One of the latest energy stock’s to stir up market sentiment; Enphase Energy (NASDAQ:ENPH) is on the rise today, showing premarket gains of nearly 20%. With energy stocks rushing to retail popularity and the energy crisis looming like a dark cloud, let’s have a look at why Enphase is one of Wednesday’s top pre-market movers.
There are two main driving forces behind this stock’s early morning gains. Seemingly timed perfectly, Enphase’s Q3 earnings tied in with the release of their new solar microinverters; leaving the energy company glowing in its well-timed limelight.
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Looking at the company’s Q3 results that were released yesterday. It’s become apparent that growth comparison is often thrown off-kilter in the face of supply chain issues and logistical restrictions – a pattern that we’re seeing in Q3 results across the board.
Bearing this in mind, Enphase recorded a revenue increase of 9% from Q2, the saving grace in the form of a price hike for its microinverters, offsetting increased travel costs and allowing the company to survive the global market difficulties.
So, looking at the fundamentals, it’s really the IQ8TM solar microinverters that have been driving investor support over the last few days. Revealed on Monday, the IQ8 can build a microgrid using only solar at the time of a power outage – offering backup power without the need for a battery.
Arguably a pivotal launch for Enphase and perhaps for the wider energy landscape, investors are chasing the sunny glimpse of the latest cutting-edge energy stock, with ENPH stock tipping over the $205.00 zone, moving towards an annual resistance zone of $213.00.
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