BBBY - Why Is Enphase Energy (ENPH) Stock Down 19% Today?
2023-04-26 09:28:38 ET
InvestorPlace - Stock Market News, Stock Advice & Trading Tips
Enphase Energy (NASDAQ: ENPH ) stock is falling hard on Wednesday following the release of its earnings report for the first quarter of 2023 .
In the earnings report, Enphase outlines its outlook for the second quarter of the year. Unfortunately, its revenue guidance of $700 million to $750 million failed to impress investors. That makes sense when you consider Wall Street’s revenue estimate of $772.82 million for Q2.
Enphase Energy didn’t give a reason for its lackluster revenue guidance for Q2 2023. The company also didn’t provide investors with an outlook for its adjusted EPS during the quarter.
That’s a shame, considering the renewable energy technology company’s adjusted EPS of $1.37 and revenue of $726 million for Q1. Both of these figures came in better than analysts’ estimates of $1.22 per share and $723 million.
For further comparison, the company’s EPS and revenue also experienced major gains year-over-year (YOY). That includes EPS rising 73% from the 79 cents reported in Q1 2022 and revenue increasing 64% from $441.29 million.
ENPH Stock Reactions Today
Despite the mixed earnings report, shares of ENPH stock aren’t undergoing heavy trading on Wednesday morning. As of this writing, only about 575,000 shares have changed hands. To put that in perspective, the company’s daily average trading volume is well above that at 3.9 million shares.
ENPH stock is down 19.3% during pre-market trading on Wednesday.
There’s even more stock market news traders will want to know about below!
Investors searching for all of the most recent stock market new are in the right place! We’ve got all of the coverage moving shares of Bed Bath & Beyond (NASDAQ: BBBY ), ZyVersa Therapeutics (NASDAQ: ZVSA ) and IN8bio (NASDAQ: INAB ) stock today. You can catch up on all of that news at the following links!
More Wednesday Stock Market News
- Why Is Bed Bath & Beyond (BBBY) Stock Down 24% Today?
- Why Is ZyVersa Therapeutics (ZVSA) Stock Down 46% Today?
- Why Is IN8bio (INAB) Stock Up 9% Today?
On the date of publication, William White did not hold (either directly or indirectly) any positions in the securities mentioned in this article. The opinions expressed in this article are those of the writer, subject to the InvestorPlace.com Publishing Guidelines .
More From InvestorPlace
- Buy This $5 Stock BEFORE This Apple Project Goes Live
- The Best $1 Investment You Can Make Today
- Wall Street Titan: Here’s My #1 Stock for 2023
- It doesn’t matter if you have $500 or $5 million. Do this now.
The post Why Is Enphase Energy (ENPH) Stock Down 19% Today? appeared first on InvestorPlace .