Why Enphase Energy Stock Hit A New 52-Week Low Today

Enphase Energy Inc ENPH shares are trading lower by 6.7% to $142.19 Wednesday morning. Shares of solar stocks are trading lower in sympathy with SolarEdge Technologies after the company issued weak third-quarter guidance.

What Happened With SolarEdge?

SolarEdge announced better-than-expected quarterly adjusted earnings of $2.62 per share, surpassing the analyst consensus estimate of $2.55. This represents a marked 175.79% increase compared to earnings of $0.95 per share from the same period last year.

The company also reported quarterly sales of $991.30 million, slightly beating the analyst consensus estimate of $989.17 million by 0.22%. This figure marks a 36.21% increase in sales compared to $727.77 million in the same period last year.

In the third quarter, SolarEdge anticipates revenues ranging from $880 million to $920 million, while the consensus estimate stands at $1.05 billion...Read More

According to data from Benzinga Pro, ENPH has a 52-week high of $339.92 and a 52-week low of $141.89.