Enphase Energy (ENPH) stock got clobbered Wednesday, falling more than 9% after analysts trimmed their price forecasts for the energy technology company. A broader market selloff didn't help matters either.

Analysts Cut Price Forecasts

Morgan Stanley analyst Andrew Percoco kept an Underweight rating on the stock and lowered his price forecast to $24 from $27 on Wednesday.

Similarly, Susquehanna reduced its price forecast to $35 from $37 while maintaining a Neutral rating.

Earlier, on Oct. 6, Barclays lowered its price forecast to $44 while maintaining an Equal-Weight rating.

Overall, Enphase carries a Hold consensus rating, with an average price forecast of $41.40.

Enphase Energy Faces Earnings Test

Enphase Energy is scheduled to report quarterly earnings Oct. 27.

Analysts expect earnings of 51 cents per share, down from 90 cents a year earlier. Revenue is expected to decline to $304.52 million from $410.43 million.

The company makes microinverters, battery storage systems and other solar energy products. Its business remains sensitive to U.S. residential solar demand and financing conditions.

Technical Analysis

Enphase Energy remains under pressure, with shares trading below their major moving averages.

The stock is about 12% below its 20-day simple moving average of $32.96 and nearly 20% below its 50-day average of $36.10.

Its relative strength index (RSI) stands at 28.39, indicating oversold conditions. While this could support a short-term recovery, it does not necessarily signal a lasting reversal.

Traders are watching support near $29, followed by the 52-week low of $25.77. Resistance stands near $34.

ETFs With Enphase Energy Exposure

Enphase Energy is held by several clean energy ETFs, including the Corgi Battery Energy Storage Systems ETF (NASDAQ: WATS), with a 5.99% weighting; the iShares Global Clean Energy ETF (NASDAQ: ICLN), with 4.40%; and the Invesco Solar ETF (NYSE: TAN), with 6.59%.

ENPH Price Action

Enphase Energy shares were down 9.34% at $29.04 at the time of publication Wednesday, according to market data.