Energy Stock Hits Fresh Lows After Earnings

Enphase reported a revenue miss and disappointing current-quarter forecast

Deputy Editor
Jul 28, 2023 at 11:02 AM
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Enphase Energy Inc (NASDAQ:ENPH) is trading at one-year lows, down 11.2% at $148.18 at last glance, after the solar energy concern's mixed second-quarter results. Though earnings beat analyst expectations, both its revenue and third-quarter revenue forecast missed estimates.

Plus, no fewer than 12 analysts chimed in with price-target cuts after the event. ENPH is on the short sell restricted (SSR) amid the slide, and on track for a third consecutive daily loss. Year-to-date, the equity is down 43.3%.

Options bulls are likely licking their wounds, given the stock's 50-day call/put volume ratio of 1.93 over at the International Securities Exchange (ISE), Cboe Options Exchange (CBOE), and NASDAQ OMX PHLX (PHLX) ranks higher than 98% of readings from the past year. 

Today, 52,000 calls and 56,000 puts have crossed the tape, which is six times the options volume typically seen at this point. Expiring at the close, the weekly 7/28 150-strike put is the most popular, followed by the 160-strike call in the same series, with new positions being opened at the latter.

It's also worth noting, however, that short interest has been building, up 36% over the past month, and now represents 7% of the stock's available float. 

 

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