Enphase stock drops 25% to lowest in nearly a year as company's weak guidance spooks Wall Street

Enphase Energy Inc. stock on Wednesday dropped to its lowest in nearly a year as investors worried that demand headwinds are here to stay.

Enphase ENPH shares were the worst performer in the S&P 500 index SPX and the Nasdaq 100 NDX . It was poised to close at its lowest since May 24, when it closed at $162.51, and on pace for largest one-day percent drop June 2020. The second-quarter guidance is “the greatest concern,” BofA Securities analyst Julien Dumoulin-Smith said in a note Wednesday. Dumoulin-Smith downgraded his rating on Enphase stock to the equivalent of sell, saying that for investors it will be “too expensive to wait on recovery.”

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