Enphase Energy (NASDAQ:ENPH) Shares Up 8.8% After Analyst Upgrade

Enphase Energy, Inc. (NASDAQ:ENPH)’s share price shot up 8.8% during mid-day trading on Wednesday after The Goldman Sachs Group raised their price target on the stock from $51.00 to $57.00. The Goldman Sachs Group currently has a buy rating on the stock. Enphase Energy traded as high as $50.70 and last traded at $50.8580. 2,166,777 shares changed hands during mid-day trading, a decline of 70% from the average session volume of 7,126,484 shares. The stock had previously closed at $46.76.

ENPH has been the topic of several other research reports. Jefferies Financial Group lowered their target price on shares of Enphase Energy from $57.00 to $54.00 and set a “buy” rating on the stock in a research note on Thursday, March 26th. Mizuho set a $39.00 target price on shares of Enphase Energy in a research note on Wednesday, February 4th. Oppenheimer lowered their target price on shares of Enphase Energy from $68.00 to $57.00 and set an “outperform” rating on the stock in a research note on Wednesday, April 29th. Wall Street Zen raised shares of Enphase Energy from a “sell” rating to a “hold” rating in a research note on Sunday, March 29th. Finally, HSBC raised shares of Enphase Energy from a “hold” rating to a “buy” rating and set a $52.00 target price on the stock in a research note on Wednesday, February 4th. Nine analysts have rated the stock with a Buy rating, ten have assigned a Hold rating and six have assigned a Sell rating to the company. Based on data from MarketBeat.com, the company has a consensus rating of “Hold” and a consensus target price of $40.94.

Insider Activity at Enphase Energy

In other news, Director Thurman J. Rodgers sold 137,250 shares of Enphase Energy stock in a transaction on Friday, March 13th. The stock was sold at an average price of $43.61, for a total transaction of $5,985,472.50. Following the transaction, the director owned 1,597,641 shares in the company, valued at $69,673,124.01. The trade was a 7.91% decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink. 2.90% of the stock is currently owned by corporate insiders.

Institutional Trading of Enphase Energy

A number of institutional investors and hedge funds have recently bought and sold shares of the business. Western Wealth Management LLC purchased a new stake in Enphase Energy during the first quarter worth about $151,000. Janus Henderson Group PLC increased its stake in shares of Enphase Energy by 124.3% during the first quarter. Janus Henderson Group PLC now owns 130,385 shares of the semiconductor company’s stock worth $4,931,000 after buying an additional 72,247 shares during the period. Centaurus Financial Inc. increased its stake in shares of Enphase Energy by 44.8% during the first quarter. Centaurus Financial Inc. now owns 6,988 shares of the semiconductor company’s stock worth $264,000 after buying an additional 2,161 shares during the period. California State Teachers Retirement System increased its stake in shares of Enphase Energy by 21.6% during the first quarter. California State Teachers Retirement System now owns 150,840 shares of the semiconductor company’s stock worth $5,703,000 after buying an additional 26,824 shares during the period. Finally, Electron Capital Partners LLC purchased a new stake in shares of Enphase Energy during the first quarter worth approximately $18,483,000. 72.12% of the stock is currently owned by hedge funds and other institutional investors.

Enphase Energy Price Performance

The stock’s 50 day moving average is $38.17 and its two-hundred day moving average is $36.69. The company has a debt-to-equity ratio of 0.52, a current ratio of 3.80 and a quick ratio of 3.20. The stock has a market capitalization of $6.70 billion, a PE ratio of 50.32 and a beta of 1.26.

Enphase Energy (NASDAQ:ENPH) last released its earnings results on Tuesday, April 28th. The semiconductor company reported $0.47 earnings per share for the quarter, topping analysts’ consensus estimates of $0.43 by $0.04. Enphase Energy had a net margin of 9.64% and a return on equity of 16.88%. The firm had revenue of $282.90 million for the quarter, compared to analyst estimates of $282.28 million. During the same period in the prior year, the firm earned $0.68 earnings per share. The business’s quarterly revenue was down 20.6% compared to the same quarter last year. As a group, sell-side analysts forecast that Enphase Energy, Inc. will post 0.84 earnings per share for the current fiscal year.

Enphase Energy Company Profile

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.