Breaking News
Get Actionable Insights with InvestingPro+: Start 7 Day FREE Trial Register here
Investing Pro 0
Ad-Free Version. Upgrade your Investing.com experience. Save up to 40% More details

Enphase Energy (ENPH) on Buyout Spree, Acquires 365 Pronto

By Zacks Investment ResearchStock MarketsDec 24, 2021 12:26AM ET
www.investing.com/analysis/enphase-energy-enph-on-buyout-spree-acquires-365-pronto-200612656
Enphase Energy (ENPH) on Buyout Spree, Acquires 365 Pronto
By Zacks Investment Research   |  Dec 24, 2021 12:26AM ET
Saved. See Saved Items.
This article has already been saved in your Saved Items
 

Enphase Energy (NASDAQ:ENPH), Inc. ENPH recently announced that it acquired 365 Pronto, Inc, a predictive software platform enabling a two-sided marketplace. It simplifies the cleantech service landscape by matching cleantech asset owners to a local and on-demand workforce of service providers.

Benefits of the Deal

The deal will allow Enphase’s installers to service their own operations and maintenance (O&M) contracts besides providing access to a nationwide qualified supplemental labor pool that can perform service calls during severe labor crisis within the industry. The buyout will increase the service level ofcurrent 365 Pronto customers and get combined with the highly skilled network of Enphase installers as service providers. The agreement will also enhance the homeowner experience of buying and owning solar, battery storage and EV charging stations by helping reduce wait times for maintenance services.

Enphase’s Other Efforts

Enphase continues boosting its existing operations by making inorganic efforts. In November, Enphase announced the deal to acquire ClipperCreek, a provider of electric vehicle (EV) charging solutions. The deal is subject to regulatory approvals and customary closing conditions, expected to reach completion by Dec 31, 2021. In April, Enphase announced that it completed the previously announced acquisition of the Solar Design Services business of DIN Engineering Services LLP.

Enphase is also benefiting from an expanding solar market that set the stage for the solar microinverter market’s boom. ENPH enjoys a strong position as a leading U.S. manufacturer of microinverter. ENPH revolutionized the solar industry by pioneering a semiconductor-based microinverter. ENPH also enjoys a valuable position in the solar market by manufacturing fully integrated solar-plus-storage solutions.

Global Boom in Battery Storage Market

Globally, companies are rapidly adopting renewable sources of energy for a cleaner environment. For this, adoption of solar energy is gaining momentum owing to its low-cost feature. Per a Markets and Markets report, the global battery storage system market is expected to reach $12.1 billion, seeing a CAGR of 32.8% by 2025.

To reap benefits of robust growth in the battery storage market, other solar players namely SolarEdge Technologies (NASDAQ:SEDG) SEDG, SunRun RUN and Canadian Solar (NASDAQ:CSIQ) CSIQ are increasingly deploying capital to this space.

SolarEdge’s StorEdge battery storage system helps meet energy demands with less or cheaper electricity. SEDG recently strengthened its presence in the United States by launching its SolarEdge Energy Bank residential battery.

SEDG delivered an earnings surprise of 5.07% in the last reported quarter. SolarEdge’s long-term (three-five years) earnings growth rate is pegged at 17.7%.

SunRun’s Brightbox solar battery storage system comes with a top-notch innovation in lithium-ion battery technology. RUN is one of the prominent battery storage companies in the United States.

SunRun delivered an earnings surprise of 120% in the last reported quarter. The Zacks Consensus Estimate for its current-quarter earnings has improved 233.3% in the past 60 days.

Canadian Solar is developing one of the world’s largest battery storage project pipelines. As of Sep 30, 2021, CSIQ had 2.9 gigawatt-hour (GWh) of battery storage projects under construction and 21 GWh of the total storage development pipeline.

Canadian Solar’s long-term earnings growth rate is pegged at 12%. CSIQ delivered an earnings surprise of 133.3% in the last reported quarter.

Price Movement

In the past year, shares of Enphase have rallied 3.7% against the industry’s decline of 36.2%.

One Year Price Performance

Zacks Investment Research
Zacks Investment Research
Image Source: Zacks Investment Research

Zacks Rank

Enphase currently carries a Zacks Rank #3 (Hold). You can see the complete list of today’s Zacks #1 Rank (Strong Buy) stocks here.


More Stock News: This Is Bigger than the iPhone!

It could become the mother of all technological revolutions. Apple (NASDAQ:AAPL) sold a mere 1 billion iPhones in 10 years but a new breakthrough is expected to generate more than 77 billion devices by 2025, creating a $1.3 trillion market.

Zacks has just released a Special Report that spotlights this fast-emerging phenomenon and 4 tickers for taking advantage of it. If you don't buy now, you may kick yourself in 2022.

Click here for the 4 trades >>

Want the latest recommendations from Zacks Investment Research? Today, you can download 7 Best Stocks for the Next 30 Days. Click to get this free report

Canadian Solar Inc. (CSIQ): Free Stock Analysis Report

Enphase Energy, Inc. (ENPH): Free Stock Analysis Report

SolarEdge Technologies, Inc. (SEDG): Free Stock Analysis Report

Sunrun Inc. (NASDAQ:RUN): Free Stock Analysis Report

To read this article on Zacks.com click here.

Zacks Investment Research
Enphase Energy (ENPH) on Buyout Spree, Acquires 365 Pronto
 

Related Articles

Tim Knight
Looming Ceilings For Some ETFs By Tim Knight - May 27, 2022 3

Ever since last week, the market has been slicing the heads off bears left and right, with the Dow up thousandsof points and the S&P 500 Futures up about 300. It’s been...

Enphase Energy (ENPH) on Buyout Spree, Acquires 365 Pronto

Add a Comment

Comment Guidelines

We encourage you to use comments to engage with other users, share your perspective and ask questions of authors and each other. However, in order to maintain the high level of discourse we’ve all come to value and expect, please keep the following criteria in mind:  

  •            Enrich the conversation, don’t trash it.

  •           Stay focused and on track. Only post material that’s relevant to the topic being discussed. 

  •           Be respectful. Even negative opinions can be framed positively and diplomatically. Avoid profanity, slander or personal attacks directed at an author or another user. Racism, sexism and other forms of discrimination will not be tolerated.

  • Use standard writing style. Include punctuation and upper and lower cases. Comments that are written in all caps and contain excessive use of symbols will be removed.
  • NOTE: Spam and/or promotional messages and comments containing links will be removed. Phone numbers, email addresses, links to personal or business websites, Skype/Telegram/WhatsApp etc. addresses (including links to groups) will also be removed; self-promotional material or business-related solicitations or PR (ie, contact me for signals/advice etc.), and/or any other comment that contains personal contact specifcs or advertising will be removed as well. In addition, any of the above-mentioned violations may result in suspension of your account.
  • Doxxing. We do not allow any sharing of private or personal contact or other information about any individual or organization. This will result in immediate suspension of the commentor and his or her account.
  • Don’t monopolize the conversation. We appreciate passion and conviction, but we also strongly believe in giving everyone a chance to air their point of view. Therefore, in addition to civil interaction, we expect commenters to offer their opinions succinctly and thoughtfully, but not so repeatedly that others are annoyed or offended. If we receive complaints about individuals who take over a thread or forum, we reserve the right to ban them from the site, without recourse.
  • Only English comments will be allowed.

Perpetrators of spam or abuse will be deleted from the site and prohibited from future registration at Investing.com’s discretion.

Write your thoughts here
 
Are you sure you want to delete this chart?
 
Post
Post also to:
 
Replace the attached chart with a new chart ?
1000
Your ability to comment is currently suspended due to negative user reports. Your status will be reviewed by our moderators.
Please wait a minute before you try to comment again.
Thanks for your comment. Please note that all comments are pending until approved by our moderators. It may therefore take some time before it appears on our website.
 
Are you sure you want to delete this chart?
 
Post
 
Replace the attached chart with a new chart ?
1000
Your ability to comment is currently suspended due to negative user reports. Your status will be reviewed by our moderators.
Please wait a minute before you try to comment again.
Add Chart to Comment
Confirm Block

Are you sure you want to block %USER_NAME%?

By doing so, you and %USER_NAME% will not be able to see any of each other's Investing.com's posts.

%USER_NAME% was successfully added to your Block List

Since you’ve just unblocked this person, you must wait 48 hours before renewing the block.

Report this comment

I feel that this comment is:

Comment flagged

Thank You!

Your report has been sent to our moderators for review
Continue with Google
or
Sign up with Email