Enphase Energy (NASDAQ:ENPH) Lifted to Strong-Buy at Zacks Investment Research

Zacks Investment Research upgraded shares of Enphase Energy (NASDAQ:ENPH) from a hold rating to a strong-buy rating in a report issued on Monday morning, Zacks.com reports. They currently have $23.00 target price on the semiconductor company’s stock.

According to Zacks, “Enphase Energy, Inc. delivers microinverter technology for the solar industry, which increases productivity and reliability of solar modules. The Company builds a semiconductor-based microinverter system that converts direct current electricity to alternating current electricity at the individual solar module level. Enphase sells its microinverter systems primarily to distributors who resell them to solar installers. It also sells directly to installers, as well as through original equipment manufacturers. Enphase Energy, Inc. is headquartered in Petaluma, California. “

ENPH has been the subject of several other research reports. B. Riley restated a buy rating and set a $21.00 price objective on shares of Enphase Energy in a report on Wednesday, June 12th. Raymond James restated a buy rating on shares of Cineplex in a report on Tuesday, March 19th. Roth Capital set a $14.00 price objective on Enphase Energy and gave the company a buy rating in a report on Thursday, March 21st. BidaskClub downgraded Walgreens Boots Alliance from a sell rating to a strong sell rating in a report on Monday, June 24th. Finally, HC Wainwright set a $35.00 price objective on Stemline Therapeutics and gave the company a buy rating in a report on Thursday, June 20th. One investment analyst has rated the stock with a sell rating, three have issued a hold rating, five have issued a buy rating and two have issued a strong buy rating to the company’s stock. The stock currently has a consensus rating of Buy and a consensus target price of $16.69.

ENPH traded down $0.41 during trading on Monday, hitting $19.48. The company’s stock had a trading volume of 4,171,647 shares, compared to its average volume of 2,603,070. Enphase Energy has a twelve month low of $3.70 and a twelve month high of $20.67. The company has a debt-to-equity ratio of 4.63, a current ratio of 1.52 and a quick ratio of 1.42. The business’s fifty day simple moving average is $17.18. The stock has a market capitalization of $2.15 billion, a price-to-earnings ratio of -162.33 and a beta of 0.92.

Enphase Energy (NASDAQ:ENPH) last released its quarterly earnings data on Tuesday, April 30th. The semiconductor company reported $0.08 EPS for the quarter, beating the Thomson Reuters’ consensus estimate of $0.05 by $0.03. The firm had revenue of $100.15 million for the quarter, compared to the consensus estimate of $92.26 million. The company’s revenue was up 43.1% compared to the same quarter last year. During the same quarter in the prior year, the firm earned ($0.01) EPS. Equities analysts predict that Enphase Energy will post 0.35 earnings per share for the current fiscal year.

In related news, VP David A. Ranhoff sold 63,516 shares of the company’s stock in a transaction on Thursday, May 16th. The stock was sold at an average price of $14.62, for a total transaction of $928,603.92. Following the completion of the sale, the vice president now owns 790,517 shares in the company, valued at $11,557,358.54. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at this link. Corporate insiders own 12.46% of the company’s stock.

A number of institutional investors have recently made changes to their positions in ENPH. Gilder Gagnon Howe & Co. LLC grew its holdings in shares of Enphase Energy by 30.5% in the first quarter. Gilder Gagnon Howe & Co. LLC now owns 4,514,342 shares of the semiconductor company’s stock worth $41,667,000 after acquiring an additional 1,053,833 shares during the period. EAM Global Investors LLC bought a new stake in Enphase Energy during the first quarter valued at about $1,806,000. Ibex Investors LLC bought a new stake in Enphase Energy during the first quarter valued at about $182,000. Stephens Inc. AR bought a new stake in Enphase Energy during the first quarter valued at about $216,000. Finally, Rhumbline Advisers grew its holdings in Enphase Energy by 0.8% during the first quarter. Rhumbline Advisers now owns 126,367 shares of the semiconductor company’s stock valued at $1,166,000 after purchasing an additional 1,052 shares during the period. Institutional investors and hedge funds own 48.41% of the company’s stock.

Enphase Energy Company Profile

Enphase Energy, Inc, together with its subsidiaries, designs, develops, and sells home energy solutions for the solar photovoltaic industry in the United States and internationally. The company offers semiconductor-based microinverter that converts energy at the individual solar module level and combines with its proprietary networking and software technologies to provide energy monitoring and control services.

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