Benzinga | Oct 27, 2021 09:42AM EDT

Why Enphase Energy Shares Are Rising

Enphase Energy Inc (NASDAQ:ENPH) shares are trading higher after the company reported better-than-expected third-quarter EPS and sales results and issued fourth-quarter sales guidance above estimates.

Enphase Energy reported quarterly earnings of 60 cents per share which beat the analyst consensus estimate of 48 cents per share by 25%. The company also reported quarterly sales of $351.50 million which beat the analyst consensus estimate of $343.15 million by 2.4%.

Keybanc analyst Sophie Karp maintained Enphase Energy with an Overweight and raised the price target from $179 to $216.

Enphase Energy delivers energy management technology for the solar industry. The company designs, develops, manufactures and sells home energy solutions that connect solar generation, energy storage and management on one intelligent platform.

Enphase Energy has a 52-week high of $229.04 and a 52-week low of $93.49.