Enphase Energy (NASDAQ:ENPH) Reaches New 1-Year Low - Here's What Happened

Key Points

• Enphase Energy hit a new 52-week low of $32.86 during trading, closing at $33.12 with over 2.5 million shares traded.
• Multiple analysts have downgraded their ratings for Enphase Energy, with price targets ranging from $29.00 to $42.00, reflecting a generally pessimistic outlook.
• The company reported earnings of $0.69 per share, exceeding expectations, with revenues of $363.15 million, a 19.7% increase compared to the prior year.

Enphase Energy, Inc. (NASDAQ:ENPH - Get Free Report) reached a new 52-week low during trading on Wednesday . The stock traded as low as $32.86 and last traded at $33.12, with a volume of 2523030 shares. The stock had previously closed at $33.48.

Wall Street Analysts Forecast Growth

Several research analysts have recently commented on ENPH shares. Canaccord Genuity Group reduced their price target on Enphase Energy from $70.00 to $58.00 and set a "buy" rating on the stock in a report on Thursday, April 24th. KeyCorp restated an "underweight" rating and issued a $31.00 price objective on shares of Enphase Energy in a report on Tuesday, June 17th. Guggenheim restated a "sell" rating and issued a $33.00 price objective on shares of Enphase Energy in a report on Wednesday, April 23rd. Deutsche Bank Aktiengesellschaft reduced their price objective on shares of Enphase Energy from $49.00 to $42.00 and set a "hold" rating on the stock in a report on Thursday, July 24th. Finally, Bank of America reduced their price objective on shares of Enphase Energy from $31.00 to $30.00 and set an "underperform" rating on the stock in a report on Wednesday, July 23rd. Thirteen research analysts have rated the stock with a sell rating, fourteen have issued a hold rating and ten have given a buy rating to the company's stock. According to MarketBeat.com, the stock presently has an average rating of "Hold" and an average target price of $55.51.

Enphase Energy Stock Performance

The firm has a market capitalization of $4.17 billion, a price-to-earnings ratio of 24.84 and a beta of 1.67. The company has a quick ratio of 1.82, a current ratio of 1.97 and a debt-to-equity ratio of 0.65. The stock has a 50-day moving average price of $39.97 and a 200 day moving average price of $51.24.

Enphase Energy (NASDAQ:ENPH - Get Free Report) last announced its quarterly earnings data on Tuesday, July 22nd. The semiconductor company reported $0.69 EPS for the quarter, topping analysts' consensus estimates of $0.62 by $0.07. The business had revenue of $363.15 million during the quarter, compared to the consensus estimate of $359.14 million. Enphase Energy had a return on equity of 24.55% and a net margin of 11.78%. The business's revenue for the quarter was up 19.7% on a year-over-year basis. During the same period in the previous year, the company posted $0.43 earnings per share. On average, analysts forecast that Enphase Energy, Inc. will post 2.08 EPS for the current year.

Hedge Funds Weigh In On Enphase Energy

Institutional investors and hedge funds have recently added to or reduced their stakes in the business. Woodline Partners LP acquired a new position in Enphase Energy in the fourth quarter valued at approximately $557,000. Teacher Retirement System of Texas acquired a new position in Enphase Energy in the first quarter valued at approximately $1,609,000. QRG Capital Management Inc. acquired a new position in Enphase Energy in the first quarter valued at approximately $512,000. Bouvel Investment Partners LLC acquired a new position in Enphase Energy in the first quarter valued at approximately $847,000. Finally, Norges Bank acquired a new position in Enphase Energy in the fourth quarter valued at approximately $46,339,000. 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.