Enphase Energy (NASDAQ:ENPH) Shares Up 8.7% After Analyst Upgrade

Key Points

• Enphase Energy shares rose 8.7% after Barclays upgraded the stock from underweight to equal weight and set a $51 price target. The stock traded as high as $51.87 during the session.
• Analyst sentiment remains mixed overall: several firms recently adjusted targets and ratings, and MarketBeat says Enphase now has an average Hold rating with a consensus price target of $46.57.
• The company’s latest quarterly results beat EPS expectations, but revenue still declined 20.6% year over year. Enphase also reported that insiders have been active, with one director selling shares and another recently buying shares.

Enphase Energy, Inc. (NASDAQ:ENPH - Get Free Report)'s stock price traded up 8.7% on Thursday after Barclays upgraded the stock from an underweight rating to an equal weight rating. Barclays now has a $51.00 price target on the stock. Enphase Energy traded as high as $51.87 and last traded at $51.9550. 3,463,560 shares were traded during mid-day trading, a decline of 53% from the average session volume of 7,374,382 shares. The stock had previously closed at $47.78.

A number of other equities analysts also recently commented on the stock. The Goldman Sachs Group lifted their target price on shares of Enphase Energy from $51.00 to $57.00 and gave the stock a "buy" rating in a research note on Wednesday, May 20th. JPMorgan Chase & Co. reduced their target price on shares of Enphase Energy from $39.00 to $35.00 and set a "neutral" rating on the stock in a research note on Wednesday, April 29th. Roth Mkm reaffirmed a "buy" rating on shares of Enphase Energy in a research note on Friday, May 22nd. Weiss Ratings downgraded shares of Enphase Energy from a "sell (d+)" rating to a "sell (d)" rating in a research note on Friday, June 5th. Finally, Glj Research reaffirmed a "sell" rating and set a $21.70 target price on shares of Enphase Energy in a research note on Thursday, June 11th. Nine investment analysts have rated the stock with a Buy rating, twelve have given a Hold rating and four have issued a Sell rating to the stock. According to data from MarketBeat.com, Enphase Energy currently has an average rating of "Hold" and a consensus price target of $46.57.

Insider Activity at Enphase Energy

In other Enphase Energy news, Director Richard Mora sold 700 shares of the business's stock in a transaction that occurred on Monday, June 1st. The shares were sold at an average price of $64.20, for a total transaction of $44,940.00. Following the completion of the transaction, the director owned 13,922 shares in the company, valued at $893,792.40. The trade was a 4.79% decrease in their position. The transaction was disclosed in a legal filing with the SEC, which is available at this link. Also, Director Shanker Trivedi purchased 1,000 shares of the stock in a transaction on Friday, June 12th. The shares were purchased at an average price of $53.91 per share, with a total value of $53,910.00. Following the acquisition, the director directly owned 1,000 shares in the company, valued at $53,910. This represents a ∞ increase in their ownership of the stock. The disclosure for this purchase is available in the SEC filing. Company insiders own 2.90% of the company's stock.

Institutional Inflows and Outflows

Several institutional investors and hedge funds have recently added to or reduced their stakes in ENPH. Norges Bank purchased a new stake in shares of Enphase Energy during the 4th quarter worth approximately $118,190,000. Invesco Ltd. lifted its position in shares of Enphase Energy by 36.2% during the 4th quarter. Invesco Ltd. now owns 3,158,931 shares of the semiconductor company's stock worth $101,244,000 after buying an additional 839,468 shares during the last quarter. Sora Investors LLC purchased a new stake in shares of Enphase Energy during the 4th quarter worth approximately $25,998,000. Coatue Management LLC lifted its position in shares of Enphase Energy by 95.3% during the 3rd quarter. Coatue Management LLC now owns 1,647,893 shares of the semiconductor company's stock worth $58,319,000 after buying an additional 803,945 shares during the last quarter. Finally, Arrowstreet Capital Limited Partnership lifted its position in shares of Enphase Energy by 2,335.6% during the 3rd quarter. Arrowstreet Capital Limited Partnership now owns 798,090 shares of the semiconductor company's stock worth $28,244,000 after buying an additional 765,322 shares during the last quarter. Institutional investors and hedge funds own 72.12% of the company's stock.

Enphase Energy Stock Up 7.9%

The firm has a market cap of $6.79 billion, a PE ratio of 51.04 and a beta of 1.60. The company has a debt-to-equity ratio of 0.52, a quick ratio of 3.20 and a current ratio of 3.80. The firm's 50-day moving average price is $46.46 and its two-hundred day moving average price is $41.33.

Enphase Energy (NASDAQ:ENPH - Get Free Report) last issued its quarterly earnings data on Tuesday, April 28th. The semiconductor company reported $0.47 earnings per share for the quarter, topping the consensus estimate of $0.43 by $0.04. The business had revenue of $282.90 million during the quarter, compared to the consensus estimate of $282.28 million. Enphase Energy had a net margin of 9.64% and a return on equity of 16.88%. The company's revenue was down 20.6% compared to the same quarter last year. During the same quarter in the previous year, the firm earned $0.68 EPS. As a group, equities research analysts expect that Enphase Energy, Inc. will post 0.84 EPS for the current fiscal year.

Enphase Energy Company Profile

Enphase Energy is a global energy technology company that specializes in solar microinverters, energy storage systems and energy management software. Its core business centers on converting direct current (DC) power generated by solar panels into alternating current (AC) power suitable for use in residential and commercial applications. By integrating hardware and software solutions, Enphase Energy aims to improve solar energy yield, enhance system reliability and provide real-time monitoring capabilities to its customers.

The company's product portfolio includes its IQ Series microinverters, which attach to individual solar panels to optimize performance at the module level and reduce the impact of shading or system failures.

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