In the latest trading session, Enphase Energy (ENPH) closed at $37.73, marking a +1.93% move from the previous day. The stock's change was more than the S&P 500's daily gain of 0.06%. Meanwhile, the Dow experienced a rise of 0.17%, and the technology-dominated Nasdaq saw an increase of 0.39%.
The solar technology company's shares have seen a decrease of 0.19% over the last month, not keeping up with the Oils-Energy sector's gain of 0.54% and the S&P 500's gain of 3.94%.
Analysts and investors alike will be keeping a close eye on the performance of Enphase Energy in its upcoming earnings disclosure. The company is forecasted to report an EPS of $0.6, showcasing a 7.69% downward movement from the corresponding quarter of the prior year. Alongside, our most recent consensus estimate is anticipating revenue of $360.09 million, indicating a 5.46% downward movement from the same quarter last year.
For the full year, the Zacks Consensus Estimates project earnings of $2.59 per share and a revenue of $1.45 billion, demonstrating changes of +9.28% and +8.83%, respectively, from the preceding year.
It is also important to note the recent changes to analyst estimates for Enphase Energy. These latest adjustments often mirror the shifting dynamics of short-term business patterns. Consequently, upward revisions in estimates express analysts' positivity towards the business operations and its ability to generate profits.
Based on our research, we believe these estimate revisions are directly related to near-term stock moves. Investors can capitalize on this by using the Zacks Rank. This model considers these estimate changes and provides a simple, actionable rating system.
Ranging from #1 (Strong Buy) to #5 (Strong Sell), the Zacks Rank system has a proven, outside-audited track record of outperformance, with #1 stocks returning an average of +25% annually since 1988. Over the past month, there's been no change in the Zacks Consensus EPS estimate. Enphase Energy is currently a Zacks Rank #1 (Strong Buy).
In terms of valuation, Enphase Energy is presently being traded at a Forward P/E ratio of 14.32. This indicates a discount in contrast to its industry's Forward P/E of 17.09.
The Solar industry is part of the Oils-Energy sector. With its current Zacks Industry Rank of 27, this industry ranks in the top 11% of all industries, numbering over 250.
The Zacks Industry Rank gauges the strength of our individual industry groups by measuring the average Zacks Rank of the individual stocks within the groups. Our research shows that the top 50% rated industries outperform the bottom half by a factor of 2 to 1.
You can find more information on all of these metrics, and much more, on Zacks.com.
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Enphase Energy, Inc. (ENPH): Free Stock Analysis ReportThis article originally published on Zacks Investment Research (zacks.com).
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