Enphase Energy Inc.
ENPH,
+24.65%

stock rallied more than 25% on Wednesday, poised for its highest close since Jan. 7 and its largest one-day percent increase since March 2020. The stock was the best performing in the S&P 500 index
SPX,
-0.51%

on Wednesday. The energy management technology company late Tuesday reported third-quarter earnings well above Wall Street expectations, saying it earned an adjusted 60 cents a share on sales of $352 million in the quarter, compared with forecasts for adjusted earnings of 49 cents a share on sales of $345 million. Enphase earlier this week announced a new solar microinverter for its customers in North America, saying the device was capable of forming a microgrid during a power outage using only solar power and providing backup power without a battery.

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