Why Enphase Energy Stock Rocketed Today

Solar system technology company Enphase Energy (NASDAQ: ENPH) released its third-quarter earnings report last night, and there was much to like. Investors jumped right in, shooting the stock up almost 25% at the market open. As of 10:40 a.m. EDT, Enphase shares were holding gains of 23%.

Enphase reported record revenue that grew 11% sequentially above the prior quarter, and nearly doubled over the pandemic-impacted prior year period. The company also guided investors to another revenue record performance in the fourth quarter, implying another 14% increase at the midpoint of the estimated range.

Source Fool.com