Enphase Energy (NASDAQ:ENPH) Stock Price Expected to Rise, TD Cowen Analyst Says

Key Points

• TD Cowen raised its price target on Enphase Energy from $35 to $70, while keeping a Hold rating on the stock.
• Other analysts remain mixed: Goldman Sachs boosted its target and called the stock a Buy, while the overall Street consensus is still Hold with an average target price of $44.24.
• Enphase reported quarterly EPS of $0.47, beating estimates, but revenue fell 20.6% year over year; meanwhile, insider selling and heavy institutional ownership were also highlighted.

Enphase Energy (NASDAQ:ENPH - Get Free Report) had its price objective boosted by equities researchers at TD Cowen from $35.00 to $70.00 in a note issued to investors on Friday. The firm presently has a "hold" rating on the semiconductor company's stock. TD Cowen's target price points to a potential upside of 0.72% from the company's previous close.

ENPH has been the topic of a number of other reports. The Goldman Sachs Group raised their target price on Enphase Energy from $51.00 to $57.00 and gave the company a "buy" rating in a research report on Wednesday, May 20th. Glj Research set a $21.70 target price on Enphase Energy in a research report on Thursday, February 5th. Susquehanna dropped their target price on Enphase Energy from $36.00 to $32.00 and set a "neutral" rating on the stock in a research report on Thursday, April 30th. Barclays dropped their target price on Enphase Energy from $31.00 to $30.00 and set an "underweight" rating on the stock in a research report on Monday, May 4th. Finally, Morgan Stanley set a $27.00 target price on Enphase Energy in a research report on Friday, May 8th. Nine research analysts have rated the stock with a Buy rating, ten have assigned a Hold rating and six have given a Sell rating to the company. Based on data from MarketBeat.com, the company presently has a consensus rating of "Hold" and an average target price of $44.24.

Enphase Energy Stock Performance

Shares of ENPH stock opened at $69.50 on Friday. The firm has a market capitalization of $9.16 billion, a price-to-earnings ratio of 68.81 and a beta of 1.26. The company has a debt-to-equity ratio of 0.52, a current ratio of 3.80 and a quick ratio of 3.20. The business has a fifty day moving average of $41.07 and a 200 day moving average of $38.36. Enphase Energy has a 1 year low of $25.77 and a 1 year high of $72.70.

Enphase Energy (NASDAQ:ENPH - Get Free Report) last announced its quarterly earnings results 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 company had revenue of $282.90 million for the quarter, compared to the consensus estimate of $282.28 million. Enphase Energy had a return on equity of 16.88% and a net margin of 9.64%.The firm's revenue for the quarter was down 20.6% compared to the same quarter last year. During the same period last year, the firm earned $0.68 EPS. As a group, research analysts expect that Enphase Energy will post 0.84 earnings per share for the current year.

Insider Activity

In other news, Director Richard Mora sold 700 shares of the firm's stock in a transaction that occurred on Tuesday, May 19th. The stock was sold at an average price of $46.39, for a total value of $32,473.00. Following the transaction, the director owned 14,622 shares in the company, valued at $678,314.58. This trade represents a 4.57% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is available through this link. Also, Director Thurman J. Rodgers sold 137,250 shares of the firm's stock in a transaction that occurred on Friday, March 13th. The shares were sold at an average price of $43.61, for a total value of $5,985,472.50. Following the completion of the transaction, the director owned 1,597,641 shares in the company, valued at approximately $69,673,124.01. This trade represents a 7.91% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. Company insiders own 2.90% of the company's stock.

Institutional Trading of Enphase Energy

Large investors have recently made changes to their positions in the company. DZ BANK AG Deutsche Zentral Genossenschafts Bank Frankfurt am Main increased its position in shares of Enphase Energy by 431.9% during the second 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 purchasing an additional 514 shares in the last quarter. Glass Jacobson Investment Advisors llc increased its position in shares of Enphase Energy by 77.8% during the fourth quarter. Glass Jacobson Investment Advisors llc now owns 800 shares of the semiconductor company's stock worth $26,000 after purchasing an additional 350 shares in the last quarter. Ascentis Independent Advisors purchased a new stake in shares of Enphase Energy during the first quarter worth approximately $33,000. Stance Capital LLC purchased a new stake in shares of Enphase Energy during the third quarter worth approximately $32,000. Finally, Activest Wealth Management lifted its stake in Enphase Energy by 52,000.0% in the 4th quarter. Activest Wealth Management now owns 1,042 shares of the semiconductor company's stock worth $33,000 after purchasing an additional 1,040 shares in the last quarter. 72.12% of the stock is currently owned by hedge funds and other institutional investors.

About Enphase Energy

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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