Enphase Energy Stock Is Diving Wednesday: What’s Going On?
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Enphase Energy Inc (NASDAQ:ENPH) shares are trading lower Wednesday after the company reported worse-than-expected financial results for the third quarter. The selloff has accelerated Wednesday morning as multiple analyst firms downgraded or slashed price targets on the stock.
- Q3 Revenue: $380.9 million, versus estimates of $391.979 million
- Q3 EPS: 65 cents, versus estimates of 77 cents
U.S. revenue was up approximately 43% on a quarter-over-quarter basis due to higher shipments to distributors. Meanwhile, revenues in Europe fell approximately 15% quarter-over-quarter, driven by a “further softening” in European demand.
Enphase shipped 172.9 megawatt hours of IQ batteries in the quarter and shipped approximately …
Full story available on Benzinga.com
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