5 Best Solar Energy Stocks to Buy Today

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

Number of Hedge Fund Holders: 44

Enphase Energy, Inc. (NASDAQ:ENPH) ranks fourth on the list of 10 best solar energy stocks to buy today. The company manufactures and sells microinverters and energy storage for residential and enterprise solar panel systems. 

On September 21, KeyBanc analyst Sophie Karp initiated an Overweight rating on Enphase Energy, Inc. (NASDAQ:ENPH) with a price target of $179 per share, emphasizing the solar company’s microinverter market share in the growing residential solar industry in the United States.

In the second quarter of 2021, Enphase Energy, Inc. (NASDAQ:ENPH) reported an EPS of $0.53, beating estimates by $0.11. The company’s second-quarter revenue came in at $316.1 million and beat revenue estimates by $4.82 million. Enphase Energy, Inc. (NASDAQ:ENPH) delivered 2.36 million microinverters in the second quarter of 2021, an increase of over 110% from 1.09 microinverters shipped in the second quarter of 2020. The stock has gained 50% in the past twelve months.

At the end of the second quarter of 2021, 44 hedge funds in the database of Insider Monkey held stakes worth $724 million in Enphase Energy, Inc. (NASDAQ:ENPH), down from 49 hedge funds in the previous quarter worth $804 million.