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Enphase Energy, Inc. (ENPH), headquartered in Fremont, California, is a significant energy technology player specializing in solar microinverter systems and energy management solutions. With a market cap of $14.42 billion, Enphase delivers innovative products that empower homeowners and businesses to harness solar power more efficiently. ENPH is set to announce its Q3 earnings on Thursday, Oct. 24.
Ahead of the event, analysts expect ENPH to report a profit of $0.44 per share, down 47.6% from $0.84 in the year-ago quarter. The company has surpassed Wall Street's earnings estimates in two of the last four quarters while missing on two other occasions.
Its adjusted earnings of $0.13 per share for the last quarter missed the consensus estimate by 13.3%. Despite solid demand for its solar and battery systems, Enphase Energy failed to meet Wall Street estimates.
For fiscal 2024, analysts expect ENPH to report EPS of $1.19, down 63.9% from $3.30 in fiscal 2023.
ENPH stock is down 19.5% on a YTD basis, significantly underperforming the broader S&P 500 Index's ($SPX) 19.4% gains and the Technology Select Sector SPDR Fund's (XLK) 16.2% returns over the same time frame.
On Jul. 23, ENPH reported its Q2 results, and the stock surged more than 12% in the following trading session. In addition to the earnings miss, its revenue of $303.5 million lagged behind Wall Street forecasts of $309.2 million. For Q3, ENPH expects revenue to be between $370 million and $410 million.
The consensus opinion on ENPH stock is moderately bullish, with an overall “Moderate Buy” rating. Of 36 analysts covering the stock, 18 advise a “Strong Buy” rating, two suggest a “Moderate Buy,” 13 indicate a “Hold,” one advises “Moderate Sell,” and two suggest a “Strong Sell.”
ENPH's average analyst price target is $128.16, indicating a potential upside of 20.5% from the current levels.
On the date of publication, Rashmi Kumari did not have (either directly or indirectly) positions in any of the securities mentioned in this article. All information and data in this article is solely for informational purposes. For more information please view the Barchart Disclosure Policy here.
