Enphase Energy (NASDAQ:ENPH) Price Target Cut to $35.00 by Analysts at Susquehanna

Key Points

• Susquehanna lowered Enphase Energy’s price target from $37 to $35 while maintaining a “neutral” rating, implying approximately 9.27% upside from the stock’s $32.03 price.
• Analyst sentiment remains mixed but leans toward “Hold”: nine analysts rate the stock a Buy, 11 a Hold, and three a Sell, with a consensus price target of $43.66.
• Enphase reported $0.46 in quarterly EPS, slightly below estimates, while revenue of $291.85 million exceeded expectations but declined 19.6% year over year.

Enphase Energy (NASDAQ:ENPH - Get Free Report) had its price target decreased by equities research analysts at Susquehanna from $37.00 to $35.00 in a report released on Wednesday, Benzinga reports. The firm currently has a "neutral" rating on the semiconductor company's stock. Susquehanna's price target suggests a potential upside of 9.27% from the stock's current price.

ENPH has been the subject of a number of other reports. Weiss Ratings restated a "sell (d+)" rating on shares of Enphase Energy in a report on Friday, September 18th. The Goldman Sachs Group reduced their target price on shares of Enphase Energy from $55.00 to $47.00 and set a "buy" rating on the stock in a report on Monday, September 21st. TD Cowen decreased their target price on shares of Enphase Energy from $70.00 to $48.00 and set a "hold" rating on the stock in a research report on Monday, July 20th. Jefferies Financial Group decreased their target price on shares of Enphase Energy from $54.00 to $42.00 and set a "buy" rating on the stock in a research report on Monday, September 21st. Finally, Wells Fargo & Company lowered their price target on shares of Enphase Energy from $45.00 to $44.00 and set an "overweight" rating for the company in a research note on Wednesday, July 29th. Nine research analysts have rated the stock with a Buy rating, eleven have given a Hold rating and three have issued a Sell rating to the stock. According to data from MarketBeat.com, the company currently has an average rating of "Hold" and a consensus price target of $43.66.

Enphase Energy Stock Performance

NASDAQ:ENPH opened at $32.03 on Wednesday. The business has a 50 day moving average of $36.25 and a 200 day moving average of $41.55. The company has a market capitalization of $4.23 billion, a price-to-earnings ratio of 32.03 and a beta of 1.64. Enphase Energy has a 1-year low of $25.77 and a 1-year high of $73.74. 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 (NASDAQ:ENPH - Get Free Report) last issued its earnings results on Tuesday, July 28th. The semiconductor company reported $0.46 earnings per share (EPS) for the quarter, missing the consensus estimate of $0.47 by ($0.01). Enphase Energy had a return on equity of 13.31% and a net margin of 10.09%. The firm had revenue of $291.85 million during the quarter, compared to analysts' expectations of $289.76 million. During the same period in the prior year, the company earned $0.69 EPS. The firm's quarterly revenue was down 19.6% compared to the same quarter last year. On average, sell-side analysts predict that Enphase Energy will post 0.68 earnings per share for the current fiscal year.

Insider Buying and Selling at Enphase Energy

In other news, Director Richard Mora sold 1,500 shares of the firm's stock in a transaction that occurred on Friday, August 14th. The shares were sold at an average price of $40.36, for a total value of $60,540.00. Following the transaction, the director owned 10,422 shares in the company, valued at approximately $420,631.92. This trade represents a 12.58% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this hyperlink. Company insiders own 2.90% of the company's stock.

Institutional Investors Weigh In On Enphase Energy

A number of hedge funds and other institutional investors have recently added to or reduced their stakes in the company. Handelsbanken Fonder AB grew its holdings in Enphase Energy by 154.9% in the 2nd quarter. Handelsbanken Fonder AB now owns 2,111,158 shares of the semiconductor company's stock worth $103,953,000 after acquiring an additional 1,283,052 shares during the last quarter. First Trust Advisors LP raised its stake in shares of Enphase Energy by 42.4% during the first quarter. First Trust Advisors LP now owns 1,834,416 shares of the semiconductor company's stock valued at $69,359,000 after acquiring an additional 546,460 shares during the last quarter. Dimensional Fund Advisors LP raised its stake in shares of Enphase Energy by 37.8% during the first quarter. Dimensional Fund Advisors LP now owns 1,361,157 shares of the semiconductor company's stock valued at $51,459,000 after acquiring an additional 373,212 shares during the last quarter. Bank of New York Mellon Corp purchased a new stake in shares of Enphase Energy during the second quarter worth about $43,921,000. Finally, Principal Financial Group Inc. boosted its holdings in shares of Enphase Energy by 79.2% during the first quarter. Principal Financial Group Inc. now owns 1,112,067 shares of the semiconductor company's stock worth $42,047,000 after purchasing an additional 491,488 shares during the period. 72.12% of the stock is currently owned by institutional investors.

About Enphase Energy

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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