5 Stocks That Jumped After Jim Cramer’s Negative Call

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

Number of Hedge Fund Holders: 53

Percentage Increase in Share Price Over Past Month as of August 25: 34% 

Enphase Energy, Inc. (NASDAQ:ENPH) markets home energy solutions and has operations across the world. Even though Cramer has been exceedingly bullish on oil stocks in light of soaring energy prices over the past few months, he has taken an exception to Enphase Energy. In mid-June, Cramer claimed that the shares were too expensive relative to peers in the sector. He added that there were many better stocks in the industry for investors to choose from.

On August 8, JPMorgan analyst Mark Strouse maintained an Overweight rating on Enphase Energy, Inc. (NASDAQ:ENPH) stock and raised the price target to $321 from $261, 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.”