5 Best Fast Growth Stocks to Buy Now

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

Number of Hedge Fund Shareholders: 53

Enphase Energy, Inc. (NASDAQ:ENPH) is charging full steam ahead, as the maker of solar panel tracking technology will end 2022 having grown its sales by about 7x compared to 2018. And while the company’s earnings declined in 2019 and remained relatively flat over the following two years, they’ve also taken a big step forward this year. In Q3, Enphase grew its EPS by 433% year-over-year to $0.80.

It’s been a remarkable run for Enphase Energy, Inc. (NASDAQ:ENPH) over the past five years. The company’s shares were trading hands for less than $1 in the middle of 2017 and just five hedge funds held ENPH in their 13F portfolios at that time. Fast forward five years and 53 funds are long ENPH shares, which traded for $180 at the end of the quarter. Philippe Laffont’s Coatue Management raised its stake in Enphase by 804% to 1.37 million shares during Q2.

Carillon Tower Advisers believes Enphase Energy, Inc. (NASDAQ:ENPH) is a great way for investors to gain exposure to alternative energy, as noted in its Q3 2022 investor letter:

“Enphase Energy, Inc. (NASDAQ:ENPH) provides technology to manage solar generation, storage, and communication on one platform. The company reported an impressive quarter that exceeded investor expectations on all meaningful metrics, which sent shares higher. The stock remains a useful way to gain exposure to the secular theme of alternative energy and could benefit from the recently passed Inflation Reduction Act.”