Enphase Energy (NASDAQ:ENPH) Shares Gap Down Following Weak Earnings

Enphase Energy, Inc. (NASDAQ:ENPH)’s share price gapped down before the market opened on Wednesday following a weaker than expected earnings announcement. The stock had previously closed at $92.23, but opened at $76.85. Enphase Energy shares last traded at $79.07, with a volume of 4,966,259 shares changing hands.

The semiconductor company reported $0.65 earnings per share for the quarter, missing the consensus estimate of $0.77 by ($0.12). Enphase Energy had a net margin of 9.12% and a return on equity of 17.30%. The business had revenue of $380.90 million for the quarter, compared to analyst estimates of $392.51 million. During the same quarter last year, the firm posted $0.84 earnings per share. Enphase Energy’s revenue was down 30.9% on a year-over-year basis.

Wall Street Analyst Weigh In

Several analysts have recently weighed in on the stock. Guggenheim lowered shares of Enphase Energy from a “neutral” rating to a “sell” rating and set a $73.00 target price on the stock. in a research report on Wednesday. Jefferies Financial Group restated a “hold” rating and issued a $115.00 price target (up from $111.00) on shares of Enphase Energy in a research report on Wednesday, September 4th. JPMorgan Chase & Co. reduced their price target on shares of Enphase Energy from $130.00 to $120.00 and set an “overweight” rating on the stock in a research report on Wednesday. Susquehanna reduced their price target on shares of Enphase Energy from $104.00 to $85.00 and set a “neutral” rating on the stock in a research report on Thursday. Finally, Northland Securities reduced their price target on shares of Enphase Energy from $150.00 to $110.00 and set an “outperform” rating on the stock in a research report on Thursday. Three analysts have rated the stock with a sell rating, fourteen have issued a hold rating and sixteen have issued a buy rating to the stock. According to MarketBeat.com, Enphase Energy has an average rating of “Hold” and an average target price of $111.26.

Institutional Inflows and Outflows

Several institutional investors and hedge funds have recently made changes to their positions in ENPH. Manchester Capital Management LLC boosted its holdings in Enphase Energy by 1,068.4% during the first quarter. Manchester Capital Management LLC now owns 222 shares of the semiconductor company’s stock worth $27,000 after purchasing an additional 203 shares during the last quarter. Chilton Capital Management LLC boosted its holdings in Enphase Energy by 2,733.3% during the first quarter. Chilton Capital Management LLC now owns 255 shares of the semiconductor company’s stock worth $31,000 after purchasing an additional 246 shares during the last quarter. UMB Bank n.a. boosted its holdings in Enphase Energy by 784.8% during the third quarter. UMB Bank n.a. now owns 292 shares of the semiconductor company’s stock worth $33,000 after purchasing an additional 259 shares during the last quarter. nVerses Capital LLC acquired a new position in Enphase Energy during the third quarter worth $34,000. Finally, Quest Partners LLC boosted its holdings in Enphase Energy by 11,525.0% during the second quarter. Quest Partners LLC now owns 465 shares of the semiconductor company’s stock worth $46,000 after purchasing an additional 461 shares during the last quarter. Institutional investors and hedge funds own 72.12% of the company’s stock.

Enphase Energy Price Performance

The company’s fifty day moving average is $109.09 and its 200 day moving average is $112.01. The firm has a market cap of $11.03 billion, a price-to-earnings ratio of 42.24, a PEG ratio of 5.57 and a beta of 1.72. The company has a quick ratio of 3.90, a current ratio of 4.23 and a debt-to-equity ratio of 1.36.

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.