Technical Analyst, Vermilion Research

Joe Jasper

Technical Analyst

Technical and Quantitative Research

Vermilion Research

Vermilion’s objective is to deliver timely, actionable, and unique technical research to professional investors through the application of our various technical indicators.

Our research strategists seek to highlight securities which we believe are at major inflection points, based on our various technical and quantitative indicators, and offer asymmetric risk/return profiles. Our unique research methodology, centered on relative strength, enables our strategists to deliver superior investment recommendations.

Our process begins by organizing the universe of actively traded stocks into discrete sectors, then into industry groups. We then apply our technical and quantitative tools to identify developing price trends. Once attractive trends are identified within a selected sector or group, we screen for individual stocks which we believe offer the best risk/reward profile. We provide a historical perspective that often reveals, through our long-term charts, how price patterns often repeat themselves over time.

Technical Analysis

<ul>
<li>Our bullish outlook (since early-November 2023) remains intact. Few things are more bullish than indexes (SPX, NDX) breaking out to all-time highs following a major correction we had in 2022</li>
<li>Last week (5/21/24) we discussed how it is a very bullish sign that there have been three upside gaps in May on the S&amp;P 500, with all gaps left unfilled.</li>
<li>Important short-term gap supports we are watching on SPX include 5250-5263, 5127-5142, and 5073-5101; so far 5250-5263 support has held. Also downgrading Industrials (XLI) to market weight</li>
</ul>


Our bullish outlook (since early-November 2023) remains intact. Few things are more bullish than indexes (SPX, NDX) breaking out to all-time highs following a major correction we had in 2022
Last week (5/21/24) we discussed how it is a very bullish sign that there have been three upside gaps in May on the S&amp;P 500, with all gaps left unfilled.
Important short-term gap supports we are watching on SPX include 5250-5263, 5127-5142, and 5073-5101; so far 5250-5263 support has held. Also downgrading Industrials (XLI) to market weight


Downgrading Manufacturing (XLI) To Market Weight; Shift to Overweight Growth; 5250-5263 SPX Holding

Independent research on the U.S. markets, Baptista Research

Baptista Research

Independent research on the U.S. markets

Baptista Research is an independent financial research house focused on the U.S. markets. We provide equity research as well as credit research reports on the top-listed U.S. companies with most of our focus on technology, consumer goods and services, automobiles, industrials, oil and gas, pharma, and healthcare. Our research has served more than 3000 institutional investors including mutual funds, hedge funds, banks, family offices, and various buy-side firms. We operate a research subscription service where institutions, as well as retail investors, can have priority access to all our research. We also have a wide distribution of our research reports across some of the top global financial platforms. Apart from equity research and credit research, we also provide advisory services with respect to mergers & acquisitions (M&A), private equity/ venture capital fundraising, valuation reports, and investment management services for corporates.
Baptista Research is owned and managed by Ishan Majumdar, an ex-Venture Capitalist/ Investment Banker, a Chartered Accountant, and a Masters’ degree holder in Management from HEC Paris. Ishan has nearly a decade of experience in Mergers and Acquisitions, Leveraged Buyouts (LBOs), Venture Capital Investing, Corporate Strategy, and Valuation in front-office roles at the likes of BNP Paribas CIB, Credit Agricole CIB, Groupe Danone, and TIW Private Equity. He has worked on and closed multiple acquisition deals, leveraged buyouts, and start-up investment transactions.

Equity Bottom-Up

<ul><li>Enphase Energy, a leading provider of energy management solutions, reported its first quarter 2024 financial results.</li><li>For the quarter ending March 31, 2024, the company reported a total revenue of $263.3 million, a slight decrease compared with the previous quarter.</li><li>The company also managed to ship approximately 1.4 million microinverters and 75.5 megawatt hours of batteries during this period, leading to a free cash flow of $41.8 million.</li></ul>

Enphase Energy, a leading provider of energy management solutions, reported its first quarter 2024 financial results.For the quarter ending March 31, 2024, the company reported a total revenue of $263.3 million, a slight decrease compared with the previous quarter.The company also managed to ship approximately 1.4 million microinverters and 75.5 megawatt hours of batteries during this period, leading to a free cash flow of $41.8 million.

Enphase Energy: Are Its Solar-Plus-Storage Products A Critical Growth Catalyst? - Major Drivers

<ul><li>Enphase Energy Inc.'s fourth quarter 2023 financial results show a quarterly revenue of $302.6 million, a considerable shipment of 1.6 million microinverters and 80.7 megawatt hours of battery, along with a generation of free cash flow of $15.4 million.</li><li>The company also achieved a reduction of $147 million in Q4, and met their goal of reducing channel inventory.</li><li>The quarter saw a 50% gross margin, 29% operating expenses, and 22% operating income.</li></ul>

Enphase Energy Inc.'s fourth quarter 2023 financial results show a quarterly revenue of $302.6 million, a considerable shipment of 1.6 million microinverters and 80.7 megawatt hours of battery, along with a generation of free cash flow of $15.4 million.The company also achieved a reduction of $147 million in Q4, and met their goal of reducing channel inventory.The quarter saw a 50% gross margin, 29% operating expenses, and 22% operating income.

Enphase Energy: The 4th-Gen Battery Breakthrough You Can't Miss! - Major Drivers

<ul><li>Enphase delivered a mixed result in the recent quarter, with revenues below market expectations, but it surpassed the analyst consensus in earnings.</li><li>Enphase shipped 50,000 microinverters in the quarter from two of its contract manufacturers, Foxconn in Wisconsin and Flex in South Carolina.</li><li>This was a solid quarter for the company's international revenue mainly due to the growth in Australia and Europe.</li></ul>

Enphase delivered a mixed result in the recent quarter, with revenues below market expectations, but it surpassed the analyst consensus in earnings.Enphase shipped 50,000 microinverters in the quarter from two of its contract manufacturers, Foxconn in Wisconsin and Flex in South Carolina.This was a solid quarter for the company's international revenue mainly due to the growth in Australia and Europe.

Enphase Energy Inc.: Expanded Distribution In Germany & Other Drivers

Pan-Asia Catalysts/Events, Quiddity Advisors

Travis Lundy

Pan-Asia Catalysts/Events

Quiddity Advisors

Event-Driven

<ul>
<li>S&amp;P DJI Global Indices on Friday announced the changes to the S&amp;P500, S&amp;P Midcap 400, and S&amp;P 600 to be implement at the close on 17 December. </li>
<li>There were no surprises and the whole exercise is one of rearranging the deckchairs. Stocks move up an index, or down an index, but nothing moves out of the three.</li>
<li>The proprietary S&amp;P data suggests little opportunity, but empirical data suggests otherwise, and as in most cases, the interesting trades are the smaller ones.</li>
</ul>


S&amp;P DJI Global Indices on Friday announced the changes to the S&amp;P500, S&amp;P Midcap 400, and S&amp;P 600 to be implement at the close on 17 December. 
There were no surprises and the whole exercise is one of rearranging the deckchairs. Stocks move up an index, or down an index, but nothing moves out of the three.
The proprietary S&amp;P data suggests little opportunity, but empirical data suggests otherwise, and as in most cases, the interesting trades are the smaller ones.


S&P500 Rebalance for December 2021 - Rearranging the Deckchairs

United States

Enphase Energy Inc. manufactures solar power solutions. The Company offers solutions to increase productivity and reliability of solar modules.

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Enphase Energy (ENPH US)

Downgrading Manufacturing (XLI) To Market Weight; Shift to Overweight Growth; 5250-5263 SPX Holding

Downgrading Manufacturing $XLI to Market Weight; Shift to Overweight Growth $IWF; Three May $SPX Upside Gaps Unfilled = Bullish; Expect supports at...

Vermilion Research

Enphase Energy: Are Its Solar-Plus-Storage Products A Critical Growth Catalyst? - Major Drivers

Enphase Energy, a leading provider of energy management solutions, reported its first quarter 2024 financial results. For the quarter ending March...

Baptista Research

Enphase Energy: The 4th-Gen Battery Breakthrough You Can't Miss! - Major Drivers

Enphase Energy Inc.'s fourth quarter 2023 financial results show a quarterly revenue of $302.6 million, a considerable shipment of 1.6 million...

Baptista Research

Enphase Energy Inc.: Expanded Distribution In Germany & Other Drivers

Enphase delivered a mixed result in the recent quarter, with revenues below market expectations, but it surpassed the analyst consensus in...

Baptista Research

S&P500 Rebalance for December 2021 - Rearranging the Deckchairs

The S&P announced its changes to the S&P500, S&P Midcap 400, and S&P Small 600 Indices. All names moving in and out of these indices are coming...

Travis Lundy

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