Shares of Enphase Energy Inc.
tumbled 15.6% in premarket trading Friday in the wake of the solar energy equipment maker’s disappointing second-quarter results and outlook. The selloff put the stock on track to open at the lowest price seen during regular-session hours since May 2022. It was also headed for the biggest one-day drop since it tumbled 25.7% on April 26, when the company reported first-quarter results. J.P. Morgan analyst Mark Strouse said Enphase’s results and the lowered outlook by peer SunPower Corp.
earlier this week supports his view for modest weakness in the U.S. residential solar market this... Shares of Enphase Energy Inc. tumbled 15.6% in premarket trading Friday in the wake of the solar energy equipment maker’s disappointing second-quarter results and outlook. The selloff put the stock on track to open at the lowest price seen during regular-session hours since May 2022. It was also headed for the biggest one-day drop since it tumbled 25.7% on April 26, when the company reported first-quarter results. J.P. Morgan analyst Mark Strouse said Enphase’s results and the lowered outlook by peer SunPower Corp.
earlier this week supports his view for modest weakness in the U.S. residential solar market this year, as higher rates elongate homeowner payback periods. He reiterated his overweight rating on Enphase’s stock, but wrote in a note to clients “we concede the stock may remain under pressure near-term until industry fundamentals improve.” The stock has tumbled 37.1% year to date while the S&P 500 SPX has gained 18.2%.