Enphase Energy (NASDAQ:ENPH) stock is falling on Friday following the release of its earnings report for the second quarter of 2023.
That report saw the company brings in adjusted earnings per share of $1.47. That came in above Wall Street’s estimate of $1.27 per share. It’s also an improvement over the company’s adjusted EPS of $1.07 from the same period of the year prior.
Unfortunately, Enphase Energy’s revenue of $711.12 isn’t helping ENPH stock today. That’s worse than the $725.98 million in revenue that analysts were looking for. Even if it’s better than the $530.2 million reported in the second quarter of 2022.
Another negative for ENPH stock is the company’s outlook for the third quarter of the year. This has it expecting revenue of $550 million to $600 million. To put that in perspective, Wall Street is estimating revenue of $746.45 million for the third quarter of 2023.
What Else Is Weighing on ENPH Stock?
Following the company’s lackluster earnings report, several analysts updated their rating for ENPH stock. That includes Deutsche Bank, Wells Fargo, and Roth MKM all downgrading the solar energy company’s shares.
With today’s news comes some 1 million shares of ENPH stock changing hands. That’s still a ways off from its daily average trading volume of about 3.6 million shares. Even so, the company’s stock is down 10.5% as of Friday morning.
Investors looking for more of the most recent stock market news will want to stick around!
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On the date of publication, William White did not have (either directly or indirectly) any positions in the securities mentioned in this article. The opinions expressed in this article are those of the writer, subject to the InvestorPlace.com Publishing Guidelines.
