Enphase Energy (NASDAQ:ENPH) stock is rising higher on Wednesday after the solar power company said it expects demand to start increasing again after a slowdown.
The solar sector hasn’t been performing well recently, but Enphase Energy thinks this is about to change. The company expects the first quarter of 2024 to be the lowest point of demand for its services.
Enphase Energy mentions that it’s already starting to see demand recovery in Europe. The company also believes this will happen in the U.S., with states outside of California regaining interest in home solar products.
ENPH Stock Earnings and Outlook
Investors in ENPH stock are excited today even though the company missed Q4 2023 estimates. That saw its EPS of 54 cents and revenue of $302.6 million miss Wall Street’s estimates of 55 cents per share and $327.9 million.
As for its Q1 2024 outlook, the company expects revenue between $260 million and $300 million. That will see it miss analysts’ revenue estimate of $318.46 million for the period.
With all of this comes heavy trading of ENPH stock as nearly 6 million shares change hands. This is already above its daily average trading volume of about 4.9 million shares.
ENPH stock is up 14.8% as of Wednesday morning but is still down 12.5% year-to-date (YTD).
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On the date of publication, William White did not hold (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.
