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Enphase Energy, Inc. (NASDAQ:ENPH) shares are trading higher Thursday after the company announced residential and commercial products that can help solar projects qualify for the Domestic Content Bonus Credit.
The Details:
The company said projects using specific Enphase microinverters supplied from manufacturing partners in the United States and specific U.S.-made solar racking equipment could qualify for the Domestic Content Bonus Credit, a tax credit that aims to encourage manufacturing and clean energy deployments in the U.S. as part of the Inflation Reduction Act (IRA).
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“We have a product solution available today that puts the domestic content bonus tax credit within reach and can help increase access to solar energy across the United States,” said Ken Fong, vice president and general manager of the Americas at Enphase Energy.
CPI data came in cooler-than-expected Thursday morning, fueling investors' hopes for interest rate cuts in the near future and bolstering shares of companies with high debt loads, including those in the solar industry.
According to data from Benzinga Pro, Enphase shares are trading just under the stock’s 50-day moving average of $115.20 and 12.76% of available shares are being sold short.
When deciding to hold on to or sell a stock, investors should consider their time horizon, unrealized gains and total return.
Shares of Enphase Energy have decreased by 41.55% in the past year. An investor who bought shares of Enphase Energy at the beginning of the year would take a loss of $24.49 per share if they sold it today. The stock has fallen 20.64% over the past month, meaning an investor who bought shares on Jun. 1 would see a capital loss of $20.80.
Enphase Energy shares have an all-time high of $336, representing 214.75% upside from current levels.
Investors may also consider market dynamics. The Relative Strength Index can be used to indicate whether a stock is overbought or oversold. Enphase Energy stock currently has an RSI of 66.19, indicating neutral conditions.
For access to advanced charting and analysis tools and stock data, check out Benzinga PRO. Try it for free.
ENPH Price Action: According to Benzinga Pro, Enphase Energy shares are up 6.2% at $113.37 at the time of publication Thursday.
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Posted In: ENPH
