Enphase Energy, Inc. (NASDAQ:ENPH – Get Free Report) traded down 4.3% on Thursday after Bank of America lowered their price target on the stock from $114.00 to $102.00. The stock traded as low as $122.85 and last traded at $123.06. 542,367 shares were traded during mid-day trading, a decline of 86% from the average session volume of 3,953,819 shares. The stock had previously closed at $128.61.
Other equities analysts have also recently issued research reports about the company. Truist Financial restated a “hold” rating and issued a $135.00 price objective on shares of Enphase Energy in a report on Wednesday, October 4th. JPMorgan Chase & Co. decreased their price objective on Enphase Energy from $199.00 to $169.00 and set an “overweight” rating for the company in a report on Friday, September 15th. Raymond James decreased their price objective on Enphase Energy from $225.00 to $175.00 and set an “outperform” rating for the company in a report on Tuesday, October 3rd. KeyCorp decreased their price objective on Enphase Energy from $200.00 to $148.00 and set an “overweight” rating for the company in a report on Thursday, October 5th. Finally, Wells Fargo & Company cut Enphase Energy from an “overweight” rating to an “equal weight” rating and decreased their price objective for the company from $230.00 to $171.00 in a report on Friday, July 28th. One research analyst has rated the stock with a sell rating, eight have assigned a hold rating and nineteen have issued a buy rating to the company. Based on data from MarketBeat, the company has an average rating of “Moderate Buy” and an average target price of $227.00.
Insiders Place Their Bets
In other Enphase Energy news, Director Thurman J. Rodgers bought 32,600 shares of the stock in a transaction dated Thursday, September 14th. The shares were bought at an average cost of $122.76 per share, with a total value of $4,001,976.00. Following the completion of the acquisition, the director now owns 85,200 shares of the company’s stock, valued at $10,459,152. The purchase was disclosed in a document filed with the SEC, which is accessible through the SEC website. Company insiders own 4.20% of the company’s stock.
Institutional Inflows and Outflows
Several hedge funds have recently made changes to their positions in ENPH. Panagora Asset Management Inc. increased its holdings in shares of Enphase Energy by 42.5% during the first quarter. Panagora Asset Management Inc. now owns 4,030 shares of the semiconductor company’s stock worth $813,000 after purchasing an additional 1,201 shares during the period. Raymond James Trust N.A. bought a new position in shares of Enphase Energy during the first quarter worth approximately $249,000. Cibc World Market Inc. increased its stake in Enphase Energy by 219.1% in the first quarter. Cibc World Market Inc. now owns 5,320 shares of the semiconductor company’s stock valued at $1,073,000 after acquiring an additional 3,653 shares during the last quarter. Dimensional Fund Advisors LP increased its stake in Enphase Energy by 1.6% in the first quarter. Dimensional Fund Advisors LP now owns 398,666 shares of the semiconductor company’s stock valued at $80,436,000 after acquiring an additional 6,401 shares during the last quarter. Finally, Blair William & Co. IL increased its stake in Enphase Energy by 8.7% in the first quarter. Blair William & Co. IL now owns 2,263 shares of the semiconductor company’s stock valued at $457,000 after acquiring an additional 182 shares during the last quarter. 71.05% of the stock is owned by institutional investors.
Enphase Energy Price Performance
The business’s 50 day moving average is $126.21 and its 200-day moving average is $160.04. The firm has a market capitalization of $17.04 billion, a P/E ratio of 32.40, a PEG ratio of 1.58 and a beta of 1.53. The company has a quick ratio of 3.22, a current ratio of 3.44 and a debt-to-equity ratio of 1.23.
Enphase Energy (NASDAQ:ENPH – Get Free Report) last announced its quarterly earnings data on Thursday, July 27th. The semiconductor company reported $1.16 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.95 by $0.21. The business had revenue of $711.12 million for the quarter, compared to analysts’ expectations of $726.94 million. Enphase Energy had a net margin of 20.48% and a return on equity of 71.20%. As a group, sell-side analysts predict that Enphase Energy, Inc. will post 3.72 EPS for the current fiscal year.
About Enphase Energy
Enphase Energy, Inc, together with its subsidiaries, designs, develops, manufactures, and sells home energy solutions for the solar photovoltaic industry in the United States and internationally. The company offers semiconductor-based microinverter, which converts energy at the individual solar module level, and combines with its proprietary networking and software technologies to provide energy monitoring and control services.