Enphase Energy’s third-quarter earnings and revenue missed estimates
Shares of Enphase Energy Inc (NASDAQ:ENPH) are gapping lower today, after the energy technology company missed third-quarter earnings and revenue estimates. At last glance, the stock was down 13.7% at $79.61 and headed for its largest single-day percentage drop since last October.
Enphase Energy stock was already on its way lower the past few weeks, after running into long-term pressure at the 320-day moving average. Though its only midweek, it seems likely that the stock will notch a fourth-straight weekly loss. Year to date, the equity is down 40.4%.
Over in the options pits, ENPH has already seen 8 times its average daily options volume. So far, 48,000 calls and 54,000 puts have been exchanged, with new positions opening at the most active, weekly 10/25 75-strike put.
It’s also worth noting that the security is on the short sell restricted (SSR) list amid the volatility. Short interest represents a large 10.6% of the stock’s available float, and would take shorts nearly five days to cover at ENPH’s average pace of trading.