Stocks to buy

We don’t pound the table every day for a solar industry pick, but Enphase Energy (NASDAQ:ENPH) stock is hard to resist at its current price. Enphase Energy fully deserves an “A” rating for the company’s solar market leadership across multiple world continents.

Hopefully, you’ve already heard about Enphase Energy’s record-breaking quarterly revenue. The company handily beat Wall Street’s top- and bottom-line estimates for 2022’s fourth quarter.

Yet, Enphase Energy has no intention of slowing down. As the solar energy movement goes global, so is Enphase Energy. Indeed, even after an outstanding quarterly performance, this company is really just getting started.

ENPH Enphase Energy $202.62

What’s Happening with ENPH Stock?

Whether you’re thinking about starting a share position or adding to an existing one, you’re in luck. ENPH stock recently declined from $330 to $205, and there really wasn’t any bad company-specific news during this time.

Most likely, the share-price dip was precipitated by general stock-market jitters. But again, Enphase Energy managed to generate robust revenue despite high inflation.

Besides, Enphase Energy is quickly becoming a geographically diversified business. Sure, Enphase is reaffirming its domestic-market leadership through a partnership with Lumio. That’s not the full story, though.

Notably, Enphase Energy is expanding its deployment of microinverter-based solar and battery systems in Brazil. Additionally, through a partnership with Enerix, Enphase is developing its market presence in Germany and Austria. Therefore, the company won’t be entirely dependent on the ups and downs of the U.S. solar market.

Enphase Energy’s Bidirectional Charging Technology Is Electrifying

Sure, there are companies other than Enphase Energy that offer electric vehicle charging technology. What about a device that can deliver a charge from an EV to a home, or even to an entire electrical grid? This isn’t just a dream, as Enphase Energy is now making this fascinating concept a reality.

Not long ago, Enphase demonstrated its bidirectional EV charger. A video demonstration of the device can be viewed here.

Along with being able to charge up an EV, Enphase Energy’s bidirectional charger can also:

  • Enable an EV battery to “provide uninterrupted power to a home during a power outage.”
  • Allow an EV battery to “share energy with the grid to help relieve the strain on electric utilities during times of peak energy demand.”
  • Send “clean solar energy directly to the EV battery” (a.k.a. “green charging”).

Mohammad Alkuran, senior director of systems engineering at Enphase Energy, calls this device a “solar-powered, all-in-one home energy system.” Truly, Enphase’s bidirectional charger could represent the future of multipurpose solar electrification.

What You Can Do Now

ENPH stock dipped even while Enphase Energy was raking in strong revenue. Thus, financial traders have an opportunity to take a new position or add some shares if they’re already invested.

Clearly, Enphase is relentless in pushing the envelope when it comes to next-generation solar technology. As Enphase Energy continues to grow its product offerings and geographic presence, investors can confidently stay in the trade throughout the year.

On the date of publication, Louis Navellier had a long position in ENPH. Louis Navellier did not have (either directly or indirectly) any other positions in the securities mentioned in this article.

The InvestorPlace Research Staff member primarily responsible for this article did not hold (either directly or indirectly) any positions in the securities mentioned in this article.

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