Shares of solar company Enphase (NASDAQ:ENPH) sank in after-hours trading after the company reported earnings for its first quarter of Fiscal Year 2024. Earnings per share came in at $0.35, which missed analysts’ consensus estimate of $0.41 per share. Sales decreased by 63.7% year-over-year, with revenue hitting $263.34 million. This missed analysts’ expectations by over $14 million.
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Looking forward, management now expects revenue and non-GAAP gross margin for Q2 2024 to be in the ranges of $290 million to $330 million and 44% to 47%, respectively. This was a significant miss, as analysts were expecting $346.9 million in revenue.
Is Enphase a Buy or Sell?
Turning to Wall Street, analysts have a Moderate Buy consensus rating on ENPH stock based on 16 Buys, 10 Holds, and one Sell assigned in the past three months, as indicated by the graphic below. After a 49% decline in its share price over the past year, the average ENPH price target of $128.88 per share implies 13.57% upside potential.
