5 Best-Performing S&P 500 Stocks in 2022

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

Year to Date Return as of September 15: 69.25%

Number of Hedge Fund Holders: 53

On September 6, Enphase Energy, Inc. (NASDAQ:ENPH) announced the expansion of its global partnership BayWa, a leading global developer and distributor of solar photovoltaic modules. Under the terms of the agreement, BayWa will distribute Enphase Energy, Inc.’s (NASDAQ:ENPH) IQ series microinverters and batteries in Germany and Benelux.

On July 26, Enphase Energy, Inc. (NASDAQ:ENPH) announced strong earnings for the second quarter of fiscal 2022. The company reported earnings per share of $1.07 and beat estimates by $0.22. The company’s revenue for the quarter grew 67.75% year over year and amounted to $530.2 million, ahead of Wall Street expectations by $24.79 million. As of September 15, Enphase Energy, Inc. (NASDAQ:ENPH) has gained 69.25% year to date.

On August 11, KeyBanc analyst Sophie Karp raised her price target on Enphase Energy, Inc. (NASDAQ:ENPH) to $363 from $230 and maintained an Overweight rating on the shares.

At the close of the second quarter of 2022, 53 hedge funds disclosed ownership of stakes in Enphase Energy, Inc. (NASDAQ:ENPH) worth $1.14 billion. This is compared to 57 hedge funds in the previous quarter with stakes worth $749.49 million.

As of June 30, Coatue Management is the largest investor in Enphase Energy, Inc. (NASDAQ:ENPH) and owns roughly 1.36 million shares of the company.

Here is what ClearBridge Investments had to say about Enphase Energy, Inc. (NASDAQ:ENPH) in its first-quarter 2022 investor letter:

“Enphase Energy (NASDAQ:ENPH) is a key solar holding that should be able to take advantage of greater incentives for solar installations in many geographies. The company was also a strong contributor for the quarter, overcoming pressures of a higher discount rate on their strong projected future earnings, raw material inflation and supply chain challenges as their long-term value was reaffirmed.”