5 Inverse Jim Cramer Stocks to Buy Today

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

Number of Hedge Fund Holders: 53

Enphase Energy, Inc. (NASDAQ:ENPH) markets home energy solutions and has operations across the world. The former hedge fund manager has been bearish on Enphase in the past few weeks. In mid-June, Cramer underlined that the stock was too expensive and there were many “better stocks” in the sector to choose from. Since then, the stock is up more than 30% on the back of an earnings beat in the second quarter and the successful passage of the climate bill in the US Congress. 

On August 11, KeyBanc analyst Sophie Karp maintained an Overweight rating on Enphase Energy, Inc. (NASDAQ:ENPH) stock and raised the price target to $363 from $230, noting the firm would benefit from the recently passed Inflation Reduction Act. 

At the end of the second quarter of 2022, 53 hedge funds in the database of Insider Monkey held stakes worth $1.1 billion in Enphase Energy, Inc. (NASDAQ:ENPH), compared to 57 the preceding quarter worth $749 million.

In its Q1 2022 investor letter, ClearBridge Investments, an asset management firm, highlighted a few stocks and Enphase Energy, Inc. (NASDAQ:ENPH) was one of them. Here is what the fund said:

“Enphase Energy, Inc. (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.”