Can Beaten-Down ENPH Stock Recover and Go Back Up Long-Term?

Last week was brutal for U.S. stocks, as the S&P 500 Index ($SPX) tumbled into correction territory after having fallen over 10% from its 2023 highs. Things were particularly bleak for solar companies, and Enphase Energy (ENPH) stock fell to three-year lows.

Life has come full circle for solar and clean energy companies, after the sector embarked on the rally of a lifetime in 2020 – partially aided by Joe Biden’s election as the U.S. President, as he vowed to overturn his predecessor’s friendly policy towards fossil fuels. However, green energy stocks have looked weak over the last couple of years.