Why Enphase Energy's Stock Popped Then Dropped Today
Shares of solar system technology company Enphase Energy (NASDAQ: ENPH) popped more than 8% this morning after the company reported its fourth-quarter and full-year 2022 results following the bell yesterday. That spike didn't hold, however, and the stock had lost all those gains by late morning. As of 11:20 a.m. ET, Enphase shares were trading down by 3.1%.
The initial surge made sense because the company's adjusted earnings of $1.51 per share beat analyst estimates for $1.27 per share. Fourth-quarter revenue of $725 million also edged out consensus estimates.
So why didn't the pop hold? That likely has to do with the company's outlook for the first quarter of 2023.
Source Fool.com
