Enphase reported a third-quarter revenue miss and lowered its current-quarter forecast
Enphase Energy Inc (NASDAQ:ENPH) stock is plummeting to three-year lows today, down 14.6% at $81.97 at last glance, after the company's third-quarter revenue miss and disappointing fourth-quarter forecast. To follow, Oppenheimer downgraded the stock to "perform" from "outperform," while no fewer than nine analysts slashed their price targets.
Since the start of the year, Enphase stock is down 68%. The security is below all notable short- and long-term moving averages, including its 120-day trendline, which has provided overhead pressure since December.
The options pits are buzzing after the event, with 36,000 calls and 45,000 puts exchanged so far, which is five times the options volume typically seen at this point. The weekly 10/27 80- and 75-strike puts are the most active contracts, with new positions opening at the latter.
Meanwhile, shorts have been covering their bets. Short interest is down 8.3% in the most recent two-week reporting period, though it still represents 8% of the stock's available float.