Enphase Energy (NASDAQ:ENPH) Raised to Buy at Wall Street Zen

Key Points

• Enphase Energy has been upgraded by Wall Street Zen from a "hold" to a "buy" rating, indicating increased confidence in the stock's potential.
• Despite this upgrade, several analysts including Goldman Sachs and JPMorgan Chase have previously maintained lower price targets, with Goldman Sachs setting a target of $32, significantly down from $77.
• Enphase Energy reported a quarterly EPS of $0.69, exceeding the consensus estimate of $0.62, with a revenue boost of 19.7% compared to the same quarter last year.

Enphase Energy (NASDAQ:ENPH - Get Free Report) was upgraded by investment analysts at Wall Street Zen from a "hold" rating to a "buy" rating in a research report issued on Saturday.

Several other equities research analysts have also weighed in on ENPH. The Goldman Sachs Group reiterated a "sell" rating and set a $32.00 price objective (down previously from $77.00) on shares of Enphase Energy in a research note on Wednesday, July 9th. Oppenheimer dropped their price objective on shares of Enphase Energy from $86.00 to $77.00 and set an "outperform" rating on the stock in a research note on Wednesday, July 23rd. JPMorgan Chase & Co. reiterated a "neutral" rating and set a $37.00 price objective (down previously from $64.00) on shares of Enphase Energy in a research note on Tuesday, July 15th. Susquehanna dropped their price objective on shares of Enphase Energy from $51.00 to $40.00 and set a "neutral" rating on the stock in a research note on Monday, July 21st. Finally, Jefferies Financial Group dropped their price objective on shares of Enphase Energy from $44.00 to $37.00 and set an "underperform" rating on the stock in a research note on Wednesday, April 23rd. Thirteen analysts have rated the stock with a sell rating, thirteen have assigned a hold rating and eleven have given a buy rating to the company's stock. According to MarketBeat, the company has an average rating of "Hold" and a consensus target price of $55.51.

Enphase Energy Stock Performance

Shares of ENPH stock opened at $31.43 on Friday. The company has a debt-to-equity ratio of 0.65, a quick ratio of 1.82 and a current ratio of 1.97. Enphase Energy has a one year low of $31.13 and a one year high of $130.08. The company's 50-day simple moving average is $39.81 and its 200-day simple moving average is $51.01. The stock has a market capitalization of $4.11 billion, a price-to-earnings ratio of 24.55 and a beta of 1.59.

Enphase Energy (NASDAQ:ENPH - Get Free Report) last issued its quarterly earnings results on Tuesday, July 22nd. The semiconductor company reported $0.69 EPS for the quarter, topping the consensus estimate of $0.62 by $0.07. The business had revenue of $363.15 million for the quarter, compared to analysts' expectations of $359.14 million. Enphase Energy had a net margin of 11.78% and a return on equity of 24.55%. The company's quarterly revenue was up 19.7% compared to the same quarter last year. During the same quarter last year, the company posted $0.43 earnings per share. Equities analysts anticipate that Enphase Energy will post 2.08 earnings per share for the current fiscal year.

Institutional Inflows and Outflows

A number of hedge funds have recently made changes to their positions in the stock. CX Institutional bought a new stake in Enphase Energy during the first quarter worth approximately $29,000. First Horizon Advisors Inc. boosted its holdings in Enphase Energy by 83.0% during the first quarter. First Horizon Advisors Inc. now owns 569 shares of the semiconductor company's stock worth $35,000 after buying an additional 258 shares in the last quarter. SVB Wealth LLC bought a new stake in Enphase Energy during the first quarter worth approximately $38,000. Brooklyn Investment Group boosted its holdings in Enphase Energy by 124.7% during the first quarter. Brooklyn Investment Group now owns 663 shares of the semiconductor company's stock worth $41,000 after buying an additional 368 shares in the last quarter. Finally, Pilgrim Partners Asia Pte Ltd bought a new stake in Enphase Energy during the fourth quarter worth approximately $47,000. Institutional investors and hedge funds own 72.12% of the company's stock.

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.

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