NEW YORK, May 30, 2026, 17:03 EDT
- Enphase slipped 1.64% to close at $68.36 on Friday. Still, shares ended the holiday-shortened week up around 6.8% from their May 22 finish.
- TD Cowen analyst Jeff Osborne more than doubled his price target on Enphase to $70 from $35, sticking with a Hold rating after management conversations about the company’s solid-state transformer potential.
- Enphase does not have any investor events set for next week. The U.S. May jobs report is due out June 5 at 8:30 a.m. ET.
Enphase Energy closed out a volatile four-day week with shares slipping 1.64% to $68.36 on Friday. Volume was above its 50-day average. The stock fell for a second day but is still up about 6.8% from last Friday’s $64.03 finish.
Traders are trying to figure out two things with this move: sluggish U.S. residential solar demand and a fresh power gear story linked to AI data centers. Nasdaq stayed shut Monday for Memorial Day, and since normal session hours are Monday through Friday, Saturday doesn’t see trading.
Enphase (ENPH) got a jolt after TD Cowen analyst Jeff Osborne lifted his price target to $70 from $35, keeping a Hold rating, according to The Fly. The firm’s meeting with Enphase management highlighted the company’s solid-state transformer, or SST, potential. The SST is a power-electronics device used to convert and control electricity for higher-voltage data-center systems.
Enphase’s rally hit its high point in the middle of the week. Shares climbed 4.48% Tuesday to close at $66.90, then gained another 5.05% Wednesday, finishing at $70.28. The stock pulled back to $69.50 Thursday and closed at $68.36 on Friday.
Friday’s lag wasn’t about the broader market. The S&P 500 picked up 0.2% during the session, the Dow rose 0.7%, and the Nasdaq Composite ended up 0.2%. For the week, the Nasdaq was up 2.4% and the S&P 500 gained 1.4%.
SolarEdge ended the day at $76.35 and First Solar closed at $306.79. Both held up better late in the session. MarketWatch reported solar stocks broke out this week, with First Solar up over 17% and the Invesco Solar ETF hitting a high not seen since April 2023.
Enphase’s own results tell why investors are cautious. President and CEO Badri Kothandaraman said in the first-quarter report, “We reported quarterly revenue of $282.9 million.” The company posted a GAAP net loss of $7.4 million, but non-GAAP net income landed at $62.3 million. Non-GAAP results exclude some accounting items. Enphase Energy
U.S. numbers took the biggest hit. Enphase said its U.S. revenue was down 23% from last quarter, citing the end of the federal residential clean-energy tax credit under Section 25D and usual seasonal effects. U.S. sell-through fell even harder, dropping 48% from the previous quarter and 18% from a year ago. In Europe, revenue climbed 36% quarter over quarter.
Data center demand is driving the story here. Enphase said it launched its IQ solid-state transformer platform aimed at new AI data centers, which are moving to 800-volt direct-current power. For the second quarter, the company gave a revenue outlook of $280 million to $310 million. That includes shipping 100 to 110 megawatt-hours of its IQ Battery and around $85 million in safe-harbor shipments tied to tax credits. A megawatt-hour is a unit of stored energy.
Another point lifting the week came from a Securities and Exchange Commission filing that showed Kothandaraman’s trust bought 5,000 Enphase shares on May 26, split across trades at weighted averages of $67.3749 and $68.3867. Insider buying doesn’t dictate the next price, but investors usually pay attention when shares swing sharply.
But there’s clear risk with the trade. Enphase has flagged demand swings, shifts in customer buying, tax-credit changes, tariffs, regulation changes, supply limits and product issues as factors that could hit results. If U.S. residential demand stays low, or if the SST opportunity isn’t ready to make up the difference, Friday’s pullback could outweigh the week’s move up.
Enphase doesn’t have any listed events on its investor calendar this week, so shares could move with analyst calls, solar sector moves, and macro headlines. Traders are watching for the May U.S. jobs report out June 5, which could swing rate and growth-stock bets.
