Jim Cramer’s Top 5 Stock Picks for 2023

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

Number of Hedge Fund Holders: 59

Enphase Energy, Inc. (NASDAQ:ENPH) is a semiconductor-equipment company based in Fremont, California. The company designs home energy solutions for the solar photovoltaic industry for sale.

Craig-Hallum analyst Eric Stine holds a Buy rating on Enphase Energy, Inc. (NASDAQ:ENPH) shares as of February 8.

Cramer has named Enphase Energy, Inc. (NASDAQ:ENPH) the “renewable golden boy,” noting that the company is a profitable and solid business in the energy tech sector. The company has reported a financial year of 2022 revenue growth of 42.6%, and expects revenue growth to further increase at a three-year compound annual growth rate of 27.8%.

Our hedge fund data shows 59 funds long Enphase Energy, Inc. (NASDAQ:ENPH) in the third quarter. Their total stake value was $2.2 billion.

ClearBridge Investments, an investment management company,  mentioned Enphase Energy, Inc. (NASDAQ:ENPH) in its third-quarter 2022 investor letter. Here’s what the firm said:

“In IT, Enphase Energy, Inc. (NASDAQ:ENPH) delivered a strong quarter driven by secular growth in global rooftop solar, increased penetration into Europe, where demand accelerated, and a continued ramp up in battery storage sales. Also with a strong presence in the U.S., Enphase Energy designs and manufactures microinverters for residential and small commercial solar PV systems and has made strides in evolving from a solar inverter maker into a “home energy management” company that can act as the brains for the home’s energy system, including microinverters for solar, as well as storage and energy management software.”