Enphase Energy (NASDAQ:ENPH) Shares Gap Up - Still a Buy?

Key Points

• Enphase Energy shares have experienced a significant gap up, opening at $36.15 after a previous close of $34.84, with a last trading price of $36.33 and a trading volume of nearly 3 million shares.
• Wall Street analysts have mixed opinions on the stock, with ratings ranging from "sell" to "buy," and an average price target set at $55.22, indicating some skepticism about future performance.
• The company reported strong quarterly earnings with $0.69 EPS, exceeding analyst expectations, and showed a year-over-year revenue growth of 19.7% despite analysts forecasting a total of 2.08 EPS for the current fiscal year.

Enphase Energy, Inc. (NASDAQ:ENPH - Get Free Report) shares gapped up before the market opened on Monday . The stock had previously closed at $34.84, but opened at $36.15. Enphase Energy shares last traded at $36.33, with a volume of 2,917,166 shares changing hands.

Wall Street Analyst Weigh In

Several equities analysts have issued reports on the stock. Piper Sandler decreased their price objective on shares of Enphase Energy from $47.00 to $42.00 and set a "neutral" rating on the stock in a report on Wednesday, April 23rd. Oppenheimer decreased their price objective on shares of Enphase Energy from $86.00 to $77.00 and set an "outperform" rating on the stock in a report on Wednesday, July 23rd. Royal Bank Of Canada set a $28.00 price objective on shares of Enphase Energy and gave the company a "sector perform" rating in a report on Wednesday, June 18th. BNP Paribas Exane downgraded shares of Enphase Energy from a "neutral" rating to an "underperform" rating and set a $40.00 price objective on the stock. in a report on Tuesday, May 13th. Finally, Barclays increased their target price on shares of Enphase Energy from $28.00 to $29.00 and gave the company an "underweight" rating in a research report on Thursday, July 24th. Thirteen analysts have rated the stock with a sell rating, thirteen have assigned a hold rating and eleven have issued a buy rating to the company's stock. According to MarketBeat.com, the stock presently has a consensus rating of "Hold" and an average price target of $55.22.

Enphase Energy Trading Up 4.8%

The company's 50 day moving average price is $38.12 and its 200 day moving average price is $48.70. The company has a debt-to-equity ratio of 0.65, a current ratio of 1.97 and a quick ratio of 1.82. The firm has a market cap of $4.78 billion, a PE ratio of 28.43 and a beta of 1.59.

Enphase Energy (NASDAQ:ENPH - Get Free Report) last posted its quarterly earnings data 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 net margin of 11.78% and a return on equity of 24.55%. The business had revenue of $363.15 million during the quarter, compared to analyst estimates of $359.14 million. During the same quarter last year, the firm posted $0.43 earnings per share. The business's revenue for the quarter was up 19.7% compared to the same quarter last year. As a group, analysts forecast that Enphase Energy, Inc. will post 2.08 EPS for the current fiscal year.

Insider Transactions at Enphase Energy

In other news, CEO Badrinarayanan Kothandaraman purchased 5,000 shares of the firm's stock in a transaction that occurred on Wednesday, August 6th. The stock was bought 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 directly owned 1,620,632 shares of the company's stock, valued at $49,947,878.24. The trade was a 0.31% increase in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this link. 3.10% of the stock is owned by corporate insiders.

Institutional Inflows and Outflows

A number of institutional investors have recently added to or reduced their stakes in ENPH. DZ BANK AG Deutsche Zentral Genossenschafts Bank Frankfurt am Main lifted its position in shares of Enphase Energy by 431.9% during the 2nd quarter. DZ BANK AG Deutsche Zentral Genossenschafts Bank Frankfurt am Main now owns 633 shares of the semiconductor company's stock worth $25,000 after buying an additional 514 shares during the last quarter. CX Institutional acquired a new position in shares of Enphase Energy in the 1st quarter valued at $29,000. First Horizon Advisors Inc. increased its holdings in shares of Enphase Energy by 83.0% in the 1st quarter. First Horizon Advisors Inc. now owns 569 shares of the semiconductor company's stock valued at $35,000 after acquiring an additional 258 shares during the period. SVB Wealth LLC acquired a new position in shares of Enphase Energy in the 1st quarter valued at $38,000. Finally, Brooklyn Investment Group increased its holdings in shares of Enphase Energy by 124.7% in the 1st quarter. Brooklyn Investment Group now owns 663 shares of the semiconductor company's stock valued at $41,000 after acquiring an additional 368 shares during the period. Hedge funds and other institutional investors own 72.12% of the company's stock.

About Enphase Energy

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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