Why Enphase Energy Stock Is Down Today

Zinger Key Points
  • David Ranhoff, CCO and EVP of Enphase, notifies the company of his intention to step down from his position for personal reasons.
  • Susquehanna analyst Biju Perincheril maintains Enphase Energy with a Positive and maintains a $140 price target.

Enphase Energy, Inc. ENPH shares are trading lower Friday after David Ranhoff, Executive Vice President and Chief Commercial Officer of Enphase, notified the company of his intention to step down from his position for personal reasons.

The Details:

According to an SEC filing, David Ranhoff notified Enphase on March 31 of his intention to step down from his position at the company, effective as of June 30, 2024. Mr. Ranhoff will transition from his current position to a part-time role as commercial advisor to help facilitate the transition of his responsibilities as well as support strategic commercial initiatives. Consistent with the Enphase’s succession plan, Mr. Ranhoff’s role will be fulfilled by two senior vice presidents.

Enphase announced it has started shipping IQ8P Microinverters, with peak output AC power of 480 W, in France and Spain to support newer, high-powered solar modules on Tuesday. The company also began shipping the IQ8P Microinverters to Thailand and the Philippines last week. 

Susquehanna analyst Biju Perincheril maintained Enphase Energy with a Positive rating and maintained a $140 price target on the stock Friday. 

Related News: What’s Going On With Cannabis Stock SNDL?

How To Buy ENPH Stock:

Besides going to a brokerage platform to purchase a share – or fractional share – of stock, you can also gain access to shares either by buying an exchange traded fund (ETF) that holds the stock itself, or by allocating yourself to a strategy in your 401(k) that would seek to acquire shares in a mutual fund or other instrument.

For example, in Enphase Energy's case, it is in the Information Technology sector. An ETF will likely hold shares in many liquid and large companies that help track that sector, allowing an investor to gain exposure to the trends within that segment.

ENPH Price Action: According to Benzinga Pro, Enphase Energy shares are down 5.9% at $113.65 at the time of publication Friday.

Image: Courtesy of Enphase Energy, Inc.

Market News and Data brought to you by Benzinga APIs
Posted In: NewsMoverswhy it's moving
Benzinga simplifies the market for smarter investing

Trade confidently with insights and alerts from analyst ratings, free reports and breaking news that affects the stocks you care about.

Join Now: Free!

Loading...