Enphase Energy Inc. (NASDAQ: ENPH) is a solar company that researches, designs, develops, manufactures, and sells microinverters for the solar industry. These inverters help end-users to harness the power of photovoltaic cells for mainstream power delivery.
This is a company that was previously reported as one of the best stock picks in alternative energy. Today the stock sits above $25, compared to its low of $4.53 this year. Some investors might feel that they’ve missed the opportunity to get in on this stock from the ground up. However, company earnings and analyst projections suggest that it is still moving upwards. Any investor that is comfortable with breaking the traditional bargain barrier, will still find value in this pick.
In its previous fiscal report, the company announced earnings per share of $0.30, which was 20% higher than the average analyst prediction. Gross profit hit $64.4 million, a 156.1% year over year increase. Revenue in the third quarter was $180.1 million, an increase of 130.8% over last year.
This impressive fiscal performance is largely due to the company’s leadership in the solar energy sector. It is considered to be one of the world’s top microinverter solutions manufacturers, and it controls a significant share of the total market. Enphase has room to grow, and so does its stock.
Analysts have pinned an average target price of $31.00 to this stock. That leaves room for upside, and in the long term, this looks like it’s going to be one of the best solar stocks to own.
- 1 Year Price Growth: 07%
- YTD Price Growth: 51%
- 3 Month Price Growth: 58%
All information is based on current and historical market data, as well as publicly available financial data. As with any financial decision, your own research is important. Stock market outcomes can never be 100% accurately predicted. Familiarity with historical data, individual industries, and individual stocks is key to developing a robust portfolio. Note that stock prices can fluctuate rapidly during trading sessions.