Why Sunrun, SolarEdge, Sunnova Energy Shares Are Moving Lower After Hours
Portfolio Pulse from Adam Eckert
Shares of Sunrun Inc (RUN), SolarEdge Technologies Inc (SEDG), and Sunnova Energy International Inc (NOVA) dropped in after-hours trading, following Enphase Energy Inc's (ENPH) report of lower-than-expected quarterly results. Enphase's Q1 revenue and EPS fell short of estimates, with a significant year-over-year revenue decline in the U.S. and weak guidance for Q2. RUN, SEDG, and NOVA are anticipated to report their quarterly results in early May, with analysts expecting losses for each.
April 23, 2024 | 9:12 pm
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NEGATIVE IMPACT
Enphase Energy Inc reported Q1 revenue and EPS below estimates, with a significant drop in U.S. revenue and weak Q2 guidance, leading to an 8% stock decline.
Enphase's disappointing quarterly results and the subsequent negative impact on its stock price are directly due to its performance shortfall and weak future guidance.
CONFIDENCE 95
IMPORTANCE 100
RELEVANCE 100
NEGATIVE IMPACT
Sunnova Energy International Inc shares saw a 1.02% decrease after hours in response to Enphase's earnings miss. Expected to report a Q1 loss of 73 cents per share on revenue of $194.778 million.
Sunnova's stock movement reflects the negative market sentiment towards solar stocks following Enphase's weaker-than-expected performance.
CONFIDENCE 85
IMPORTANCE 80
RELEVANCE 90
NEGATIVE IMPACT
Sunrun Inc shares fell 1.07% after hours, influenced by Enphase's earnings miss. Expected to report a Q1 loss of 46 cents per share on revenue of $470.894 million.
Sunrun's after-hours stock movement is directly tied to the negative sentiment generated by Enphase's earnings miss, suggesting a cautious outlook for solar sector stocks.
CONFIDENCE 85
IMPORTANCE 80
RELEVANCE 90
NEGATIVE IMPACT
SolarEdge Technologies Inc shares dropped 2.22% after hours following Enphase's disappointing earnings. Expected to report a Q1 loss of $1.57 per share on revenue of $194.061 million.
SolarEdge's stock decline is a reaction to the broader market's response to Enphase's results, indicating potential concerns over its own upcoming earnings.
CONFIDENCE 85
IMPORTANCE 80
RELEVANCE 90