Sanford C. Bernstein Upgrades Enphase Energy (NASDAQ:ENPH) to “Hold”

Enphase Energy (NASDAQ:ENPH) was upgraded by Sanford C. Bernstein to a “hold” rating in a research note issued on Tuesday,Zacks.com reports.

Several other brokerages have also recently issued reports on ENPH. Deutsche Bank Aktiengesellschaft lifted their price target on Enphase Energy from $39.00 to $40.00 and gave the company a “hold” rating in a research report on Thursday, April 30th. Wells Fargo & Company lowered their price target on Enphase Energy from $50.00 to $45.00 and set an “overweight” rating on the stock in a research report on Wednesday, April 29th. Citigroup lowered their price target on Enphase Energy from $37.00 to $31.00 and set a “neutral” rating on the stock in a research report on Thursday, April 30th. Jefferies Financial Group lifted their price target on Enphase Energy from $41.00 to $64.00 and gave the company a “buy” rating in a research report on Friday, June 12th. Finally, Roth Mkm reiterated a “buy” rating on shares of Enphase Energy in a research report on Friday, May 22nd. Nine research analysts have rated the stock with a Buy rating, eleven have assigned a Hold rating and five have given a Sell rating to the company’s stock. According to MarketBeat.com, the stock currently has an average rating of “Hold” and a consensus price target of $45.70.

Enphase Energy Stock Down 4.9%

Shares of Enphase Energy stock opened at $47.78 on Tuesday. The business’s fifty day moving average price is $46.46 and its two-hundred day moving average price is $41.33. 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 company has a market capitalization of $6.30 billion, a P/E ratio of 47.31 and a beta of 1.60. Enphase Energy has a 1-year low of $25.77 and a 1-year high of $73.74.

Enphase Energy (NASDAQ:ENPH) last announced its earnings results on Tuesday, April 28th. The semiconductor company reported $0.47 earnings per share for the quarter, beating the consensus estimate of $0.43 by $0.04. Enphase Energy had a return on equity of 16.88% and a net margin of 9.64%.The firm had revenue of $282.90 million for the quarter, compared to the consensus estimate of $282.28 million. During the same quarter in the previous year, the business earned $0.68 EPS. The firm’s revenue for the quarter was down 20.6% on a year-over-year basis. As a group, research analysts forecast that Enphase Energy will post 0.84 EPS for the current year.

Insider Buying and Selling

In related news, Director Richard Mora sold 700 shares of Enphase Energy stock in a transaction 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 transaction, the director directly owned 13,922 shares in the company, valued at $893,792.40. The trade was a 4.79% decrease in their position. The sale was disclosed in a legal filing with the SEC, which is available through this link. Also, Director Shanker Trivedi bought 1,000 shares of the firm’s stock in a transaction that occurred on Friday, June 12th. The stock was bought at an average price of $53.91 per share, for a total transaction of $53,910.00. Following the completion of the acquisition, the director directly owned 1,000 shares in the company, valued at approximately $53,910. The trade was a ? increase in their ownership of the stock. The SEC filing for this purchase provides additional information. Insiders own 2.90% of the company’s stock.

Hedge Funds Weigh In On Enphase Energy

A number of hedge funds have recently modified their holdings of ENPH. Norges Bank acquired a new position in shares of Enphase Energy in the 4th quarter worth $118,190,000. Invesco Ltd. grew its holdings in shares of Enphase Energy by 36.2% during the fourth quarter. Invesco Ltd. now owns 3,158,931 shares of the semiconductor company’s stock valued at $101,244,000 after buying an additional 839,468 shares in the last quarter. Sora Investors LLC purchased a new position in shares of Enphase Energy during the fourth quarter valued at $25,998,000. Coatue Management LLC grew its holdings in shares of Enphase Energy by 95.3% during the third quarter. Coatue Management LLC now owns 1,647,893 shares of the semiconductor company’s stock valued at $58,319,000 after buying an additional 803,945 shares in the last quarter. Finally, Arrowstreet Capital Limited Partnership grew its holdings in shares of Enphase Energy by 2,335.6% during the third quarter. Arrowstreet Capital Limited Partnership now owns 798,090 shares of the semiconductor company’s stock valued at $28,244,000 after buying an additional 765,322 shares in the last quarter. 72.12% of the stock is currently owned by institutional investors and hedge funds.

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.