SOL - Enphase Energy skies to YTD high after Q2 beat lifting entire solar sector
Enphase Energy ( NASDAQ: ENPH ) closed as Wednesday's biggest gainer on the S&P 500, +17.9% on heavy volume to a YTD high $253.79, after routing Q2 earnings expectations and raising Q3 sales guidance above Wall Street consensus.
Other solar stocks ( NYSEARCA: TAN ) also finished higher, including ( NASDAQ: SEDG ) +9.4% , ( FSLR ) +4.6% , ( SPWR ) +5.7% , ( MAXN ) +5% , ( JKS ) +4.5% , ( CSIQ ) +5.8% , ( RUN ) +6.4% , ( NOVA ) +5.9% , ( SHLS ) +6.5% , ( ARRY ) +5.9% , ( SOL ) +9% , ( FTCI ) +5.3% , ( DQ ) +6.8% .
After Tuesday's close, Enphase ( ENPH ) reported Q2 adjusted earnings of $0.54/share on record quarterly revenues of $530.2M, after posting EPS of $0.28 on revenues of $316M in the year-earlier quarter, and issued above-consensus guidance for Q3 revenues of $590M-$630M.
European revenues surged 69% Q/Q as the continent struggles with soaring energy prices.
Several analysts raised their stock price targets for Enphase ( ENPH ), including Cowen to $278 from $240, Needham to $275 from $225, Piper Sandler to $265 from $230, and J.P. Morgan to $261 from $247.
Counting Wednesday's gains, Enphase Energy ( ENPH ) shares have gained 38% YTD and 47% during the past year .
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Enphase Energy skies to YTD high after Q2 beat, lifting entire solar sector