Why Enphase Energy Stock Is Surging Today

Enphase Energy Inc ENPH shares are trading higher Wednesday after the company reported better-than-expected financial results.

Enphase reported third-quarter revenue of $634.71 million, which beat average analyst estimates of $610.65 million, according to Benzinga Pro. The company said its topline results were up 20% compared to the second quarter. 

Enphase reported quarterly adjusted earnings of $1.25 per share, which beat average estimates of $1.08 per share. 

Free cash flow reached $179.1 million in the third quarter. Enphase ended the quarter with $1.42 billion in cash and equivalents.

Enphase said it expects fourth-quarter revenue to be between $680 million and $720 million versus average analyst estimates of $660.21 million. 

Enphase is a leading supplier of microinverter-based solar and battery systems that enable people to harness the sun to make, use, save and sell their own power.

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ENPH Price Action: Enphase has a 52-week high of $324.83 and a 52-week low of $113.40.

The stock was up 6.89% at $283.88 Wednesday morning. 

Photo: Sebastian Ganso from Pixabay.