Shares of Enphase (ENPH) jumped in after-hours trading after the solar company reported earnings for its second quarter of Fiscal Year 2024. Earnings per share came in at $0.43, which missed analysts’ consensus estimate of $0.49 per share. In addition, sales decreased by 57.3% year-over-year, with revenue hitting $303.5 million. This also missed analysts’ expectations of $309.6 million.
Looking forward, management now expects revenue and non-GAAP gross margin for Q3 2024 to be in the ranges of $370.0 million to $410.0 million and 47% to 50%, respectively. For reference, analysts were expecting $408.4 million in revenue.
Insider Activity
When looking at insider activity, there seems to be a lot of selling. In fact, insiders have sold $45.5 million worth of shares in the past three months. As a result, confidence from within appears to be low, as the Insider Confidence Signal for ENPH stock is negative, and is below the sector average, as shown in the image below.
![](https://blog.tipranks.com/wp-content/uploads/2024/07/image-786-1024x408.png)
Is Enphase a Buy or Sell?
Turning to Wall Street, analysts have a Moderate Buy consensus rating on ENPH stock based on 16 Buys, eight Holds, and three Sells assigned in the past three months. After a 41% decline in its share price over the past year, the average ENPH price target of $128.41 per share implies 22.74% upside potential. However, it’s worth noting that estimates will likely change following today’s earnings report.
![](https://blog.tipranks.com/wp-content/uploads/2024/07/image-785-1024x866.png)