Enphase Energy Inc ( ENPH ) shares are trading lower Wednesday after the company reported worse-than-expected financial results for the third quarter. The selloff has accelerated Wednesday morning as multiple analyst firms downgraded or slashed price targets on the stock.

Q3 Revenue: $380.9 million, versus estimates of $391.979 million

Q3 EPS: 65 cents, versus estimates of 77 cents

U.S. revenue was up approximately 43% on a quarter-over-quarter basis due to higher shipments to distributors. Meanwhile, revenues in Europe fell approximately 15% quarter-over-quarter, driven by a "further softening" in European demand.

Enphase shipped 172.9 megawatt hours of IQ batteries in the quarter and shipped approximately 1,176,000 microinverters from its contract manufacturing facilities in the U.S.

The company said it generated $170.1 million in cash flow from operations and $161.3 million in free cash flow during the quarter. Enphase ended the quarter with $1.77 billion in cash, cash equivalents and marketable securities.

Enphase forecasted fourth-quarter revenue of $360 million to $400 million. The company said it expects third quarter gross margin of 47% to 50%, or 49% to 52% on an adjusted basis.

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Enphase shares fell about 8% when the report was released. Multiple other solar names including SolarEdge Technologies Inc ( SEDG ) and Sunrun Inc ( RUN ) also fell in sympathy with Enphase. The selling pressure intensified on Wednesday as multiple analysts weighed in.

Janney Montgomery Scott analyst Sean Milligan downgraded Enphase from Buy to Neutral and set a price target of $83.

Guggenheim analyst Joseph Osha downgraded Enphase from Neutral to Sell and set a price target of $73.

Morgan Stanley analyst Andrew Percoco maintained Enphase with an Equal-Weight and lowered the price target from $102 to $93.

Oppenheimer analyst Colin Rusch maintained Enphase with an Outperform and lowered the price target from $134 to $101.

Piper Sandler analyst Kashy Harrison maintained Enphase with a Neutral and lowered the price target from $105 to $85.

ENPH Price Action: Enphase shares were down 17% at $76.56 Wednesday morning, according to Benzinga Pro.