Enphase Energy, Inc. (NASDAQ: ENPH), a maker of inverters, released its first-quarter 2022 results. Enphase set a new sales record and outperformed Wall Street projections.
Top 5 Cheap Stocks to Own Right Now
While finding safe stocks with the potential for monster gains isn't always easy, we've found a few that could pay out well. In fact, within our report, "Top 5 Cheap Stock to Own Right Now", we have identified five stocks we believe could appreciate the most even if you just have $1,000 to invest.
Sign up here to get your free report now. .
Last quarter, Enphase brought in a record $441.3 million in sales. Shipments of microinverters increased by 16 percent year over year to over 2.83 million units. At the same time, Enphase Energy, Inc. (ENPH) battery shipments climbed by 187 percent to 120.4 MWh, up from 42 MWh in the first quarter of 2021. At $0.79 per share, earnings exceeded forecasts.
ENPH’s solutions continue to be in high demand, and this trend may continue as the fossil fuel phase-out continues. The business predicts sales of $490- $520 million in the second quarter, up 60 percent on average.
Against this backdrop, numerous Wall Street analysts instantly expressed their enthusiasm for ENPH stock. Cowen and Oppenheimer, two investment banks, boosted their target prices for ENPH shares to $240 and $307, respectively. B. Riley, an investment group, boosted its target price to $171.
The good news was predicted after Enphase Energy, Inc. (ENPH) announced a rise in orders in the US market earlier this year, where demand for self-contained houses is increasing.
ENPH started selling the new IQ8 inverters in December 2021, which are based on the 55nm design and are more efficient and smaller than the previous generation. Simultaneously, it enables you to easily put together a self-contained or grid-connected solar energy system.
If a home battery is available, IQ8 can connect to it, but even if it isn’t and the central power grid is switched off, the inverter can establish a microgrid and provide electricity to the house on a sunny day. Enphase systems are becoming increasingly popular due to their ease of installation and operation at a reasonable price.
ENPH stock has risen 5.05 percent in the past week and has dropped -18.72 percent in the last month. During the previous quarter, this company’s stock increased by 37.09 percent. The stock has dropped -23.93 percent in the previous six months, with a full-year increase of 14.69 percent. This stock’s year-to-date (YTD) price performance is presently negative at -10.10 percent as of this writing.