Northland Securities Boosts Enphase Energy (NASDAQ:ENPH) Price Target to $62.00

Enphase Energy (NASDAQ:ENPH) had its target price hoisted by analysts at Northland Securities from $52.00 to $62.00 in a research report issued on Monday, MarketBeat.com reports. The firm presently has an “outperform” rating on the semiconductor company’s stock. Northland Securities’ target price would suggest a potential upside of 85.79% from the company’s current price.

Other analysts have also recently issued research reports about the stock. JPMorgan Chase & Co. decreased their target price on Enphase Energy from $37.00 to $33.00 and set a “neutral” rating on the stock in a research report on Monday, December 8th. Jefferies Financial Group reiterated a “hold” rating and issued a $41.00 price objective on shares of Enphase Energy in a research report on Monday, September 29th. TD Cowen dropped their target price on Enphase Energy from $40.00 to $35.00 and set a “hold” rating for the company in a research report on Wednesday, October 29th. Glj Research boosted their price target on shares of Enphase Energy from $19.80 to $23.49 and gave the stock a “sell” rating in a research note on Tuesday, September 23rd. Finally, Mizuho cut shares of Enphase Energy from an “outperform” rating to a “neutral” rating and lowered their price target for the stock from $50.00 to $37.00 in a report on Thursday, October 23rd. Six analysts have rated the stock with a Buy rating, twelve have issued a Hold rating and thirteen have given a Sell rating to the company. Based on data from MarketBeat.com, the stock currently has an average rating of “Reduce” and a consensus price target of $40.57.

Enphase Energy Stock Up 1.1%

ENPH traded up $0.37 on Monday, hitting $33.37. The company had a trading volume of 1,233,551 shares, compared to its average volume of 6,917,924. The firm has a market capitalization of $4.37 billion, a P/E ratio of 23.05 and a beta of 1.43. The company has a debt-to-equity ratio of 0.57, a current ratio of 2.04 and a quick ratio of 1.88. The stock has a fifty day simple moving average of $31.23 and a 200-day simple moving average of $35.27. Enphase Energy has a 52-week low of $25.77 and a 52-week high of $76.90.

Enphase Energy (NASDAQ:ENPH) last announced its quarterly earnings results on Tuesday, October 28th. The semiconductor company reported $0.90 earnings per share for the quarter, beating the consensus estimate of $0.60 by $0.30. Enphase Energy had a net margin of 12.93% and a return on equity of 25.67%. The company had revenue of $410.43 million during the quarter, compared to the consensus estimate of $364.64 million. During the same quarter last year, the firm earned $0.65 earnings per share. The firm’s quarterly revenue was up 7.8% compared to the same quarter last year. As a group, equities analysts expect that Enphase Energy will post 2.08 EPS for the current fiscal year.

Insiders Place Their Bets

In related news, EVP Mandy Yang sold 6,000 shares of the firm’s stock in a transaction that occurred on Friday, December 12th. The stock was sold at an average price of $33.01, for a total value of $198,060.00. Following the sale, the executive vice president directly owned 68,987 shares in the company, valued at $2,277,260.87. This trade represents a 8.00% decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, CEO Badrinarayanan Kothandaraman acquired 10,000 shares of the company’s stock in a transaction dated Friday, October 31st. The stock was purchased at an average cost of $30.93 per share, for a total transaction of $309,300.00. Following the purchase, the chief executive officer directly owned 1,630,632 shares in the company, valued at approximately $50,435,447.76. This represents a 0.62% increase in their position. Additional details regarding this purchase are available in the official SEC disclosure. 3.10% 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 stock. Invesco Ltd. grew its holdings in Enphase Energy by 28.1% in the 2nd quarter. Invesco Ltd. now owns 6,743,674 shares of the semiconductor company’s stock valued at $267,387,000 after buying an additional 1,479,153 shares in the last quarter. Federated Hermes Inc. raised its stake in shares of Enphase Energy by 264.7% during the second quarter. Federated Hermes Inc. now owns 1,477,751 shares of the semiconductor company’s stock valued at $58,593,000 after acquiring an additional 1,072,602 shares during the last quarter. Norges Bank acquired a new position in shares of Enphase Energy in the second quarter worth approximately $40,946,000. Assenagon Asset Management S.A. grew its holdings in Enphase Energy by 827.3% during the 2nd quarter. Assenagon Asset Management S.A. now owns 1,152,546 shares of the semiconductor company’s stock worth $45,698,000 after acquiring an additional 1,028,259 shares during the period. Finally, Public Sector Pension Investment Board lifted its position in shares of Enphase Energy by 2,322.9% during the 2nd quarter. Public Sector Pension Investment Board now owns 876,983 shares of the semiconductor company’s stock valued at $34,772,000 after acquiring an additional 840,787 shares during the period. Institutional investors 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.