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Barchart
Barchart
Mohit Oberoi

Can Enphase Stock Continue Its Momentum and Turn Positive for 2024?

ENPH Enphase Enphase Energy JPMorgan Europe Supply chain US Federal Reserve

Enphase Energy (ENPH) stock rallied smartly last week, and has narrowed its YTD losses to just about 10%. It is still among the bottom 100 S&P 500 Index ($SPX) performers for 2024, though. Can ENPH stock continue its recent momentum and turn positive for the year?

Solar stocks have looked weak in 2024, continuing their dismal run from the previous year. Notably, in Q4 2023, Enphase stock fell to its lowest levels since October 2020. 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 president, as he vowed to reverse his predecessor’s friendly policy towards fossil fuels.

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