Enphase Energy (ENPH) Hits Record High on New Product Launch

Enphase Energy Inc. (NASDAQ:ENPH) is one of the 10 Stocks Dominating With Powerful Gains.

Enphase Energy climbed to a new 52-week high on Friday, as investors resumed buying positions following the launch of a new product and a new strategy to lure customers before the looming solar tax credit deadline.

In intra-day trading, the stock soared to a record high of $53.89 before trimming gains to end the session just up by 10.16 percent at $52.89 apiece.

A man installing solar panels on a roof. Photo by William Mead on Pexels

In a statement, Enphase Energy Inc. (NASDAQ:ENPH) said that customers can now place preorders for its new IQ9S-3P Commercial Microinverter, a new product capable of supporting 770-watt solar panels to remain eligible for the 30 percent commercial tax credit before the July 4 deadline.

“Preorders … allow customers to safe harbor equipment ahead of upcoming federal tax credit deadlines while finalizing project designs,” it said.

Enphase Energy Inc.’s (NASDAQ:ENPH) new microinverter is capable of supporting 18A of continuous DC current, delivering up to 548 VA of continuous output power, and is designed for high-wattage solar panels for commercial customers.

It is likewise equipped with advanced GaN technology, enabling high performance, cooler operation, and an industry-leading CEC weighted efficiency of 97.5 percent.

In other news, Enphase Energy Inc. (NASDAQ:ENPH) swung to a net loss of $7.4 million in the first quarter of the year from a $29.7 million net income in the same period last year, as revenues fell by 20 percent to $282.9 million from $356 million year-on-year.

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