Here’s Why Enphase Energy Skyrocketed Today

On July 25, we noted:

“Blackouts could be common this summer.  If that’s the case, some of the top stocks to keep an eye on with potential blackouts, include CleanSpark Inc. (CLSK), Enphase Energy (ENPH).  and Generac Holdings (GNRC).”

Two days later, two of those stocks blasted higher.

Enphase Energy (ENPH), for example, exploded about 18% higher, or $38.67 on the day. It’s up another $6.83 in afterhours.  All thanks to strong earnings.

Enphase said it earned $77 million, or 54 cents a share, as compared to the $39 million, or 28 cents a share year over year.  Adjusted, Enphase earned $1.07 a share. Revenue shot up to $530 million, from $316 million a year ago.

Meanwhile, the Street was looking for adjusted EPS of just 85 cents on sales of $508 million.  Better, Enphase said its revenue in Europe grew nearly 70% quarter-on-quarter as “homeowners want self-consumption as the region not only faces rising energy prices but also a growing demand for home electrification driven by EVs and natural gas shortages.”

Even shares of Generac Holdings (GNRC) were up about $13 on the day.  With hurricane season, potential blackouts, and earnings coming up, this isn’t a big shock.

With regards to CLSK, it found solid support around $4.07.  From here, we’d like to see the stock run back to $6, near-term.

If you took the advice on ENPH and GNRC, congratulations on the explosive wins.