Enphase Energy Stock Gains On Acquiring Over 2,500 SunPower Customers With Its Monitoring Services: Retail Remains Bearish
Earlier, analysts at RBC Capital noted that while Enphase has a strong opportunity to return to growth eventually, in the near term, the company continues to cede market share amid softening demand.
Shares of Enphase Energy Inc. (ENPH) gained nearly 0.6% in Tuesday’s regular trading session after the company announced that it has begun attracting customers from bankrupt rival SunPower.
Enphase revealed that over 2,500 customers of SunPower had switched over to its monitoring services.
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This follows SunPower’s bankruptcy proceedings, which had begun in August.
Currently, several hundred thousand customers use the company’s proprietary photovoltaic Supervisor gateway for monitoring purposes, and many of these systems use microconverters from Enphase.
Enphase is currently offering services like system monitoring, service plans, and full system upgrades.
Earlier, analysts at RBC Capital noted that while Enphase has a strong opportunity to return to growth eventually, in the near term, the company continues to cede market share amid softening demand, according to The Fly.
Retail sentiment on Stocktwits around Enphase improved slightly over the past day but continued to hover in the ‘bearish’ (39/100) territory.
One bearish user thinks “retail is being used for exit liquidity.”
Enphase’s stock is down more than 9% year-to-date.
Data from Koyfin shows the average price target for Enphase is $79.49, implying an upside of 27% from Tuesday’s closing price.
Of the 40 brokerage calls, 17 had a ‘Strong Buy’ or ‘Buy’ recommendation, 20 suggested ‘Hold,’ while three had a ‘Sell’ or ‘Strong Sell’ rating.
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