Why Enphase Energy (ENPH) Shares Are Trading Lower Thursday

Enphase Energy, Inc. ENPH shares are trading lower Thursday on the heels of an analyst downgrade.

What Happened:

OTR Global downgraded Enphase Energy from a Mixed rating to a Negative rating. The news comes with shares down 10% over the last week and nearly 40% year-to-date. On Wednesday, Enphase Energy announced that installers of Enphase products in Brasilia have seen a significant rise in deployments of residential solar energy systems.

"After selling our first Enphase system installation in June 2022, we made the switch to offer Enphase products exclusively due to the strength of the company's best-in-class technology, customer support, and installer services," said Murilo Vidigal, project director at Mavo Engenharia.

"Our customers with Enphase-powered solar systems report great peace of mind thanks to a reduced need for ongoing maintenance and a highly customizable design that allows them the opportunity to grow their system as their energy needs evolve."

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ENPH Price Action: According to Benzinga Pro, Enphase Engergy shares are down over 2% at $164.23 at the time of publication.

Image: Mohamed_hassan from Pixabay