Enphase Energy (NASDAQ:ENPH) Shares Down 7.2% - Here's What Happened

Key Points

• Enphase Energy's stock experienced a significant decline of 7.2%, trading as low as $31.75 after closing at $34.22.
• BNP Paribas downgraded the shares from "outperform" to "underperform," contributing to the altered sentiment among analysts, leading to a consensus rating of "Hold."
• The company reported a quarterly EPS of $0.69, beating estimates, with a revenue of $363.15 million, reflecting a 19.7% year-over-year increase.

Enphase Energy, Inc. (NASDAQ:ENPH - Get Free Report)'s stock price traded down 7.2% during mid-day trading on Thursday . The stock traded as low as $31.75 and last traded at $31.76. 4,189,943 shares traded hands during mid-day trading, a decline of 35% from the average session volume of 6,487,708 shares. The stock had previously closed at $34.22.

Analyst Ratings Changes

Several equities research analysts recently issued reports on the stock. BNP Paribas downgraded shares of Enphase Energy from an "outperform" rating to an "underperform" rating in a research note on Tuesday, May 13th. Canaccord Genuity Group lowered their price target on shares of Enphase Energy from $70.00 to $58.00 and set a "buy" rating on the stock in a report on Thursday, April 24th. KeyCorp reaffirmed an "underweight" rating and set a $31.00 target price on shares of Enphase Energy in a report on Tuesday, June 17th. Morgan Stanley cut shares of Enphase Energy from an "equal weight" rating to an "underweight" rating and set a $36.00 target price on the stock. in a research note on Wednesday, April 23rd. Finally, Susquehanna decreased their target price 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. Thirteen equities research analysts have rated the stock with a sell rating, thirteen have given a hold rating and eleven have given a buy rating to the stock. According to data from MarketBeat.com, the company has a consensus rating of "Hold" and an average target price of $55.22.

Enphase Energy Stock Performance

The business has a 50 day moving average of $38.43 and a 200-day moving average of $49.28. The company has a debt-to-equity ratio of 0.65, a quick ratio of 1.82 and a current ratio of 1.97. The company has a market capitalization of $4.12 billion, a P/E ratio of 24.72 and a beta of 1.59.

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

Insider Buying and Selling at Enphase Energy

In other Enphase Energy news, CEO Badrinarayanan Kothandaraman bought 5,000 shares of the firm's stock in a transaction dated Wednesday, August 6th. The stock was acquired at an average price of $30.82 per share, for a total transaction of $154,100.00. Following the completion of the purchase, the chief executive officer owned 1,620,632 shares of the company's stock, valued at approximately $49,947,878.24. This represents a 0.31% increase in their ownership of the stock. The acquisition was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this link. Corporate insiders own 3.10% of the company's stock.

Hedge Funds Weigh In On Enphase Energy

Several hedge funds and other institutional investors have recently made changes to their positions in the business. Baillie Gifford & Co. increased its stake in Enphase Energy by 32.0% in the 1st quarter. Baillie Gifford & Co. now owns 11,052,357 shares of the semiconductor company's stock valued at $685,799,000 after buying an additional 2,680,567 shares during the period. Invesco Ltd. boosted its stake in Enphase Energy by 28.1% during the 2nd quarter. Invesco Ltd. now owns 6,743,674 shares of the semiconductor company's stock worth $267,387,000 after acquiring an additional 1,479,153 shares during the last quarter. Federated Hermes Inc. raised its holdings in Enphase Energy by 264.7% during the 2nd quarter. Federated Hermes Inc. now owns 1,477,751 shares of the semiconductor company's stock worth $58,593,000 after buying an additional 1,072,602 shares during the period. Norges Bank bought a new position in Enphase Energy during the second quarter worth $40,946,000. Finally, Assenagon Asset Management S.A. lifted its position in Enphase Energy by 827.3% during the second quarter. Assenagon Asset Management S.A. now owns 1,152,546 shares of the semiconductor company's stock worth $45,698,000 after purchasing an additional 1,028,259 shares during the period. 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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