Enphase Energy Inc (NASDAQ:ENPH) is ending the year on a down note, last seen off by 5.6% to trade at $277.75, its lowest level since early November. The stock is pulling back from another attempt to eclipse its Dec. 5 peak of $339.92. For the month, the stock has shed nearly 14%. However, if past is precedent, the recent pullback could be a prime buying opportunity for those looking to get in on ENPH while its on sale.
Enphase Energy stock has now fallen within one standard deviation of its 120-day moving average. Per Schaeffer’s Senior Quantitative Analyst Rocky White, there have been seven similar occurrences during the past three years. A month after 57% of these signals, the stock was higher, averaging an 11.3% return. A similar move from its current perch would put ENPH back above the $300 mark at $309.14.
A shift in Enphase Energy’s options pits could put additional wind at the stock’s back. While call volume still just barely outpaces put volume on an overall basis, the security’s 10-day put/call volume ratio stands in the 76th percentile of its 12-month range at the the International Securities Exchange (ISE), Cboe Options Exchange (CBOE), and NASDAQ OMX PHLX (PHLX). This means puts have been unusually popular among these traders of late.
Now could be an ideal time to speculate on Enphase Energy stock’s next move with options, too. The security sports a Schaeffer’s Volatility Index (SVI) of 58%, which stands in the 7th annual percentile. In other words, options traders are pricing in relatively low volatility expectations right now. Even better, the equity’s Schaeffer’s Volatility Scorecard (SVS) sits at 72 out of 100, meaning ENPH tends to outperform said volatility estimates — a good thing for buyers.
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