Why Enphase Energy Shares Are Shining Today
Shareholders in Enphase Energy (NASDAQ: ENPH) got the news they wanted to hear last night when the solar technology company reported its fourth-quarter financial results. Enphase stock is soaring today on the back of that report.
A business slowdown has led Enphase stock to drop nearly 50% over the past year. And that includes today's share price spike. The stock jumped over 20% this morning and remained higher by 18.8% as of 10:20 a.m. ET.
That's because the company has seemingly called a bottom in its business and sees its fortunes reversing from here. High interest rates have hurt solar panel sales and resulted in bloated inventories in both North America and Europe. The company said sales in Europe declined 70% sequentially compared to the third quarter mainly due to lower shipments to manage high inventory levels at its distribution partners.
Source Fool.com
