Enphase Energy (NASDAQ:ENPH) Stock Rating Lowered by Johnson Rice

Key Points

• Enphase Energy has had its stock rating downgraded by Johnson Rice from "buy" to "accumulate," with a new price target of $45.00, suggesting a potential upside of 35.29% from the previous close.
• A significant portion of analysts, including Glj Research and Canaccord Genuity Group, have lowered their target prices, with many now issuing a "sell" or "underperform" rating.
• Despite recent struggles, Enphase Energy reported a quarterly earnings per share (EPS) of $0.69, surpassing estimates, and recorded a 19.7% year-over-year revenue increase.

Johnson Rice downgraded shares of Enphase Energy (NASDAQ:ENPH - Free Report) from a buy rating to an accumulate rating in a research report sent to investors on Wednesday, Marketbeat.com reports. The firm currently has $45.00 price objective on the semiconductor company's stock.

A number of other brokerages also recently weighed in on ENPH. Mizuho lowered their target price on Enphase Energy from $53.00 to $50.00 and set an "outperform" rating for the company in a report on Monday, July 14th. Bank of America reduced their target price on Enphase Energy from $31.00 to $30.00 and set an "underperform" rating for the company in a research note on Wednesday, July 23rd. KeyCorp reaffirmed an "underweight" rating and issued a $31.00 price objective on shares of Enphase Energy in a research note on Tuesday, June 17th. TD Cowen lowered their price objective on shares of Enphase Energy from $45.00 to $40.00 and set a "hold" rating on the stock in a research report on Wednesday, July 23rd. Finally, Oppenheimer cut their price target on shares of Enphase Energy from $86.00 to $77.00 and set an "outperform" rating for the company in a report on Wednesday, July 23rd. Thirteen equities research analysts have rated the stock with a sell rating, fourteen have given a hold rating and ten have issued a buy rating to the company. According to data from MarketBeat.com, the company has an average rating of "Hold" and an average price target of $55.51.

Enphase Energy Stock Performance

Shares of NASDAQ ENPH traded down $0.51 during trading hours on Wednesday, reaching $31.85. 3,455,058 shares of the stock were exchanged, compared to its average volume of 6,430,843. The stock's fifty day simple moving average is $39.97 and its 200 day simple moving average is $51.24. The firm has a market capitalization of $4.16 billion, a price-to-earnings ratio of 24.75 and a beta of 1.67. Enphase Energy has a 52 week low of $31.13 and a 52 week high of $130.08. 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 (NASDAQ:ENPH - Get Free Report) last posted its earnings results on Tuesday, July 22nd. The semiconductor company reported $0.69 EPS for the quarter, beating the consensus estimate of $0.62 by $0.07. Enphase Energy had a return on equity of 24.55% and a net margin of 11.78%. The firm had revenue of $363.15 million during the quarter, compared to the consensus estimate of $359.14 million. During the same period last year, the company earned $0.43 earnings per share. The business's quarterly revenue was up 19.7% on a year-over-year basis. Sell-side analysts predict that Enphase Energy will post 2.08 EPS for the current year.

Institutional Investors Weigh In On Enphase Energy

Large investors have recently added to or reduced their stakes in the stock. Baillie Gifford & Co. increased its holdings in shares of Enphase Energy by 32.0% in the 1st quarter. Baillie Gifford & Co. now owns 11,052,357 shares of the semiconductor company's stock worth $685,799,000 after acquiring an additional 2,680,567 shares during the period. Invesco Ltd. raised its holdings in shares of Enphase Energy by 15.5% during the first quarter. Invesco Ltd. now owns 5,264,521 shares of the semiconductor company's stock valued at $326,664,000 after buying an additional 706,656 shares during the last quarter. Geode Capital Management LLC raised its holdings in shares of Enphase Energy by 1.4% during the fourth quarter. Geode Capital Management LLC now owns 3,429,909 shares of the semiconductor company's stock valued at $234,994,000 after buying an additional 47,593 shares during the last quarter. Northern Trust Corp boosted its position in shares of Enphase Energy by 40.9% during the fourth quarter. Northern Trust Corp now owns 1,668,807 shares of the semiconductor company's stock worth $114,614,000 after buying an additional 484,497 shares during the period. Finally, Alyeska Investment Group L.P. grew its holdings in Enphase Energy by 62.3% in the 4th quarter. Alyeska Investment Group L.P. now owns 1,349,032 shares of the semiconductor company's stock worth $92,652,000 after buying an additional 517,989 shares in the last quarter. 72.12% of the stock is owned by institutional investors and hedge funds.

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.