Shares of Energy Enphase (NASDAQ: ENPH) up 18.8% in October, according to data from S&P Global Market Intelligence, after reporting Q3 2020 results. And stocks continue to climb higher, up 24.7% in the first week of November. .
Revenue fell less than 1% to $ 178.5 million, but net income rose from $ 31.1 million a year ago to $ 39.4 million, or $ 0.28 per share. . The results top the estimate and that always helps a stock, but that’s how the Enphase performed compared to its competitors is most impressive.
In the same quarter, SolarEdgeIts revenue fell 18% to $ 338.1 million, suggesting that its main competitor is probably losing market share to Enphase Energy. And if Enphase can capture market share from the industry leader in modular power electronics, it could continue its staggering streak of growth.
So what now
The results in 2020 are bizarre because COVID-19 has slowed the solar installation. But Enphase Energy’s results are well-maintained, and if it can continue to grab market share from SolarEdge, it will be good news for this renewable energy stock in the long term. At least, last quarter’s results are a positive sign of a positive investment stance.