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Enphase Energy, Inc. ENPH is a global leader in energy technology. It has launched its most powerful home battery, the IQ Battery 5P, in Belgium. ENPH has also introduced its IQ Energy Management software, which uses Artificial Intelligence (AI) to optimize energy usage. This new software enables dynamic electricity rate support and integrates third-party electric vehicle (EV) chargers and heat pumps, marking an important step toward sustainable energy management in Belgium.
More on ENPH’s IQ Battery 5P & IQ Energy Management
The IQ Battery 5P offers power configurations in the range of 5-60 kWh, providing Belgian homeowners with fast charging and discharging capabilities. It has a continuous power output of 3.84 kW. The battery ensures efficient energy management, especially for homes looking to take advantage of Belgium’s dynamic electricity rates.
The newly introduced IQ Energy Management software uses AI to generate maximum return on investment by directing the least expensive energy source, either from solar panels or the grid, to power homes. This allows homeowners to manage energy costs efficiently. The integration of third-party EV chargers and heat pumps further increases energy efficiency, giving customers additional control over their energy usage.
ENPH’s Growth Prospects
The expanding solar market has set the stage for the solar microinverter market’s boom. This benefits Enphase Energy, which already enjoys a strong position as a leading U.S. manufacturer of microinverters. The company revolutionized the solar industry by pioneering a semiconductor-based microinverter, which converts energy at the individual solar module level.
The company also enjoys a valuable position in the battery storage market by manufacturing fully integrated solar-plus-storage solutions. Its next-generation batteries are Enphase Encharge 3 and Encharge 10 storage systems, with a usable and scalable capacity of 3.4 kWh and 10.1 kWh, respectively.
Stocks to Consider
Other solar companies that are likely to benefit from the expanding solar market are discussed below.
Emeren Group Ltd. SOL is a leading solar project developer. It has an impressive solar development project pipeline of 7,844 MW, out of which 5,310 MW are in the early stage and 2,534 MW in the advanced stage.
The Zacks Consensus Estimate for SOL’s 2024 and 2025 earnings per share is pinned at 27 cents and 54 cents, respectively, indicating year-over-year growth of 1250% and 99.7%.
First Solar, Inc. FSLR is the largest PV solar module manufacturer in the United States. The company is investing heftily to expand its manufacturing capacity. Such expansion plans are likely to enable it to achieve its production target of 15.6-16 gigawatts of solar modules by the end of 2024.
The Zacks Consensus Estimate for FSLR’s 2024 and 2025 earnings per share is pinned at $13.60 and $21.14, respectively, indicating year-over-year growth of 75.8% and 55.4%.
SolarEdge Technologies SEDG is a leading provider of an optimized inverter solution consisting of inverters, power optimizers and a communication device that enables access to a cloud-based monitoring platform. In June 2024, it launched its SolarEdge ONE AI-based energy optimization system for homeowners with a dynamic rate plan in Germany.
The Zacks Consensus Estimate for SEDG’s 2025 earnings per share and sales indicates year-over-year growth of 85.8% and 73.1%, respectively.
ENPH Stock’s Price Movement
Shares of ENPH have risen 2.6% in the past six months compared with the industry’s 2.1% growth.
ENPH’s Zacks Rank
ENPH currently carries a Zacks Rank #3 (Hold). You can see the complete list of today’s Zacks #1 Rank (Strong Buy) stocks here.
Zacks Investment Research
For new and old investors, taking full advantage of the stock market and investing with confidence are common goals. Zacks Premium provides lots of different ways to do both.
Featuring daily updates of the Zacks Rank and Zacks Industry Rank, full access to the Zacks #1 Rank List, Equity Research reports, and Premium stock screens, the research service can help you become a smarter, more self-assured investor.
Zacks Premium also includes the Zacks Style Scores.
What are the Zacks Style Scores?
Developed alongside the Zacks Rank, the Zacks Style Scores are a group of complementary indicators that help investors pick stocks with the best chances of beating the market over the next 30 days.
Based on their value, growth, and momentum characteristics, each stock is assigned a rating of A, B, C, D, or F. The better the score, the better chance the stock will outperform; an A is better than a B, a B is better than a C, and so on.
The Style Scores are broken down into four categories:
Value Score
Value investors love finding good stocks at good prices, especially before the broader market catches on to a stock's true value. Utilizing ratios like P/E, PEG, Price/Sales, Price/Cash Flow, and many other multiples, the Value Style Score identifies the most attractive and most discounted stocks.
Growth Score
Growth investors are more concerned with a stock's future prospects, and the overall financial health and strength of a company. Thus, the Growth Style Score analyzes characteristics like projected and historic earnings, sales, and cash flow to find stocks that will see sustainable growth over time.
Momentum Score
Momentum trading is all about taking advantage of upward or downward trends in a stock's price or earnings outlook, and these investors live by the saying "the trend is your friend." The Momentum Style Score can pinpoint good times to build a position in a stock, using factors like one-week price change and the monthly percentage change in earnings estimates.
VGM Score
What if you like to use all three types of investing? The VGM Score is a combination of all Style Scores, making it one of the most comprehensive indicators to use with the Zacks Rank. It rates each stock on their combined weighted styles, which helps narrow down the companies with the most attractive value, best growth forecast, and most promising momentum.
How Style Scores Work with the Zacks Rank
The Zacks Rank is a proprietary stock-rating model that harnesses the power of earnings estimate revisions, or changes to a company's earnings expectations, to help investors build a successful portfolio.
It's highly successful, with #1 (Strong Buy) stocks producing an unmatched +25.41% average annual return since 1988. That's more than double the S&P 500. But because of the large number of stocks we rate, there are over 200 companies with a Strong Buy rank, plus another 600 with a #2 (Buy) rank, on any given day.
But it can feel overwhelming to pick the right stocks for you and your investing goals with over 800 top-rated stocks to choose from.
That's where the Style Scores come in.
You want to make sure you're buying stocks with the highest likelihood of success, and to do that, you'll need to pick stocks with a Zacks Rank #1 or #2 that also have Style Scores of A or B. If you like a stock that only as a #3 (Hold) rank, it should also have Scores of A or B to guarantee as much upside potential as possible.
Since the Scores were created to work together with the Zacks Rank, the direction of a stock's earnings estimate revisions should be a key factor when choosing which stocks to buy.
For instance, a stock with a #4 (Sell) or #5 (Strong Sell) rating, even one that boasts Scores of A and B, still has a downward-trending earnings forecast, and a much greater likelihood its share price will decline as well.
Thus, the more stocks you own with a #1 or #2 Rank and Scores of A or B, the better.
Stock to Watch: First Solar (FSLR)
Headquartered in Tempe, AZ, First Solar, Inc. is the world’s largest thin-film PV solar module manufacturer and the largest PV solar module manufacturer in the Western Hemisphere. The company is a leading global provider of comprehensive photovoltaic (PV) solar energy solutions and specializes in designing, manufacturing, and selling solar electric power modules using a proprietary thin-film semiconductor technology. The company sells its products to project developers, system integrators and renewable energy project operators primarily in Europe and Germany in particular. First Solar also engages in designing and deploying commercial solar projects for utilities. The company also develops and sells PV solar power systems that primarily use the modules it manufactures. Additionally, it provides operations and maintenance (“O&M”) services to system owners.
FSLR is a #3 (Hold) on the Zacks Rank, with a VGM Score of B.
It also boasts a Value Style Score of B thanks to attractive valuation metrics like a forward P/E ratio of 17.12; value investors should take notice.
For fiscal 2024, four analysts revised their earnings estimate upwards in the last 60 days, and the Zacks Consensus Estimate has increased $0.05 to $13.62 per share. FSLR boasts an average earnings surprise of 14.8%.
With a solid Zacks Rank and top-tier Value and VGM Style Scores, FSLR should be on investors' short list.
Zacks Investment Research
First Solar (FSLR) has recently been on Zacks.com's list of the most searched stocks. Therefore, you might want to consider some of the key factors that could influence the stock's performance in the near future.
Shares of this largest U.S. solar company have returned +2.2% over the past month versus the Zacks S&P 500 composite's +1.5% change. The Zacks Solar industry, to which First Solar belongs, has gained 0.4% over this period. Now the key question is: Where could the stock be headed in the near term?
While media releases or rumors about a substantial change in a company's business prospects usually make its stock 'trending' and lead to an immediate price change, there are always some fundamental facts that eventually dominate the buy-and-hold decision-making.
Earnings Estimate Revisions
Rather than focusing on anything else, we at Zacks prioritize evaluating the change in a company's earnings projection. This is because we believe the fair value for its stock is determined by the present value of its future stream of earnings.
Our analysis is essentially based on how sell-side analysts covering the stock are revising their earnings estimates to take the latest business trends into account. When earnings estimates for a company go up, the fair value for its stock goes up as well. And when a stock's fair value is higher than its current market price, investors tend to buy the stock, resulting in its price moving upward. Because of this, empirical studies indicate a strong correlation between trends in earnings estimate revisions and short-term stock price movements.
For the current quarter, First Solar is expected to post earnings of $3.31 per share, indicating a change of +32.4% from the year-ago quarter. The Zacks Consensus Estimate has changed -0.7% over the last 30 days.
The consensus earnings estimate of $13.62 for the current fiscal year indicates a year-over-year change of +76%. This estimate has changed +0.4% over the last 30 days.
For the next fiscal year, the consensus earnings estimate of $21.15 indicates a change of +55.3% from what First Solar is expected to report a year ago. Over the past month, the estimate has changed -1.2%.
With an impressive externally audited track record, our proprietary stock rating tool -- the Zacks Rank -- is a more conclusive indicator of a stock's near-term price performance, as it effectively harnesses the power of earnings estimate revisions. The size of the recent change in the consensus estimate, along with three other factors related to earnings estimates, has resulted in a Zacks Rank #3 (Hold) for First Solar.
The chart below shows the evolution of the company's forward 12-month consensus EPS estimate:
12 Month EPS
Projected Revenue Growth
While earnings growth is arguably the most superior indicator of a company's financial health, nothing happens as such if a business isn't able to grow its revenues. After all, it's nearly impossible for a company to increase its earnings for an extended period without increasing its revenues. So, it's important to know a company's potential revenue growth.
In the case of First Solar, the consensus sales estimate of $1.13 billion for the current quarter points to a year-over-year change of +40.5%. The $4.49 billion and $5.68 billion estimates for the current and next fiscal years indicate changes of +35.4% and +26.4%, respectively.
Last Reported Results and Surprise History
First Solar reported revenues of $1.01 billion in the last reported quarter, representing a year-over-year change of +24.7%. EPS of $3.25 for the same period compares with $1.85 a year ago.
Compared to the Zacks Consensus Estimate of $946.22 million, the reported revenues represent a surprise of +6.79%. The EPS surprise was +21.72%.
The company beat consensus EPS estimates in each of the trailing four quarters. The company topped consensus revenue estimates two times over this period.
Valuation
Without considering a stock's valuation, no investment decision can be efficient. In predicting a stock's future price performance, it's crucial to determine whether its current price correctly reflects the intrinsic value of the underlying business and the company's growth prospects.
Comparing the current value of a company's valuation multiples, such as its price-to-earnings (P/E), price-to-sales (P/S), and price-to-cash flow (P/CF), to its own historical values helps ascertain whether its stock is fairly valued, overvalued, or undervalued, whereas comparing the company relative to its peers on these parameters gives a good sense of how reasonable its stock price is.
The Zacks Value Style Score (part of the Zacks Style Scores system), which pays close attention to both traditional and unconventional valuation metrics to grade stocks from A to F (an An is better than a B; a B is better than a C; and so on), is pretty helpful in identifying whether a stock is overvalued, rightly valued, or temporarily undervalued.
First Solar is graded B on this front, indicating that it is trading at a discount to its peers. Click here to see the values of some of the valuation metrics that have driven this grade.
Bottom Line
The facts discussed here and much other information on Zacks.com might help determine whether or not it's worthwhile paying attention to the market buzz about First Solar. However, its Zacks Rank #3 does suggest that it may perform in line with the broader market in the near term.
Zacks Investment Research
U.S. stock futures were higher this morning, with the Dow futures gaining around 100 points on Tuesday.
Shares of Sky Harbour Group Corporation fell sharply in today's pre-market trading after the company announced a securities purchase agreement to issue 3,352,106 PIPE shares for net proceeds of about $31.8 million, on a net purchase price of $9.50 per share with potential for additional $63 million by Dec. 2024.
Sky Harbour Group shares dipped 10.9% to $11.80 in pre-market trading.
Here are some big stocks recording losses in today's pre-market trading session.
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