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

Shares of Enphase Energy, Inc. (NASDAQ:ENPH) 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 traded.

ENPH has been the topic of a number of other research reports. OTR Global raised shares of Enphase Energy from a “negative” rating to a “mixed” rating in a research report on Friday, December 20th. Guggenheim raised shares of Enphase Energy from a “sell” rating to a “neutral” rating and set a $62.00 price objective for the company in a research report on Friday, January 31st. Truist Financial reissued a “hold” rating and issued a $65.00 target price (down previously from $100.00) on shares of Enphase Energy in a research report on Thursday, January 16th. Redburn Atlantic assumed coverage on Enphase Energy in a research report on Monday, March 3rd. They set a “neutral” rating for the company. Finally, Morgan Stanley cut their price objective on Enphase Energy from $68.00 to $67.00 and set an “equal weight” rating on the stock in a report on Wednesday, February 5th. Four investment analysts have rated the stock with a sell rating, fifteen have issued a hold rating and fourteen have issued a buy rating to the stock. According to data from MarketBeat.com, the stock currently has an average rating of “Hold” and a consensus price target of $85.09.

Insiders Place Their Bets

In related news, Director Thurman J. Rodgers sold 100,000 shares of the business’s stock in a transaction dated Friday, March 7th. The stock was sold at an average price of $61.26, for a total value of $6,126,000.00. Following the transaction, the director now owns 1,881,760 shares in the company, valued at $115,276,617.60. The trade was a 5.05 % decrease in their position. The sale was disclosed in a legal filing with the SEC, which is available at the SEC website. Also, CFO Mandy Yang sold 1,319 shares of the stock in a transaction that occurred on Monday, March 10th. The stock was sold at an average price of $63.32, for a total value of $83,519.08. Following the sale, the chief financial officer now directly owns 78,524 shares of the company’s stock, valued at $4,972,139.68. The trade was a 1.65 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Corporate insiders own 3.10% of the company’s stock.

Institutional Investors Weigh In On Enphase Energy

Several large investors have recently modified their holdings of ENPH. Generali Investments Towarzystwo Funduszy Inwestycyjnych raised its position in 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 worth $1,305,000 after buying an additional 8,000 shares during the last quarter. Norges Bank acquired a new position in Enphase Energy during the 4th quarter worth approximately $46,339,000. Nordea Investment Management AB raised its stake in shares of 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 worth $155,360,000 after buying an additional 1,258,778 shares in the last quarter. Connor Clark & Lunn Investment Management Ltd. purchased a new stake in shares of Enphase Energy in the fourth quarter valued at approximately $5,324,000. Finally, Y Intercept Hong Kong Ltd acquired a new position in Enphase Energy during the fourth quarter worth $584,000. Hedge funds and other institutional investors own 72.12% of the company’s stock.

Enphase Energy Trading Up 1.5 %

The company has a quick ratio of 3.28, a current ratio of 3.53 and a debt-to-equity ratio of 1.44. The company has a market cap of $6.96 billion, a price-to-earnings ratio of 71.00 and a beta of 1.94. The business has a fifty day simple moving average of $59.33 and a 200 day simple moving average of $69.28.

Enphase Energy (NASDAQ:ENPH) last issued its earnings results on Tuesday, February 4th. The semiconductor company reported $0.57 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.43 by $0.14. Enphase Energy had a net margin of 7.72% and a return on equity of 15.62%. On average, equities analysts anticipate that Enphase Energy, Inc. will post 2.08 EPS for the current fiscal year.

Enphase Energy Company Profile

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.