Citigroup Cuts Enphase Energy (NASDAQ:ENPH) Price Target to $40.00

Enphase Energy (NASDAQ:ENPH) had its price target decreased by Citigroup from $43.00 to $40.00 in a report published on Thursday morning,Benzinga reports. Citigroup currently has a neutral rating on the semiconductor company’s stock.

Several other research firms have also recently issued reports on ENPH. TD Cowen decreased their price objective on shares of Enphase Energy from $70.00 to $48.00 and set a “hold” rating for the company in a report on Monday, July 20th. Royal Bank Of Canada dropped their target price on Enphase Energy from $54.00 to $47.00 and set an “outperform” rating on the stock in a report on Wednesday. Wells Fargo & Company cut their target price on Enphase Energy from $45.00 to $44.00 and set an “overweight” rating for the company in a research report on Wednesday. Barclays raised Enphase Energy from an “underweight” rating to an “equal weight” rating and increased their price target for the company from $30.00 to $51.00 in a research note on Thursday, June 18th. Finally, UBS Group set a $56.00 price objective on Enphase Energy in a research note on Wednesday. Eight research analysts have rated the stock with a Buy rating, twelve have given a Hold rating and three have issued a Sell rating to the company. According to MarketBeat.com, Enphase Energy currently has a consensus rating of “Hold” and a consensus price target of $45.61.

Enphase Energy Stock Performance

ENPH stock opened at $37.54 on Thursday. The company has a 50-day simple moving average of $49.62 and a 200 day simple moving average of $43.77. The company has a market capitalization of $4.96 billion, a P/E ratio of 37.54 and a beta of 1.62. The company has a quick ratio of 3.20, a current ratio of 3.45 and a debt-to-equity ratio of 0.48. Enphase Energy has a fifty-two week low of $25.77 and a fifty-two week high of $73.74.

Enphase Energy (NASDAQ:ENPH) last released its earnings results on Tuesday, July 28th. The semiconductor company reported $0.46 EPS for the quarter, missing the consensus estimate of $0.47 by ($0.01). Enphase Energy had a net margin of 10.09% and a return on equity of 13.31%. The company had revenue of $291.85 million for the quarter, compared to analyst estimates of $289.76 million. During the same period in the previous year, the business posted $0.69 EPS. The firm’s quarterly revenue was down 19.6% on a year-over-year basis. Sell-side analysts predict that Enphase Energy will post 0.82 earnings per share for the current fiscal year.

Insiders Place Their Bets

In other Enphase Energy news, Director Richard Mora sold 2,000 shares of the company’s stock in a transaction on Thursday, July 30th. The stock was sold at an average price of $36.76, for a total value of $73,520.00. Following the transaction, the director owned 11,922 shares of the company’s stock, valued at approximately $438,252.72. This represents a 14.37% decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, CEO Badrinarayanan Kothandaraman acquired 5,000 shares of the business’s stock in a transaction dated Tuesday, May 26th. The shares were bought at an average price of $67.50 per share, with a total value of $337,500.00. Following the transaction, the chief executive officer directly owned 1,645,632 shares in the company, valued at approximately $111,080,160. The trade was a 0.30% increase in their position. The SEC filing for this purchase provides additional information. Over the last 90 days, insiders have sold 3,400 shares of company stock worth $150,933. 2.90% of the stock is owned by insiders.

Institutional Investors Weigh In On Enphase Energy

Several hedge funds have recently modified their holdings of ENPH. PFG Investments LLC increased its stake in Enphase Energy by 2.2% in the 4th quarter. PFG Investments LLC now owns 12,191 shares of the semiconductor company’s stock worth $391,000 after purchasing an additional 260 shares in the last quarter. Glass Jacobson Investment Advisors llc lifted its stake in Enphase Energy by 77.8% during the fourth quarter. Glass Jacobson Investment Advisors llc now owns 800 shares of the semiconductor company’s stock valued at $26,000 after buying an additional 350 shares in the last quarter. Maryland State Retirement & Pension System boosted its holdings in shares of Enphase Energy by 1.6% in the fourth quarter. Maryland State Retirement & Pension System now owns 26,375 shares of the semiconductor company’s stock worth $845,000 after buying an additional 404 shares during the period. Rakuten Securities Inc. boosted its holdings in shares of Enphase Energy by 33.6% in the second quarter. Rakuten Securities Inc. now owns 1,629 shares of the semiconductor company’s stock worth $65,000 after buying an additional 410 shares during the period. Finally, Saturna Capital Corp boosted its holdings in shares of Enphase Energy by 4.2% in the first quarter. Saturna Capital Corp now owns 10,957 shares of the semiconductor company’s stock worth $414,000 after buying an additional 442 shares during the period. 72.12% of the stock is owned by hedge funds and other institutional investors.

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.