Enphase Energy Reports Weak Results, Joins Lithia Motors And Other Big Stocks Moving Lower In Wednesday's Pre-Market Session

Author: Avi Kapoor | April 24, 2024 06:02am

U.S. stock futures were mixed this morning, with the Nasdaq futures gaining over 70 points on Wednesday.

Shares of Enphase Energy, Inc. (NASDAQ:ENPH) fell sharply in today's pre-market trading after the company reported worse-than-expected first-quarter financial results and issued second-quarter revenue guidance below estimates.

Enphase Energy reported first-quarter revenue of $263.3 million, which missed the consensus estimate of $281.95 million, according to Benzinga Pro. The company reported adjusted earnings of 35 cents per share, which missed analyst estimates of 40 cents per share.

Enphase saw second-quarter revenue in the range of $290 million to $330 million versus estimates of $350.706 million. The company anticipated second-quarter gross margin of 42% to 45%.

Enphase Energy shares dipped 7.3% to $105.18 in pre-market trading.

Here are some big stocks recording losses in today's pre-market trading session.

Evotec SE (NASDAQ:EVO) fell 34.7% to $5.09 in pre-market trading after reporting fiscal year 2023 results.
Neo-Concept International Group Holdings Limited (NASDAQ:NCI) fell 11.4% to $8.42 in pre-market trading after jumping over 137% on Tuesday. The company priced its IPO at $4 per share.
Equinox Gold Corp. (NYSE:EQX) fell 9.8% to $5.16 pre-market trading. Equinox Gold entered into a binding share purchase agreement with certain funds managed by Orion Mine Finance Management LP to acquire Orion’s 40% interest in Greenstone Gold Mine GP Inc., giving Equinox Gold 100% ownership of the Greenstone Mine in Ontario, Canada.
Revvity, Inc. (NYSE:RVTY) fell 6.1% to $97.17 in pre-market trading.
Jackson Financial Inc. (NYSE:JXN) shares declined 5.9% to $65.45 in pre-market trading after gaining around 4% on Tuesday.
Lithia Motors, Inc. (NYSE:LAD) shares fell 3.6% to $255.10 in pre-market trading following downbeat quarterly earnings.
New Oriental Education & Technology Group Inc. (NYSE:EDU) shares slipped 3.3% to $86.65 in pre-market trading following downbeat quarterly earnings.