Enphase Energy (ENPH – Free Report) closed at $147.13 in the latest trading session, marking a +1.38% move from the prior day. The stock outpaced the S&P 500’s daily loss of 0.14%. Elsewhere, the Dow lost 0.45%, while the tech-heavy Nasdaq lost 0.02%.
Coming into today, shares of the solar technology company had lost 32.5% in the past month. In that same time, the Oils-Energy sector gained 4.11%, while the S&P 500 lost 0.13%.
Wall Street will be looking for positivity from Enphase Energy as it approaches its next earnings report date. In that report, analysts expect Enphase Energy to post earnings of $0.58 per share. This would mark year-over-year growth of 13.73%. Meanwhile, the Zacks Consensus Estimate for revenue is projecting net sales of $403.06 million, up 52.19% from the year-ago period.
It is also important to note the recent changes to analyst estimates for Enphase Energy. These recent revisions tend to reflect the evolving nature of short-term business trends. With this in mind, we can consider positive estimate revisions a sign of optimism about the company’s business outlook.
Based on our research, we believe these estimate revisions are directly related to near-team stock moves. To benefit from this, we have developed the Zacks Rank, a proprietary model which takes these estimate changes into account and provides an actionable rating system.
Ranging from #1 (Strong Buy) to #5 (Strong Sell), the Zacks Rank system has a proven, outside-audited track record of outperformance, with #1 stocks returning an average of +25% annually since 1988. Within the past 30 days, our consensus EPS projection has moved 0.4% higher. Enphase Energy is holding a Zacks Rank of #3 (Hold) right now.
Looking at its valuation, Enphase Energy is holding a Forward P/E ratio of 46.73. This represents a premium compared to its industry’s average Forward P/E of 38.3.
The Solar industry is part of the Oils-Energy sector. This group has a Zacks Industry Rank of 107, putting it in the top 42% of all 250+ industries.
The Zacks Industry Rank gauges the strength of our individual industry groups by measuring the average Zacks Rank of the individual stocks within the groups. Our research shows that the top 50% rated industries outperform the bottom half by a factor of 2 to 1.
You can find more information on all of these metrics, and much more, on Zacks.com.