Stocks Continue to Push Higher, Enphase Shows Leadership

Today in the stock market — Monday June 6, 2022 — stocks continued to move higher, even though investors don’t trust the bottom of the Bear Market is already in. The S&P 500 was up 0.3% on the day and closed at 4121 while the NASDAQ was up 0.4% and closed at 12061.

Leading the market higher were solar stocks as the US government prohibited tariffs for two years. Enphase Energy (ENPH) was the big winner on my stock monitor today, as the shares rose 5% to close at $207.

Chart of the Day

Our chart of the day is this one-year chart of ENPH from April 29, 2022.

I added the stock to my Growth Portfolio just after this chart was made, on May 10 at around $150. I figured that was going to be the lowest I’d be able to buy in at.

Note qtrly profits have been growing +40% and that’s expected to continue the next two qtrs. At the time, the P/E was in the 40s then. Today, with the shares at $207, the P/E is 60.

Also, 2022 profit estimates have increased from $3.29 when this chart was made to $3.47. That’s good sign for a stock when profit estimates are rising during the qtr.

Enphase is expected to report profits on July 25.

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