Enphase Energy Inc (NASDAQ:ENPH) shares are trading higher Wednesday on the heels of the company's second-quarter financial results. Multiple analysts adjusted price targets on the stock following the print.

• Q2 Revenue: $303.46 million, versus estimates of $309.67 million

• Q2 EPS: 43 cents, versus estimates of 48 cents

U.S. revenue increased approximately 32% on a quarter-over-quarter basis, while revenues in Europe remained flat during the quarter. Enphase noted its global channel inventory returned to normal levels as the company exited the second quarter.

Gross margin came in at 47.1%. Enphase said it generated $117.4 million in free cash flow during the quarter. The company ended the quarter with $1.65 billion in cash, cash equivalents and marketable securities.

"We shipped 120.2 megawatt hours of IQ Batteries in the second quarter of 2024, compared to 75.5 megawatt hours in the first quarter of 2024," the company said.

Enphase sees third-quarter revenue in the range of $370 million to $410 million versus estimates of $404.63 million. The company anticipates third-quarter gross margin of 45% to 48%.

Analyst Changes:

• Guggenheim analyst Joseph Osha maintained Enphase with a Sell and raised the price target from $92 to $93.

• BMO Capital analyst Ameet Thakkar maintained Enphase with a Market Perform and raised the price target from $110 to $115.

• Canaccord Genuity analyst Austin Moeller maintained Enphase with a Buy and lowered the price target from $150 to $140.

• Piper Sandler analyst Kashy Harrison maintained Enphase with a Neutral and lowered the price target from $120 to $115.

ENPH Price Action: Enphase shares were up 9.5% at $113.49 at the time of publication, according to Benzinga Pro.

Photo: courtesy of Enphase Energy.