The Goldman Sachs Group Issues Pessimistic Forecast for Enphase Energy (NASDAQ:ENPH) Stock Price

Key Points

• Goldman Sachs lowered Enphase Energy’s price target from $55 to $47 while maintaining a “buy” rating, implying roughly 35.7% upside from the stock’s prior close.
• Analyst sentiment is mixed: nine analysts rate ENPH a buy, 11 a hold and three a sell, producing an overall “hold” rating and average price target of $45.34.
• Enphase’s latest quarter showed mixed results, with revenue of $291.85 million exceeding estimates but EPS of $0.46 missing consensus; revenue declined 19.6% year over year.

Enphase Energy (NASDAQ:ENPH - Get Free Report) had its price target dropped by The Goldman Sachs Group from $55.00 to $47.00 in a note issued to investors on Monday, Benzinga reports. The brokerage presently has a "buy" rating on the semiconductor company's stock. The Goldman Sachs Group's price objective would suggest a potential upside of 35.68% from the company's previous close.

ENPH has been the subject of several other reports. Oppenheimer restated an "outperform" rating on shares of Enphase Energy in a research report on Tuesday, September 8th. Mizuho decreased their target price on shares of Enphase Energy from $54.00 to $45.00 and set a "neutral" rating on the stock in a report on Wednesday, July 29th. Jefferies Financial Group increased their price target on shares of Enphase Energy from $41.00 to $64.00 and gave the company a "buy" rating in a research note on Friday, June 12th. Barclays upgraded shares of Enphase Energy from an "underweight" rating to an "equal weight" rating and raised their price target for the stock from $30.00 to $51.00 in a report on Thursday, June 18th. Finally, Royal Bank Of Canada reduced their price target on shares of Enphase Energy from $54.00 to $47.00 and set an "outperform" rating on the stock in a research report on Wednesday, July 29th. Nine equities research analysts have rated the stock with a Buy rating, eleven have given a Hold rating and three have given a Sell rating to the stock. According to MarketBeat.com, the company currently has an average rating of "Hold" and an average target price of $45.34.

Enphase Energy Price Performance

Shares of NASDAQ:ENPH opened at $34.64 on Monday. The company has a quick ratio of 2.95, a current ratio of 3.45 and a debt-to-equity ratio of 0.48. The business has a fifty day moving average of $38.55 and a two-hundred day moving average of $42.74. The stock has a market cap of $4.58 billion, a P/E ratio of 34.64 and a beta of 1.65. Enphase Energy has a 52-week low of $25.77 and a 52-week high of $73.74.

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 analysts' consensus estimates of $0.47 by ($0.01). The company had revenue of $291.85 million during the quarter, compared to analyst estimates of $289.76 million. Enphase Energy had a return on equity of 13.31% and a net margin of 10.09%.The firm's revenue was down 19.6% compared to the same quarter last year. During the same period last year, the business earned $0.69 earnings per share. On average, research analysts expect that Enphase Energy will post 0.69 earnings per share for the current year.

Insider Buying and Selling

In other news, Director Richard Mora sold 2,000 shares of the firm's stock in a transaction on Thursday, July 30th. The stock was sold at an average price of $36.76, for a total transaction of $73,520.00. Following the completion of the transaction, the director directly owned 11,922 shares in the company, valued at $438,252.72. This trade represents a 14.37% decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is available at the SEC website. 2.90% of the stock is owned by company insiders.

Hedge Funds Weigh In On Enphase Energy

Several institutional investors have recently bought and sold shares of the company. Archer Investment Corp purchased a new position in shares of Enphase Energy in the second quarter valued at approximately $30,000. Ascentis Independent Advisors purchased a new position in Enphase Energy in the 1st quarter valued at approximately $33,000. Burnham & Co LLC acquired a new position in shares of Enphase Energy in the second quarter worth $34,000. Continuum Advisory LLC acquired a new position in shares of Enphase Energy in the second quarter worth $42,000. Finally, Eurizon Capital SGR S.p.A. purchased a new position in Enphase Energy in the fourth quarter valued at $45,000. 72.12% of the stock is owned by institutional investors and hedge funds.

Enphase Energy Company Profile

Enphase Energy, Inc NASDAQ: ENPH is a clean energy technology company that designs and manufactures systems for generating, storing and managing electricity. Its products are primarily used in residential and commercial solar installations.

The company is best known for its semiconductor-based solar microinverters, which convert the direct current produced by individual solar panels into alternating current for use in buildings or delivery to the electric grid. Enphase also offers home battery storage systems, electric vehicle chargers, energy management software and related monitoring services designed to help customers optimize solar production, energy consumption and backup power.

Founded in 2006, Enphase is headquartered in Fremont, California.

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