Enphase Energy Inc (NASDAQ:ENPH) shares are trading higher Wednesday after the company reported better-than-expected financial results and issued guidance above analyst estimates.
Enphase said first-quarter revenue increased 7% year-over-year to $441.3 million, which beat the $432.1 million estimate, according to data from Benzinga Pro. The company reported quarterly adjusted earnings of 79 cents per share, which beat the estimate of 66 cents per share.
Enphase said it expects second-quarter revenue to be between $490 million and $520 million versus the $474.55 million estimate.
- B. Riley Securities analyst Christopher Souther maintained Enphase with a Neutral rating and raised the price target from $155 to $171.
Enphase is a global energy technology company that delivers smart, easy-to-use solutions that manage solar generation, storage and communication on a single platform.
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ENPH 52-Week Range: $108.88 - $282.46
The stock was up 8.56% at $167 at press time.
Photo: courtesy of Enphase Energy.
