On Thursday, Enphase Energy got an upgrade for its IBD SmartSelect Composite Rating from 93 to 98.

The revised score means the stock currently tops 98% of all other stocks in terms of key performance metrics and technical strength. The best stocks tend to have a 95 or better grade as they start a significant move so be sure to keep that in mind when looking for the best stocks to buy and watch.

Enphase Energy is currently forming a double bottom, with a 181.82 buy point. See if the stock can break out in heavy trade at least 40% above average.

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The stock sports a 97 EPS Rating, meaning its recent quarterly and annual earnings growth is outpacing 97% of all stocks.

Its Accumulation/Distribution Rating of B shows moderate buying by institutional investors over the last 13 weeks.

The company reported 212% earnings-per-share growth for Q2. That marks four straight reports with rising EPS gains. Revenue growth rose 152%, up from 47% in the prior quarter. That marks four quarters of increasing revenue gains. The company's next quarterly report is expected on or around Oct. 27.

Enphase Energy earns the No. 1 rank among its peers in the Energy-Solar industry group. Daqo New Energy and Solaredge Technologies are also among the group's highest-rated stocks.