Shares of Enphase Energy (NASDAQ: ENPH) plunged 33.8% in October, according to data from S&P Global Market Intelligence.

This solar inverter leader had a very difficult month, as one of its main peers preannounced that it would miss third-quarter estimates by a wide margin. Days later, Enphase reported its own results, guiding for another down quarter even worse than its already low expectations.

The residential solar market is in a correction, brought on by higher interest rates, changing regulations, and a give-back after booming demand in Europe after the Russian invasion of Ukraine.

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Source Fool.com