Enphase Stock Plummets After Dismal Revenue Forecast

No fewer than nine analysts have lowered their price targets in response

Deputy Editor
Apr 26, 2023 at 10:37 AM
facebook X logo linkedin


Analysts are drilling Enphase Energy Inc (NASDAQ:ENPH) with bear notes today, after the energy concern's disappointing current-quarter sales forecast. The company also reported mixed first-quarter results, with lower-than-expected revenue alongside higher-than-anticipated earnings of $1.37 per share.

No fewer than nine analysts have slashed their price targets, including Craig-Hallum to $259 from $315. Overall, analysts are still leaning bullish on Enphase stock. Of the 25 analysts in coverage, 18 carry a "buy" or better, with seven a tepid "hold," while the 12-month consensus price target of $282.69 is a 71.9% premium to current levels. All of this leaves room for additional price-target cuts and/or downgrades.

ENPH is plummeting at last glance, down 25% at $165.47, to trade at its lowest levels since May 2022. This volatility has it on the short sell restricted (SSR) list today. Year-to-date, the equity is down roughly 37%. 

So far, 48,000 calls and 36,000 puts have been exchanged in the options pits, which is 16 times the amount typically seen at this point. The weekly 4/28 180-strike call is the most active contract, followed by the 190-strike call in the same weekly series, with new positions being opened at both. 

 

 

*SPONSORED CONTENT*

How to collect 1 dividend check every day for LIFE

Did you know you could collect 1 dividend check every day the market is open? You could also do it starting with just $605! For me, I'm collecting 70 dividend checks every quarter…which averages around 1.1 dividend checks every business day. There's no trading behind this... no penny stocks or high-risk investments. All you do is buy and hold and you're set. There's no set up required either. If you start buying the dividend stocks I show you today... you could collect 1 dividend per day starting as early as this week. Click here for all the details.

*SPONSORED CONTENT*