Enphase Energy, Inc. (NASDAQ:ENPH) Receives Consensus Rating of “Hold” from Analysts

Shares of Enphase Energy, Inc. (NASDAQ:ENPH) have been given a consensus rating of “Hold” by the twenty-four brokerages that are currently covering the company, MarketBeat.com reports. Three investment analysts have rated the stock with a sell rating, twelve have given a hold rating and nine have assigned a buy rating to the company. The average 1-year price target among analysts that have covered the stock in the last year is $46.90.

Several research analysts have recently issued reports on the stock. Morgan Stanley set a $27.00 price target on shares of Enphase Energy in a report on Friday, May 8th. Wells Fargo & Company cut their price objective on Enphase Energy from $50.00 to $45.00 and set an “overweight” rating on the stock in a report on Wednesday, April 29th. TD Cowen reduced their price objective on Enphase Energy from $70.00 to $48.00 and set a “hold” rating on the stock in a research report on Monday. UBS Group set a $85.00 target price on Enphase Energy in a report on Friday, May 22nd. Finally, Glj Research reiterated a “sell” rating and issued a $21.70 target price on shares of Enphase Energy in a research report on Thursday, June 11th.

Enphase Energy Trading Down 5.6%

Shares of Enphase Energy stock opened at $36.70 on Friday. The firm’s 50 day moving average is $51.45 and its 200 day moving average is $43.70. The firm has a market capitalization of $4.84 billion, a PE ratio of 36.34 and a beta of 1.62. Enphase Energy has a 1 year low of $25.77 and a 1 year high of $73.74. The company has a current ratio of 3.80, a quick ratio of 3.20 and a debt-to-equity ratio of 0.52.

Enphase Energy (NASDAQ:ENPH) last issued its quarterly earnings data on Tuesday, April 28th. The semiconductor company reported $0.47 EPS for the quarter, beating the consensus estimate of $0.43 by $0.04. Enphase Energy had a net margin of 9.64% and a return on equity of 16.88%. The business had revenue of $282.90 million during the quarter, compared to the consensus estimate of $282.27 million. During the same quarter in the prior year, the firm earned $0.68 EPS. The firm’s revenue was down 20.6% compared to the same quarter last year. Equities research analysts forecast that Enphase Energy will post 0.82 earnings per share for the current fiscal year.

Insider Transactions at Enphase Energy

In other news, Director Richard Mora sold 700 shares of the company’s stock in a transaction that occurred on Monday, June 1st. The stock was sold at an average price of $64.20, for a total value of $44,940.00. Following the completion of the transaction, the director owned 13,922 shares of the company’s stock, valued at $893,792.40. This represents a 4.79% decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is available through this hyperlink. Also, CEO Badrinarayanan Kothandaraman acquired 5,000 shares of the stock in a transaction dated Tuesday, May 26th. The stock was purchased at an average cost of $67.50 per share, with a total value of $337,500.00. Following the purchase, the chief executive officer directly owned 1,645,632 shares of the company’s stock, valued at $111,080,160. This trade represents a 0.30% increase in their ownership of the stock. The disclosure for this purchase is available in the SEC filing. Company insiders own 2.90% of the company’s stock.

Hedge Funds Weigh In On Enphase Energy

Several institutional investors and hedge funds have recently added to or reduced their stakes in the business. Woodline Partners LP grew its stake in shares of Enphase Energy by 37.9% in the first quarter. Woodline Partners LP now owns 11,191 shares of the semiconductor company’s stock worth $694,000 after purchasing an additional 3,077 shares during the last quarter. Acadian Asset Management LLC acquired a new position in Enphase Energy during the 1st quarter worth about $121,000. Arrowstreet Capital Limited Partnership acquired a new position in Enphase Energy during the 2nd quarter worth about $1,299,000. Guggenheim Capital LLC grew its position in shares of Enphase Energy by 14.1% in the 2nd quarter. Guggenheim Capital LLC now owns 26,459 shares of the semiconductor company’s stock valued at $1,049,000 after buying an additional 3,273 shares during the last quarter. Finally, California Public Employees Retirement System grew its position in shares of Enphase Energy by 11.9% in the 2nd quarter. California Public Employees Retirement System now owns 238,794 shares of the semiconductor company’s stock valued at $9,468,000 after buying an additional 25,450 shares during the last quarter. 72.12% of the stock is currently owned by institutional investors and hedge funds.

About Enphase Energy

Enphase Energy is a global energy technology company that specializes in solar microinverters, energy storage systems and energy management software. Its core business centers on converting direct current (DC) power generated by solar panels into alternating current (AC) power suitable for use in residential and commercial applications. By integrating hardware and software solutions, Enphase Energy aims to improve solar energy yield, enhance system reliability and provide real-time monitoring capabilities to its customers.

The company’s product portfolio includes its IQ Series microinverters, which attach to individual solar panels to optimize performance at the module level and reduce the impact of shading or system failures.