Is Enphase Stock Really Too Cheap to Ignore Right Now?
Enphase Energy (NASDAQ: ENPH) has built a solid business. Its microinverter devices (think of them as the "brains" of a solar power system) are differentiated from the myriad other options on the market, and the company put further distance between itself and the rest of the pack with a great software experience and energy system-adjacent products like battery storage and electric vehicle (EV) charging stations.
The one thing that kept me on the sidelines, though, was fear that a very high valuation on the stock could be a hindrance if increased competition eventually caught up with Enphase. That hasn't exactly transpired, but the stock is down over 30% so far in 2023 anyways. Is this renewable energy stock too cheap to ignore now?
Enphase has been a fast-growing business for years, benefiting from its marquee products: solar system microinverters. These devices control the flow of electricity generated from a solar panel. In simple terms, Enphase's hardware is unique in that each solar panel is equipped with a microinverter, giving the homeowner (or small commercial space or business owner) more control over their system. Along with an app, an expanding lineup of related equipment (batteries to store power when the sun isn't shining, personal EV chargers), and the ability to sell power back to the electric grid, Enphase has transformed itself into a small, renewable-energy powerhouse.
Source Fool.com
