Enphase Energy (NASDAQ:ENPH) Stock Price Expected to Rise, TD Cowen Analyst Says

Enphase Energy (NASDAQ:ENPH) had its price objective hoisted by investment analysts at TD Cowen from $35.00 to $70.00 in a report released on Friday. The firm presently has a “hold” rating on the semiconductor company’s stock. TD Cowen’s target price suggests a potential upside of 0.72% from the stock’s previous close.

ENPH has been the topic of several other reports. Wells Fargo & Company lowered their target price on Enphase Energy from $50.00 to $45.00 and set an “overweight” rating on the stock in a report on Wednesday, April 29th. Susquehanna reduced their price target on shares of Enphase Energy from $36.00 to $32.00 and set a “neutral” rating on the stock in a research report on Thursday, April 30th. JPMorgan Chase & Co. reduced their price target on shares of Enphase Energy from $39.00 to $35.00 and set a “neutral” rating on the stock in a research report on Wednesday, April 29th. Morgan Stanley set a $27.00 price target on shares of Enphase Energy in a research report on Friday, May 8th. Finally, Jefferies Financial Group reduced their price target on shares of Enphase Energy from $57.00 to $54.00 and set a “buy” rating on the stock in a research report on Thursday, March 26th. Nine equities research analysts have rated the stock with a Buy rating, ten have issued a Hold rating and six have issued a Sell rating to the company’s stock. According to data from MarketBeat, Enphase Energy presently has a consensus rating of “Hold” and an average price target of $44.24.

Enphase Energy Trading Down 1.1%

Shares of Enphase Energy stock opened at $69.50 on Friday. The stock has a market cap of $9.16 billion, a P/E ratio of 68.81 and a beta of 1.26. The stock’s 50 day simple moving average is $41.07 and its 200-day simple moving average is $38.36. Enphase Energy has a 1-year low of $25.77 and a 1-year high of $72.70. The company has a debt-to-equity ratio of 0.52, a current ratio of 3.80 and a quick ratio of 3.20.

Enphase Energy (NASDAQ:ENPH) last issued its earnings results on Tuesday, April 28th. The semiconductor company reported $0.47 earnings per share for the quarter, topping the consensus estimate of $0.43 by $0.04. The business had revenue of $282.90 million for the quarter, compared to analysts’ expectations of $282.28 million. Enphase Energy had a return on equity of 16.88% and a net margin of 9.64%.The business’s revenue for the quarter was down 20.6% compared to the same quarter last year. During the same period in the previous year, the firm posted $0.68 EPS. Analysts predict that Enphase Energy will post 0.84 EPS for the current fiscal year.

Insider Activity

In other news, Director Thurman J. Rodgers sold 137,250 shares of Enphase Energy stock in a transaction that occurred on Friday, March 13th. The shares were sold at an average price of $43.61, for a total transaction of $5,985,472.50. Following the sale, the director owned 1,597,641 shares of the company’s stock, valued at approximately $69,673,124.01. The trade was a 7.91% decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this link. Also, Director Richard Mora sold 700 shares of the company’s stock in a transaction on Tuesday, May 19th. The stock was sold at an average price of $46.39, for a total value of $32,473.00. Following the transaction, the director owned 14,622 shares in the company, valued at $678,314.58. This trade represents a 4.57% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. Corporate insiders own 2.90% of the company’s stock.

Institutional Inflows and Outflows

A number of large investors have recently added to or reduced their stakes in ENPH. Norges Bank acquired a new position in Enphase Energy during the fourth quarter worth $118,190,000. Invesco Ltd. lifted its stake in Enphase Energy by 36.2% during the fourth quarter. Invesco Ltd. now owns 3,158,931 shares of the semiconductor company’s stock worth $101,244,000 after purchasing an additional 839,468 shares in the last quarter. Sora Investors LLC acquired a new position in Enphase Energy during the fourth quarter worth $25,998,000. Coatue Management LLC lifted its stake in Enphase Energy by 95.3% during the third quarter. Coatue Management LLC now owns 1,647,893 shares of the semiconductor company’s stock worth $58,319,000 after purchasing an additional 803,945 shares in the last quarter. Finally, Arrowstreet Capital Limited Partnership lifted its stake in 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 worth $28,244,000 after purchasing 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.