In this article, we will be taking a look at 5 stock picks to beat the market slump. To read our detailed analysis of these stocks and current market conditions, you can go directly to see the 10 Stock Picks to Beat the Market Slump.
5. Enphase Energy, Inc. (NASDAQ:ENPH)
Number of Hedge Fund Holders: 53
Year-to-Date Price Gains: 51.53%
Enphase Energy, Inc. (NASDAQ:ENPH) is an information technology company working to design, develop, manufacture, and sell home energy solutions for the solar photovoltaic industry in the US and internationally. The company provides semiconductor-based microinverters. It also offers AC battery storage systems.
Sophie Karp at KeyBanc raised her price target on shares of Enphase Energy, Inc. (NASDAQ:ENPH) on August 11, from $230 to $363. The analyst also reiterated an Overweight rating on the shares.
Enphase Energy, Inc. (NASDAQ:ENPH) has had an average EPS growth of 65% over the last three quarters, with its earnings in the second quarter also coming in high. It had a second-quarter EPS increase of 109%, bringing its EPS up to $1.07, beating estimates by $0.22. Enphase Energy, Inc.’s (NASDAQ:ENPH) revenue was $530.2 million, also beating estimates by $24.79 million. The company estimated that in the third quarter, its sales will be in the $590 million to $630 million range, well above consensus estimates.
Enphase Energy, Inc. (NASDAQ:ENPH) was found among the 13F holdings of 53 hedge funds in the second quarter, with a total stake value of $1.1 billion. In comparison, 57 hedge funds were long the stock in the previous quarter, with a total stake value of $749 million.