Enphase Energy (NASDAQ:ENPH) Shares Gap Down After Analyst Downgrade

Enphase Energy, Inc. (NASDAQ:ENPH)’s share price gapped down before the market opened on Thursday after Piper Sandler lowered their price target on the stock from $65.00 to $47.00. The stock had previously closed at $51.75, but opened at $50.15. Piper Sandler currently has a neutral rating on the stock. Enphase Energy shares last traded at $51.67, with a volume of 571,382 shares changing hands.

Several other research firms also recently issued reports on ENPH. OTR Global raised Enphase Energy from a “negative” rating to a “mixed” rating in a report on Friday, December 20th. Morgan Stanley cut their price objective on shares of Enphase Energy from $68.00 to $67.00 and set an “equal weight” rating for the company in a report on Wednesday, February 5th. Barclays dropped their price target on shares of Enphase Energy from $86.00 to $58.00 and set an “overweight” rating for the company in a research report on Wednesday. TD Cowen dropped their price objective on Enphase Energy from $94.00 to $78.00 and set a “buy” rating for the company in a report on Friday, April 11th. Finally, The Goldman Sachs Group reduced their target price on Enphase Energy from $121.00 to $105.00 and set a “buy” rating on the stock in a report on Wednesday, January 22nd. Four analysts have rated the stock with a sell rating, sixteen have given a hold rating and fourteen have given a buy rating to the company’s stock. According to data from MarketBeat.com, Enphase Energy currently has an average rating of “Hold” and a consensus target price of $86.12.

Insider Buying and Selling at Enphase Energy

In related news, CFO Mandy Yang sold 1,319 shares of the business’s stock in a transaction dated Monday, March 10th. The shares were sold at an average price of $63.32, for a total transaction of $83,519.08. Following the transaction, the chief financial officer now directly owns 78,524 shares in the company, valued at approximately $4,972,139.68. The trade was a 1.65 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Also, Director Thurman J. Rodgers sold 100,000 shares of Enphase Energy stock in a transaction dated Friday, March 7th. The stock was sold at an average price of $61.26, for a total transaction of $6,126,000.00. Following the completion of the sale, the director now directly owns 1,881,760 shares in the company, valued at approximately $115,276,617.60. This represents a 5.05 % decrease in their position. The disclosure for this sale can be found here. 3.10% of the stock is currently owned by company insiders.

Institutional Investors Weigh In On Enphase Energy

A number of institutional investors and hedge funds have recently made changes to their positions in ENPH. Generali Investments Towarzystwo Funduszy Inwestycyjnych grew its holdings in shares of Enphase Energy by 72.7% during the 4th quarter. Generali Investments Towarzystwo Funduszy Inwestycyjnych now owns 19,000 shares of the semiconductor company’s stock valued at $1,305,000 after purchasing an additional 8,000 shares during the last quarter. Norges Bank bought a new stake in shares of Enphase Energy in the 4th quarter valued at about $46,339,000. Nordea Investment Management AB boosted its holdings in Enphase Energy by 131.6% during the 4th quarter. Nordea Investment Management AB now owns 2,214,999 shares of the semiconductor company’s stock valued at $155,360,000 after acquiring an additional 1,258,778 shares during the period. Connor Clark & Lunn Investment Management Ltd. purchased a new position in Enphase Energy in the 4th quarter worth approximately $5,324,000. Finally, Y Intercept Hong Kong Ltd bought a new stake in Enphase Energy in the fourth quarter valued at approximately $584,000. Hedge funds and other institutional investors own 72.12% of the company’s stock.

Enphase Energy Stock Performance

The company has a debt-to-equity ratio of 1.44, a current ratio of 3.53 and a quick ratio of 3.28. The business has a 50 day moving average price of $59.74 and a two-hundred day moving average price of $70.10. The stock has a market cap of $6.80 billion, a PE ratio of 69.54 and a beta of 1.94.

Enphase Energy (NASDAQ:ENPH) last released its quarterly earnings results on Tuesday, February 4th. The semiconductor company reported $0.57 earnings per share for the quarter, beating the consensus estimate of $0.43 by $0.14. Enphase Energy had a return on equity of 15.62% and a net margin of 7.72%. As a group, equities research analysts forecast that Enphase Energy, Inc. will post 2.08 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.