The stock market closed mixed on Monday, amid the sudden collapse of two large banks, Silicon Valley Bank (SVB) and Signature Bank.
Investors continued to assess regulators’ actions to minimize the potential damage from the bank failure.
Overall, S&P 500 slid 0.2% to 3,856, while NASDAQ grew 0.5% to 11,189.
Tweet of the Day
The charts of the day is this fine work by Michael Cembalest, from JP Morgan Asset Management: pic.twitter.com/rSGEAQwotC
— David Sharek (@GrowthStockGuy) March 13, 2023
Chart of the Day
Here is the one-year of Enphase (ENPH) as of March 1, 2023, when the stock was at $213.
Enphase Energy is a global energy technology company that designs, manufacture, and sell solar energy solutions to homeowners and commercial owners. It produces fully integrated solar storage solutions that can manage energy generation, storage, control, and communications using one intelligent platform.
Enphase was one of the best stocks during the past five years. The shares went from $5 to $265 from 2019 to 2022.
Now, the stock is digesting its gains, and for good reason. The P/E ratio was 76 last August when the shares were $306. That was too high. This quarter, the stock has a P/E of 39, which David Sharek thinks is quite reasonable for a company that only grew revenue 76% when profits more than doubled.
Enphase is one of the fastest growing publicly traded companies in America, as its solar energy components are in high demand. It is part of the Growth Portfolio.