Enphase Energy (NASDAQ: ENPH) has had a rough few weeks, capped off by an earnings report last week that left a lot to be desired. Not only were third-quarter results relatively weak, but management now expects a huge drop in earnings for the fourth quarter of 2023 and the first quarter of 2024.
A recovery could be on the horizon for the maker of solar power and energy storage systems, but it isn't likely to take shape until mid-2024 at the earliest. And once it does, it's not clear whether Enphase will maintain the market share and margins investors have grown accustomed to. So is this a low for the market, or is the stock going to continue to drop?
Before getting into the operating trends, I want to put Enphase's current $10.8 billion market cap into context. We don't want to compare it to what this company's valuation was previously but rather to other leading companies in the industry like SolarEdge (NASDAQ: SEDG), (NASDAQ: RUN), and SunPower (NASDAQ: SPWR). You can see that Enphase is worth more than all of them combined.
Source Fool.com