Why Enphase Energy Stock Tanked Nearly 21% This Week
The first week of 2022 was a cloudy one for solar and energy storage outfit Enphase Energy (NASDAQ: ENPH). Shares fell nearly 21%, according to data provided by S&P Global Market Intelligence. The drop builds on the sharp sell-off the stock suffered during the last month and a half of 2021. Enphase is now 44% down from its all-time high reached just a couple months ago.
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The threat of higher interest rates is the blame for this week's most recent drubbing. Specifically, minutes released from the Federal Reserve's last meeting in December 2021 indicate an interest rate hike is coming sooner than later. The committee is mulling measures to try and tamp down inflation, but that has high-growth but richly valued stocks in retreat.
Source Fool.com
