New York, June 6, 2026, 10:05 (EDT)
Enphase Energy shares slid 18.0% to $56.07 by the close Friday. The solar name had been moving higher earlier in the week before reversing. Trading volume jumped to 10.4 million shares, the most during the June 1-5 stretch, according to company data. Enphase Energy
The Nasdaq-listed company dropped around 12% from Monday’s close by the end of the week, despite hitting an intraweek high at $72.80. U.S. equity markets are closed for the weekend, so the next clear price will come at Monday’s open.
Nasdaq Composite, loaded with tech and growth names, slid roughly 4.2% Friday as investors reacted to a stronger May jobs report. Bond yields jumped, with worries picking up that interest rates might stay higher. The Bureau of Labor Statistics reported payrolls increased by 172,000 and unemployment stuck at 4.3%. Financial Times
Solar stocks also took a hit. SolarEdge slid 13.6%, First Solar dropped 11.4%. The Invesco Solar ETF, which tracks the sector, fell 9.1%. Enphase shares sank the most out of the group.
Enphase’s operating numbers are still bumpy. The company, known for its microinverters and batteries, posted first-quarter revenue of $282.9 million, down from $343.3 million last quarter. U.S. revenue dropped about 23% after the end of the Section 25D federal clean-energy tax credit and seasonal patterns, and U.S. sell-through demand slid 48% quarter over quarter. Enphase Energy
Enphase is guiding for second-quarter revenue between $280 million and $310 million. That figure has around $85 million in “safe harbor” shipments, which are products shipped or set aside so buyers can keep tax-credit status. Non-GAAP gross margin is expected to see about a 3-point hit from tariffs, the company said. Enphase Energy
Some investors are also looking at Enphase as a play on power gear for AI data centers. TD Cowen last week raised its price target for Enphase to $70 from $35, maintaining a Hold. The firm said its call with management centered on Enphase’s solid-state transformer, or SST, which is designed to convert power more efficiently for heavy electrical loads. TipRanks
Enphase has made product updates to bolster that argument. The company put out a white paper on gallium nitride (GaN) on May 21, describing it as a material that helps make smaller, more efficient power electronics. “GaN BDS is an important technology step for Enphase,” said co-founder and chief product officer Raghu Belur. Enphase Energy
Enphase Energy opened up U.S. pre-orders for its IQ9S commercial microinverters in May, with the first shipments planned to start in June. Aaron Gordon, who leads the systems business unit as senior vice president and general manager, said the commercial solar market is looking for “simplicity, safety, and scalability” as more projects shift to higher-power 480-volt systems. Enphase Energy
Analyst views are still mixed. Last week, MarketBeat said TD Cowen bumped its target higher but stuck with Hold, while Goldman Sachs raised its target to $57 and kept Buy. The consensus stayed at Hold, with an average target of $44.24. MarketBeat
Roth Capital Partners analyst Philip Shen flagged tax equity as a new near-term issue. Tax equity is the market that lets investors access solar tax credits when they fund projects. Shen said if this market slows, it may “limit the supply of capital available to TPOs,” or third-party owners who finance leased home solar, and that could be a headwind for installations in 2026. Cantech Letter
The weekend’s cut doesn’t close the book on the trade. Shares could rebound if bond yields fall back or if investors start to favor Enphase’s data-center plans with a higher multiple. Risks are still there. Residential demand could stay soft, tariffs could keep pressuring margins, safe-harbor shipments may not last, and policy uncertainty might keep hitting installers.
Enphase names demand swings, customer buying patterns, tax credits, tariffs, incentives and regulation as big risks. These aren’t side issues for a company still wired to U.S. residential solar markets. Enphase Energy
Nasdaq trades Monday to Friday, 9:30 a.m. to 4 p.m. Eastern. When markets are back open, eyes will be on Enphase to see if shares can hold above Friday’s $56 low or if that 18% one-day drop leads to more selling. nasdaq.com
