Why Enphase Energy Stock Jumped Tuesday
Solar technology company Enphase Energy (NASDAQ: ENPH) reported quarterly earnings last week, and it showed business remains strong with margins near all-time highs. But that was last week, so why did the stock pop 10% today? Well, another company in the sector reported its earnings today, and though Enphase shares closed off those highs of the session, the stock was still up more than 5% on the day.
When Enphase reported its its second-quarter earnings last week, it said revenue increased 5% sequentially versus the previous quarter, and more than 150% compared to the pandemic-impacted period one year ago. The stock reacted favorably on that news, but it jumped even more today after peer SolarEdge Technologies (NASDAQ: SEDG) reported record revenue, telling investors in its second-quarter conference call, "The record solar revenues reflects strong demand for our solar products across all segments and geographies."
Source Fool.com
