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What happened
Actions of Enphase Energy (NASDAQ: ENPH) jumped 18.8% in October, according to data from S&P Global Market Intelligence, after releasing third-quarter 2020 results. And stocks continued to advance, climbing 24.7% in the first week of November.
So what
Revenue fell less than 1% to $ 178.5 million, but net income fell from $ 31.1 million a year ago to $ 39.4 million, or $ 0.28 per share . The results exceeded estimates, and it always helps a title, but it was Enphase’s performance against its rivals that was most impressive.
Image source: Getty Images.
In the same neighborhood, SolarEdgeThe company ‘s revenue fell 18% to $ 338.1 million, showing that a key competitor is likely losing market share to Enphase Energy. And if Enphase can take market share from the industry leader in power electronics at the module level, it could continue its incredible growth.
Now what
The results in 2020 have been bizarre as COVID-19 has slowed solar installations. But Enphase Energy’s results are holding up well, and if it can continue to gain market share from SolarEdge, that would be great news for this long-term renewable energy stock. At the very least, the results of the last quarter were a positive sign for the bullish investment thesis.
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