What Happened?

Shares of home energy technology company Enphase (NASDAQ: ENPH) jumped 6.5% in the afternoon session after it began production shipments of its new IQ9N-3P Commercial Microinverter across the United States. 

This product marked the company's first microinverter powered by advanced gallium nitride (GaN) technology. The company also noted the microinverters were manufactured in the United States, a move designed to meet domestic content requirements for certain commercial solar projects. Adding to the positive news, KeyBanc upgraded Enphase Energy's stock rating from Underweight to Sector Weight. In a similar move, Goldman Sachs raised its rating on the company from Sell to Neutral, signaling a more constructive view from analysts.

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What Is The Market Telling Us

Enphase’s shares are extremely volatile and have had 39 moves greater than 5% over the last year. In that context, today’s move indicates the market considers this news meaningful but not something that would fundamentally change its perception of the business.

The previous big move we wrote about was 25 days ago when the stock gained 5.4% on the news that Goldman Sachs raised its rating on the stock from Sell to Neutral, maintaining a price target of $29.00. 

The upgrade followed a period where Enphase's shares had declined 23% since Goldman Sachs placed the company on its Sell list. The investment bank noted that it believed the company's management had reset expectations lower. Goldman anticipated a revenue low point in the first quarter of 2026, with several growth drivers expected to support results through the remainder of that year and beyond.

Enphase is up 11.5% since the beginning of the year, but at $37.63 per share, it is still trading 43.7% below its 52-week high of $66.87 from January 2025. Investors who bought $1,000 worth of Enphase’s shares 5 years ago would now be looking at an investment worth $182.24.

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