Enphase Energy Inc ENPH shares are trading higher Wednesday after the company reported better-than-expected financial results and issued guidance above analyst estimates. Several analysts also raised price targets on the stock following the report.
Enphase said second-quarter revenue jumped 20% quarter-over-quarter to $530.2 million, which beat the estimate of $504.53 million, according to data from Benzinga Pro. The company reported quarterly earnings of $1.07 per share, which beat the estimate of 84 cents per share. Gross margins reached 41.3%, while free cash flow totaled $192 million in the second quarter.
Enphase said its better-than-expected top-line results were driven by strong demand for Enphase Energy Systems, powered by IQ microinverters and IQ batteries.
Enphase expects third-quarter revenue to be between $590 million and $630 million versus the estimate of $548.79 million.
- Keybanc maintained Enphase with an Overweight rating and raised the price target from $220 to $230.
- Needham maintained Enphase with a Buy rating and raised the price target from $255 to $275.
- Piper Sandler maintained Enphase with an Overweight rating and raised the price target from $230 to $265.
- JPMorgan maintained Enphase with an Overweight rating and raised the price target from $247 to $261.
- Cowen & Co maintained Enphase with an Outperform rating and raised the price target from $240 to $278.
ENPH Price Action: Enphase is making new 52-week highs on Wednesday.
The stock was up 10.6% at $238.99 at time of publication.
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