Solar Stock Down 30% in a Year, but a New $75 Million Bet Suggests This Fund Sees Opportunity

On February 17, 2026, Greenvale Capital LLP disclosed a new position in Enphase Energy (ENPH 3.39%), acquiring 2,350,000 shares in the fourth quarter for an estimated $75.32 million based on quarter-end pricing.

What happened

According to an SEC filing dated February 17, 2026, Greenvale Capital LLP reported initiating a new holding of 2,350,000 shares in Enphase Energy. The quarter-end position value increased by $75.32 million, reflecting the new purchase.

What else to know

• This is a new position; the stake accounts for 7% of Greenvale’s $1.10 billion in reportable U.S. equity assets as of December 31, 2025.
• Top holdings after the filing:
  • NASDAQ:RUN: $197.23 million (18.5% of AUM)
  • NYSE:ZETA: $142.91 million (13.4% of AUM)
  • NYSE:SN: $116.57 million (10.9% of AUM)
  • NASDAQ:OKTA: $81.71 million (7.7% of AUM)
  • NASDAQ:ENPH: $75.32 million (7% of AUM)
• As of February 13, 2026, Enphase Energy shares were priced at $43.49, down 30% over the past year and well underperforming the S&P 500, which is instead up about 20% in the same period.

Company overview

Company snapshot

• Enphase Energy offers semiconductor-based microinverters, AC battery storage systems, communications gateways, and cloud-based energy monitoring solutions for the solar photovoltaic industry.
• The firm generates revenue by selling integrated solar and energy storage solutions to distributors, large installers, OEMs, strategic partners, and directly to homeowners.
• It serves residential and small commercial customers in the United States and internationally, targeting solar installers and end-users seeking advanced energy management.

Enphase Energy, Inc. is a leading provider of home energy solutions, specializing in microinverter technology and integrated solar energy systems. The company leverages proprietary networking and software platforms to deliver real-time energy monitoring and control, supporting both energy generation and storage. Its differentiated technology and direct-to-installer business model position it as a key player in the distributed solar and energy storage markets.

What this transaction means for investors

Enphase has faced a smattering of volatility over the past several years, with sentiment swinging amid shifts in interest rates, energy policy, and consumer demand. The company built its reputation on microinverter technology that allows individual solar panels to operate independently, improving system performance and reliability compared with traditional string inverters. Over time it has expanded into battery storage and energy management software, and despite the stock’s underperformance, Enphase’s differentiation may be why a fund like Greenvale has leaned in.

Recent results show both the promise and the pressure facing the business. The company generated about $1.5 billion in revenue in 2025, up from $1.3 billion in 2024, but at the same time, the firm’s gross margin shrank from 47.3% to 46.6%.

The new investment fits neatly alongside other high conviction bets in technology and energy transition names such as Sunrun and Okta, creating a portfolio mix that suggests a willingness to lean into companies tied to long-term electrification and digital infrastructure trends. Plus, shares of Enphase have actually jumped about 25% since the latest earnings report, signaling that Greenvale might be onto something with its bet.