Enphase Energy Inc (NASDAQ:ENPH) was last seen down 8.4% to trade at $31.43, after the solar company announced better-than-expected earnings of 47 cents per share, though revenue of $282.9 million missed analyst estimates amid weaker demand. Four analysts chimed in with price-target cuts after the event, including one from Oppenheimer to $57 from $68.
Though ENPH is headed for its worst day since February, it's staging a much smaller post-earnings swing than usual, averaging a 14.8% move over the last two years. The shares have breached their year-to-date breakeven level with today's gap, but a floor of support at $31 appears to be keeping losses in check. Year over year, the equity is down 32.7%.
Over in the options pits, Enphase has seen 15,000 calls and 5,519 puts exchanged so far -- four times the overall options volume typically seen at this point. The May 40 call is the most popular, followed by the weekly 5/1 40.50-strike call.
For those betting on a rebound, it's worth noting that short interest has been building, and now represents 20.7% of the stock's available float. It would take shorts roughly four days to cover, at ENPH's average pace of trading.
