A resistance line has formed in the chart of Enphase Energy Inc . (NASDAQ:ENPH). If the stock breaks through this level a breakout could soon occur. Read more to learn to profit from this trading opportunity.Enphase Energy Inc. (ENPH) delivers energy management technology for the solar industry. The company designs, develops, manufactures and sells home energy solutions that connect solar generation, energy storage, and management on one intelligent platform.
The company revolutionized the solar industry by creating a semiconductor-based microinverter that converts energy at the individual solar module level. This has led to a strong position for the company in the booming solar microinverter market. Though insufficient tax equity financing could become a problem.
ENPH had $1.5 billion in cash as of the latest quarter compared with only $84 million in short-term debt. The company also has a healthy gross margin of 44.6%. Over the past three years, ENPH has grown sales an average of 42.4% per year. Analysts expected sales to soar 147.7% year over year in the current quarter.