Top 10 Penny Stocks To Buy in 2017

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2. Enphase Energy Inc (NASDAQ:ENPH)

Enphase Energy Inc (NASDAQ:ENPH) was snapped up by several bullish investors in the first quarter, as the number of them owning the stock jumped to 12 from seven during the first three months of 2017, while the total value of their holdings advanced to $15.68 million from $7.25 million. Billionaires Dan Loeb of Third Point and Jim Simons of Renaissance Technologies held 6.25 million shares and 523,033 shares of Enphase Energy, respectively, at the end of March.

Shares of Enphase drifted into penny stock territory only a couple of months ago, as they had been steadily holding above $1.00 for the previous 12 months. The stock was trading well over $10.00 per share in 2014/2015, but started to struggle as the demand for residential solar installations cooled down and the company started posting worse-than-expected financial results. Its most recent quarterly report in May was no exception, as Enphase Energy Inc (NASDAQ:ENPH)’s net loss and revenue were below analysts’ estimates and the company is having trouble with liquidity. However, Enphase Energy Inc (NASDAQ:ENPH) is also trying to cut costs, having set a target of 50% cost reduction for its products, and is on track to introduce some new products in the next year.

Follow Enphase Energy Inc. (NASDAQ:ENPH)

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