Why Enphase Energy's Shares Plunged 8.6% on Tuesday

Shares of solar microinverter company Enphase Energy (NASDAQ: ENPH) dropped as much as 8.6% in trading Tuesday after the company announced an acquisition. Shares ended the day off 7.6%. 

Enphase announced the acquisition of Sofdesk, a software company that makes digital tools and services intended to simplify the sales process for the residential solar industry. This is another move to increase the software offerings from Enphase, which is quickly pushing into energy storage and smart home systems. 

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Source Fool.com