SunPower Corp SPWR shares are trading lower by 6.88% to $12.94 Wednesday morning. Shares of several solar stocks are trading lower in sympathy with Enphase Energy, which reported worse-than-expected Q1 sales and issued weak Q2 guidance.
Additionally, Enphase received a number of analyst rating updates following the first-quarter print.
What Happened?
Enphase Energy reported quarterly earnings of $1.37 per share, which beat the analyst consensus estimate of $1.20.
The company also reported quarterly sales of $726.02 million, which missed the analyst consensus estimate of $732.30 million by roughly 1%. This sales figure is, however, a marked 64.5% percent increase over sales of $441.29 million in the same period last year...Read More
See Also: Awaiting Q1 GDP Results: Can US Economy Fend Off Recession Fears?
According to data from Benzinga Pro, SPWR has a 52-week high of $28.42 and a 52-week low of $12.03.
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