Enphase Is Holding Up Well in This 1 Key Metric -- but Is It Time to Buy the Stock?
By now you may have heard about the ugly third-quarter 2023 financial update from residential solar inverter leader Enphase Energy (NASDAQ: ENPH), a report that was inauspiciously previewed by peer SolarEdge Technologies (NASDAQ: SEDG) the week prior. Long story short, a cyclical downturn has finally come for Enphase after several years of stellar growth, and the downturn is likely to last through at least the first quarter of 2024. I had a tiny Enphase stock position (a fraction of 1% of my portfolio) that I recently sold in preparation.
The good news is that things don't appear to be as dire for Enphase as they are for SolarEdge. That doesn't mean it's time to buy Enphase stock, though -- at least not yet.
Enphase's bread and butter is residential solar inverters, an electronic device that converts power from a solar panel array to usable electricity in a home or small commercial building. Enphase's specific technology is microinverters, one of which sits behind each solar panel, different from the singular string inverter that peer SolarEdge makes.
Source Fool.com
