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I'm curious as to the thoughts of Enphase bulls on some of these things that are being said.

I believe you've posted your concerns about such Glass Door comments before (at Saul's). So I checked before and I checked again and found nothing of genuine concern.

A bit of background: I worked for many years in the field of science/engineering consulting. It's a rough and tumble environment that routinely sees large workforce fluctuations as large projects come and go. I've hired and laid off quite a few individuals over the years. It's a gut-wrenching experience for all concerned. I've seen other consulting firms completely flub staffing changes, I've seen others act with sympathy and dexterity. One can easily trigger extreme emotions during staff count changes.

ENPH has had a turbulent past over the past five years, from being an innovative high flyer initially, to a much-maligned producer of products subject to premature failure (first two product generations), to a nose-to-the-grindstone innovator of ever improved and technically superior products (they are now releasing their eighth-generation products). As an early investor, I found it to be quite the roller-coaster ride, most painful for a time, gloriously profitable of late. I can imagine the employees suffered the ups and downs with varying degrees of emotion. ENPH has gone through a complete change of management since the summer of 2017. Most of the former executive either left, or were shown the door. The new team came in and hunkered down to turn the company around. As it turns out, they were very dedicated to purpose and, as a consequence, there were layoffs, office relocations and different initiatives. That's never easy on anyone. Given all that has happened, I'm not at all surprised to find some scathing reviews (usually from short-time laid off employees). I'm also not surprised to find positive comments.

The comment you cited is a great example of commentary posted by a laid off employee seething with rage:

1. Politics (If you have an offer, better join Cypress and then join this company)
2. Horrible culture (No-one in management respects their team members nor peers)
3. Absolute lack of Vision (No new products in-line, no plans to expand in current market)
4. All time high market position (Thanks to inflated numbers and market influencers like Ahmad Chatila & co. the numbers are as high as it can ever get -Q2-19, it's all downhill from here)
5. Pathetic Management style (Mid management has absolutely no say nor clue about what they are doing; Zero process-Zero documentation-Zero effort made to complete the false promises made to top management)
6. Miserably inadequate HR policies (HR has almost no say in anything; and just uni directional in passing orders from top)
7. ESOP is a joke (Don't fall for their new secret weapon during hiring)
8. Operations, Order management, Planning, Indian engineering teams are the most inept teams you will ever see)
9. Founders have given up on trying to get current management on board with their vision/mission as the latter's intentions are only to milk the cow dry as much as they can, before it goes to chptr-11."


Several of the comments immediately jump out as absurd:

#3 Lack of vision!?! To the contrary, ENPH has developed a product line technologically superior to that of any competitor. And there's lots more to come.
#4 It's all downhill from here!?! Oh, heck NO!!! The solar sector has a long ways to grow. Solar energy is on a path to be a truly disruptive global technology.
#5,6,7,8,9 Internal Affairs? One would have to be an insider to ascertain the validity of that. Given the number of positive comments also posted on Glass Door, I'd say it's a good bet our malcontent is probably off-base.
#9 ...intentions are only to milk the cow dry as much as they can, before it goes to chptr-11 This was the most ridiculous statement of all. Clearly, the complainer has no understanding of business fundamentals. ENPH fought mightily to bolster its balance sheet and it's quite solid now.

One other comment: ENPH recently relocated staff from its Petaluma office to an office in Fremont. Naturally, that displaced a number of employees and led to a surge of negative commentary. No surprise there. I feel bad for the dedicated employees who lost their home base. I've seen it time and again in my own career, and it's just sad.

All in all, these negative comments didn't influence my assessment of the company.
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Hello putnid,

I recently took a position in ENPH. Your analysis plus information from Above the Green Line convinced me. Would you feel comfortable sharing what criteria you use to decide when to buy and sell? I noticed that you have traded in and out of this, if I correctly understood your posts.

If prefer not to share, I fully understand.

thanks,

andy
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Hello Andy!

I wish I could offer a simple answer, but I can't. I've been actively investing for 45+ years and my investing decisions reflect decades of experience. Furthermore, I devote 5-6 hours/day reading and studying voraciously. It's a lot of work, but I'm retired and I treat all this as my job.

Having said that, I can offer a few ideas. First and foremost, I don't dwell all that much as to "when" to buy or sell, but at "what price?". I'm a buy low/sell high kinda guy. I use GTC limit orders quite a bit. At any given time, I may have 20 limit orders in place, most to buy, some to sell. I simply place the orders and allow the Market to do what it will. Sometimes I wait a good long while. Some orders never fill. That doesn't concern me. I simply want to buy shares of good companies at a good price, and sell shares at particularly high prices. In order to do that, I rely on a great deal of technical analysis. I'll direct you to a previous post (#42724) wherein I list my favorite technical analysis sites. Not only do I rely on technical analyses to observe price action, many of the sites offer prices to consider (both high and low). Barchart and Stock Consultant are particularly useful in this regard. These technical analysis sites rely on a wide variety of methodologies to establish their price targets. Hence, you'll find differing numbers. That's when "How lucky do I feel?" comes into play.

FYI, I have two limit buy orders in place for ENPH: Large buys both at $22.00 and $16.00. I hope both will fill even though ENPH remains a 50% position in my portfolio. Some readers may have noted that a previous $22.00 limit buy order filled not that long ago (ergo, repurchase of previously sold shares at ~20% discount). The share price then rose to $26+. I top-sliced those shares and reestablished the $22.00 limit order. I hope to, once again, repurchase sold shares at a ~20% discount. I have no problem whatsoever growing profits in many small chunks.

I hope this helps. Feel free to ask more questions if need be.

Good luck to all!
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putnid,


thanks so much. I will do more research and re-read the post you mentioned.

all the best,

andy
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Hi putnid

That #42724 doesn't seem to lead to a post by you describing TA.

I'd like to read your methods. 🙂
Do you have paid accounts with Barchart and Stock Consultant?

Thanks
🙂
ralph
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Hi Ralph!

Did you type in #42724 on Saul's Board? That's where I originally posted it. Hope that helps.

I don't have paid accounts. The free services suit my needs.

Happy Investing!
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Thanks.
I'll do that.
🙂
ralph
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