Enphase Energy (NASDAQ:ENPH) Raised to “Equal Weight” at Barclays

Enphase Energy (NASDAQ:ENPH) was upgraded by equities researchers at Barclays from an “underweight” rating to an “equal weight” rating in a research report issued to clients and investors on Thursday, MarketBeat reports. The brokerage currently has a $51.00 target price on the semiconductor company’s stock. Barclays‘s price objective would suggest a potential upside of 6.74% from the company’s current price.

A number of other research firms have also recently issued reports on ENPH. Roth Mkm restated a “buy” rating on shares of Enphase Energy in a research report on Friday, May 22nd. Jefferies Financial Group lifted their price target on shares of Enphase Energy from $41.00 to $64.00 and gave the stock a “buy” rating in a research note on Friday, June 12th. TD Cowen boosted their price target on shares of Enphase Energy from $35.00 to $70.00 and gave the company a “hold” rating in a report on Friday, May 29th. Weiss Ratings cut shares of Enphase Energy from a “sell (d+)” rating to a “sell (d)” rating in a research note on Friday, June 5th. Finally, Wells Fargo & Company reduced their price objective on shares of Enphase Energy from $50.00 to $45.00 and set an “overweight” rating for the company in a report on Wednesday, April 29th. Nine analysts have rated the stock with a Buy rating, twelve have assigned a Hold rating and four have given a Sell rating to the stock. According to data from MarketBeat, the stock presently has an average rating of “Hold” and a consensus target price of $46.57.

Enphase Energy Stock Down 4.9%

NASDAQ ENPH opened at $47.78 on Thursday. Enphase Energy has a twelve month low of $25.77 and a twelve month high of $73.74. The stock has a market cap of $6.30 billion, a PE ratio of 47.31 and a beta of 1.60. The firm has a 50-day simple moving average of $46.46 and a 200 day simple moving average of $41.33. The company has a debt-to-equity ratio of 0.52, a quick ratio of 3.20 and a current ratio of 3.80.

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

Insider Activity

In other news, CEO Badrinarayanan Kothandaraman bought 5,000 shares of the business’s stock in a transaction dated Tuesday, May 26th. The stock was bought at an average price of $67.50 per share, for a total transaction of $337,500.00. Following the completion of the purchase, the chief executive officer owned 1,645,632 shares of the company’s stock, valued at approximately $111,080,160. The trade was a 0.30% increase in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this hyperlink. Also, Director Richard Mora sold 700 shares of the business’s stock in a transaction that occurred 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 completion of 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 ownership of the stock. The SEC filing for this sale provides additional information. 2.90% of the stock is currently owned by corporate insiders.

Hedge Funds Weigh In On Enphase Energy

Institutional investors and hedge funds have recently bought and sold shares of the business. Monaco Asset Management SAM bought a new position in Enphase Energy in the 4th quarter worth approximately $2,724,000. Coatue Management LLC boosted its position in Enphase Energy by 95.3% in the 3rd 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 during the last quarter. Dynamic Technology Lab Private Ltd increased its stake in shares of Enphase Energy by 695.8% in the 3rd quarter. Dynamic Technology Lab Private Ltd now owns 47,787 shares of the semiconductor company’s stock valued at $1,691,000 after buying an additional 41,782 shares during the period. Schroder Investment Management Group increased its stake in shares of Enphase Energy by 24.3% in the 3rd quarter. Schroder Investment Management Group now owns 1,024,406 shares of the semiconductor company’s stock valued at $36,254,000 after buying an additional 200,059 shares during the period. Finally, Heron Bay Capital Management bought a new stake in shares of Enphase Energy during the third quarter worth $1,039,000. Institutional investors and hedge funds own 72.12% of the company’s stock.

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.