Enphase Energy Inc. (NAS:ENPH) stock rallied more than 25% on Wednesday, poised for its highest close since Jan. 7 and its largest one-day percent increase since March 2020. The stock was the best performing in the S&P 500 index (S&P:SPX) on Wednesday. The energy management technology company late Tuesday reported third-quarter earnings well above Wall Street expectations, saying it earned an adjusted 60 cents a share on sales of $352 million in the quarter, compared with forecasts for adjusted earnings of 49 cents a share on sales of $345 million. Enphase earlier this week announced a new solar microinverter for its customers in North America, saying the device was capable of forming a microgrid during a power outage using only solar power and providing backup power without a battery.
Oct. 27, 2021, 12:29 p.m. EDT