Why Enphase Energy Stock Dropped by Double-Digits Today
Shareholders of solar tech provider Enphase Energy (NASDAQ: ENPH) felt good for most of last week, but the gains they saw have disappeared in the last two trading days. Enphase closed Monday down 9.3% after being off by as much as 12% at the stock's low point in the session. However, this drop wasn't due to anything the company said or did.
In the last week of April, Enphase reported record quarterly revenue for the first quarter. The maker of solar panel system microinverters and related software also generated solid cash flow from operations and reported a strong gross margin. But investors generally are running away from the tech sector, and Enphase shares were apparently swept up in that sell-off again.
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Source Fool.com
