How Cheap Is Enphase Stock Really, and Is There a Better Stock to Buy Right Now?
After Enphase Energy (NASDAQ: ENPH) soared to extreme highs in late 2022, it has been all downhill for the solar power stock in 2023. The company is hitting some speed bumps in its most important markets, and it appears its years of stellar growth are coming to an end. As a result, shares are down over 50% so far this year.
There's still plenty of reason for optimism about Enphase's future, though, as the world gradually pivots toward greater use of renewable energy. The company's immediate-term outlook is poor, but by certain metrics, Enphase stock could be a real bargain. Is it time to go shopping?
Enphase got its start making inverters for residential solar panels. These devices convert the DC (direct current) electricity those panels generate into the AC (alternating current) electricity that we use to power our households. The company has steadily expanded its product lineup to include battery storage systems, home charging systems for electric vehicles (EVs), and software that manages the whole home solar power system -- including software that automates the sale of solar-generated power back to your local utility company.
Source Fool.com
