%. The company’s revenue came in at $634.7 million. The company also increased its margins to 42.9% despite rampant inflation.

In total, 59 hedge funds were long Enphase Energy, Inc. (NASDAQ:ENPH) in the third quarter, with a total stake value of $2.2 billion.

ClearBridge Investments, an investment management company, mentioned Enphase Energy, Inc. (NASDAQ:ENPH) in its third-quarter 2022 investor letter. Here’s what the firm said:

“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.”