Stocks Hitting 52-Week Lows

Enphase Energy Inc ENPH shares fell 25.8 percent to touch a new 52-week low of $1.24 after disclosing restructuring and cost reduction initiatives, which are expected to result in annualized savings of approximately $20 million. The plan includes an 11 percent reduction of the company’s global workforce and the elimination of some non-core projects, at a cost of $3 million. Management said it has plans for a public offering of common stock, although the size is yet to be publicized.
Rave Restaurant Group Inc RAVE shares touched a new 52-week low of $3.20. RAVE Restaurant reported a Q4 loss of $2.3 million on revenue of $15.7 million.
Universal Technical Institute, Inc. UTI shares dropped 7.6 percent to reach a new 52-week low of $1.95. Universal Technical Institute shares have dipped 44.02 percent over the past 52 weeks, while the S&P 500 index has increased 12.30 percent in the same period.
Houghton Mifflin Harcourt Co HMHC shares declined 9.3 percent to touch a new 52-week low of $13.51 as the company reported the resignation of its CEO Linda Zecher. The board named L. Gordon Crovitz as interim CEO.