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Enphase Energy - New Economy Shiner?

07/25/19 04:55:38 PM
by Matt Blackman

This solar components company has been a star performer this year. But can it keep it up?

Security:   ENPH
Position:   N/A

Enphase Energy, Inc. is an electronic technology company which designs and manufactures microinverter systems for the solar photovoltaic industry. It has been a star solar performer in 2019 — up more than 340%, even after a recent correction.

I first became aware of the company after purchasing the internet Enphase gateway to monitor the output of our solar panels in real time. Sporting earnings per share growth of 87% in the last year, the company had annual revenues of $316 million in 2018.

Enphase (ENPH) is one of a number of new economy companies that stand to benefit from the estimated $11.5 trillion to be invested in clean energy generation between 2018 and 2050: $8.4 trillion of which will be funneled into wind and solar according to Bloomberg New Energy Finance.

Figure 1. Daily chart of Enphase Energy (ENPH) showing performance since the beginning of the year.
Graphic provided by: Freestockcharts.com.
 
From a longer term perspective, ENPH did suffer a 90 plus percent correction between 2014 and 2016 before mounting a respectable reversal over the next 24 months to posting what looks like a parabolic rise to new all-time highs.

Figure 2. Weekly chart of ENPH showing the 2014 rally, significant correction and subsequent reversal.
Graphic provided by: Freestockcharts.com.
 
From a technical perspective, the charts above don't reveal any obvious tradable chart patterns worth considering. From a shorter-term perspective, trading the current uptrend could be considered assuming that tight stops at either uptrend or moving average support exits are employed to protect profits.

Suggested Reading:

Hannon Armstrong Profiting From The New Economy



Matt Blackman

Matt Blackman is a full-time technical and financial writer and trader. He produces corporate and financial newsletters, and assists clients in getting published in the mainstream media. Matt has earned the Chartered Market Technician (CMT) designation. Follow Matt on Twitter at www.twitter.com/RatioTrade

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