Shares of Enphase Energy (NASDAQ:ENPH) plunged as much as 6.1% in trading Tuesday as an analyst changed his price target on the stock. But shares rebounded after hours, climbing over 4% at one point after the company reported earnings.
The analyst move today came after B. Riley Securities analyst Christopher Souther raised his price target on the stock to $95 from $71 and kept a neutral rating on the stock. That price target was still below yesterday's closing price of $103.67. This came only hours after the company reported earnings.
After the market closed, Enphase reported third-quarter revenue of $178.5 million and net income of $39.4 million, or $0.28 per share. That easily topped Wall Street's expectations of $168.6 million in revenue and $0.24 per share in earnings.
The ups and downs of solar energy stocks continue as the market moves between bearish and bullish on an almost daily basis. But the thing to remember is that companies like Enphase Energy are having an outstanding year, and that's ultimately what's driving the stock. Last quarter was no different, and if performance continues like this there's no telling how high the stock can go.