Enphase Energy (NASDAQ:ENPH) Given New $35.00 Price Target at JPMorgan Chase & Co.

Key Points

• JPMorgan lowered Enphase Energy’s price target to $35 from $40 while maintaining a “neutral” rating, implying roughly 14.27% upside from the prior close.
• Analyst sentiment remains cautious: Enphase has an average “Hold” rating and an average price target of $43.52, with nine Buy, eleven Hold, and three Sell ratings.
• Shares were trading near $30.63, well below their 12-month high of $73.74. The company recently slightly missed quarterly EPS estimates, while revenue declined 19.6% year over year.

Enphase Energy (NASDAQ:ENPH - Get Free Report) had its price objective dropped by analysts at JPMorgan Chase & Co. from $40.00 to $35.00 in a note issued to investors on Monday, Benzinga reports. The firm presently has a "neutral" rating on the semiconductor company's stock. JPMorgan Chase & Co.'s target price points to a potential upside of 14.27% from the stock's previous close.

Several other equities analysts also recently issued reports on the stock. Morgan Stanley decreased their price objective on shares of Enphase Energy from $27.00 to $24.00 and set an "underweight" rating for the company in a research note on Wednesday, October 14th. Weiss Ratings reiterated a "sell (d+)" rating on shares of Enphase Energy in a research report on Friday, September 18th. Mizuho reduced their target price on Enphase Energy from $54.00 to $45.00 and set a "neutral" rating for the company in a report on Wednesday, July 29th. Glj Research boosted their target price on Enphase Energy from $21.70 to $24.47 and gave the company a "sell" rating in a report on Tuesday, July 28th. Finally, Susquehanna dropped their price target on Enphase Energy from $37.00 to $35.00 and set a "neutral" rating on the stock in a research note on Wednesday, October 14th. Nine research analysts have rated the stock with a Buy rating, eleven have issued a Hold rating and three have given a Sell rating to the company's stock. According to MarketBeat.com, Enphase Energy presently has an average rating of "Hold" and an average target price of $43.52.

Enphase Energy Stock Up 0.0%

Shares of NASDAQ ENPH traded up $0.01 during midday trading on Monday, hitting $30.63. 3,365,207 shares of the company's stock were exchanged, compared to its average volume of 6,375,001. The company has a debt-to-equity ratio of 0.48, a current ratio of 3.45 and a quick ratio of 2.95. Enphase Energy has a twelve month low of $25.77 and a twelve month high of $73.74. The company has a market cap of $4.05 billion, a PE ratio of 30.63 and a beta of 1.64. The firm's fifty day simple moving average is $35.65 and its 200-day simple moving average is $41.39.

Enphase Energy (NASDAQ:ENPH - Get Free Report) last released its quarterly earnings data on Tuesday, July 28th. The semiconductor company reported $0.46 earnings per share for the quarter, missing analysts' consensus estimates of $0.47 by ($0.01). Enphase Energy had a return on equity of 13.31% and a net margin of 10.09%. The company had revenue of $291.85 million for the quarter, compared to analyst estimates of $289.76 million. During the same period in the previous year, the business posted $0.69 EPS. The firm's revenue for the quarter was down 19.6% compared to the same quarter last year. Research analysts predict that Enphase Energy will post 0.66 EPS for the current fiscal year.

Insiders Place Their Bets

In other Enphase Energy news, Director Richard Mora sold 1,500 shares of Enphase Energy stock in a transaction that occurred on Friday, August 14th. The stock was sold at an average price of $40.36, for a total value of $60,540.00. Following the transaction, the director directly owned 10,422 shares in the company, valued at approximately $420,631.92. This trade represents a 12.58% decrease in their position. The sale was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Insiders own 2.90% of the company's stock.

Institutional Trading of Enphase Energy

Several hedge funds have recently made changes to their positions in the company. Annex Advisory Services LLC purchased a new stake in Enphase Energy during the third quarter worth about $495,000. NFSG Corp purchased a new position in Enphase Energy in the third quarter valued at about $66,000. Mirador Capital Partners LP purchased a new position in Enphase Energy in the third quarter valued at about $220,000. Green Alpha Advisors LLC increased its holdings in Enphase Energy by 4.2% in the third quarter. Green Alpha Advisors LLC now owns 16,974 shares of the semiconductor company's stock valued at $560,000 after buying an additional 686 shares in the last quarter. Finally, Apella Capital LLC acquired a new stake in shares of Enphase Energy during the 3rd quarter valued at approximately $204,000. Institutional investors and hedge funds own 72.12% of the company's stock.

Enphase Energy Company Profile

Enphase Energy, Inc develops and manufactures energy technology for residential and commercial solar power systems. The company is best known for its microinverters, which convert electricity generated by individual solar panels from direct current into alternating current for use in homes and businesses or delivery to the electric grid.

Its product portfolio also includes battery storage systems, energy management and monitoring software, electric vehicle chargers, and related communications hardware.

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