We recently published an article titled These 10 Stocks Defied Tuesday's Bloodbath. In this article, we are going to take a look at where Enphase Energy, Inc. (NASDAQ:ENPH) stands against the other stocks.

The stock market fell further into negative territory on Tuesday as trade tensions between the US and its largest trading partners continued.

The Dow Jones fell the most, losing 1.55 percent, while the S&P 500 declined 1.22 percent. The Nasdaq dropped by 0.35 percent.

Following the start of President Donald Trump’s blanket 25-percent tax on goods from Canada and Mexico on Tuesday, and a 10-percent tax on Chinese imports, both Canada and China moved to retaliate with higher taxes on US imports. Mexico is also expected to follow suit.

Despite uncertainties, 10 companies managed to stay stronger, posting impressive gains mostly on the back of better earnings performance. In this article, we have detailed the reasons behind their gains.

To come up with Tuesday’s top gainers, we considered only the stocks with $2 billion in market capitalization and $5 million in daily trading volume.

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Enphase Energy, Inc. (NASDAQ:ENPH)

Enphase Energy, Inc. (NASDAQ:ENPH) snapped a five-day losing streak on Tuesday after hitting a new all-time low, jumping 9.44 percent to close at $57.86 as investors resorted to bargain-hunting to take advantage of cheap valuation.

At intra-day trading, Enphase Energy, Inc. (NASDAQ:ENPH) dropped to its lowest price of $51.63 apiece before investors turned buyers towards the close.

Over the past year, the company noticeably was tracking a downward trajectory, with year-to-date price alone recording a 15.75-percent drop.

Further aggravating the sour sentiment was President Donald Trump’s lukewarm reception of the renewable energy sector, which could dampen demand for the said resources.

According to Trump, the net-zero goal has pushed up prices of energy for both consumers and businesses.

In the fourth quarter of the year, Enphase Energy, Inc. (NASDAQ:ENPH) saw net income triple to $62.16 million from $20.20 million in the same period a year earlier, while revenues rose by 26 percent to $382.7 million from $302.57 million.

However, full-year net income fell by a whopping 76.6 percent to $102.6 million from $438.9 million in 2023, while revenues declined by 42 percent to $1.33 billion from $2.29 billion year-on-year.

Overall ENPH ranks 8th on our list of Tuesday's top gainers. While we acknowledge the potential of ENPH as an investment, our conviction lies in the belief that some AI stocks hold greater promise for delivering higher returns and doing so within a shorter time frame. If you are looking for an AI stock that is more promising than ENPH but trades at less than 5 times its earnings, check out our report about the cheapest AI stock.

 

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Disclosure: None. This article is originally published at Insider Monkey.