5 Best Renewable Energy Stocks To Buy According to Hedge Funds

In this article, we will be taking a look at the 5 best renewable energy stocks to buy according to hedge funds. To read our detailed analysis of the renewable energy sector, you can go directly to see the 13 Best Renewable Energy Stocks To Buy According to Hedge Funds.

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

Number of Hedge Fund Holders: 40

Enphase Energy, Inc. (NASDAQ:ENPH) designs and manufactures home energy solutions for the solar photovoltaic industry in the US and internationally. It is based in Fremont, California.

A Buy rating and a $140 price target were maintained on Enphase Energy, Inc. (NASDAQ:ENPH) on February 1 by Philip Shen at Roth MKM.

A total of 40 hedge funds were long Enphase Energy, Inc. (NASDAQ:ENPH) in the third quarter, with a total stake value of $521.1 million.

ClearBridge Investments mentioned Enphase Energy, Inc. (NASDAQ:ENPH) in its third-quarter 2023 investor letter:

“Against this backdrop the Strategy underperformed, with the majority of detractors renewable- or utility-related companies suffering largely from cyclical interest rate pressures that have pushed up financing costs for the companies and weighed on income-producing sectors such as utilities. Most acutely, higher interest rates have dampened near-term U.S. residential solar demand, hurting Enphase Energy, Inc. (NASDAQ:ENPH) in particular. As a result, we sold Enphase, and invested proceeds into SolarEdge Technologies, which has greater exposure to European and utility-scale end markets, which are under comparatively less pressure.”