Enphase Energy (NASDAQ:ENPH) Trading 9% Higher - Here's Why

Key Points

• Enphase Energy's stock price surged 9% during trading, reaching as high as $35.11 after closing at $32.22.
• Several equities analysts adjusted their ratings and price targets for the company, with TD Cowen lowering its target to $40.00 and Wall Street Zen upgrading it to a "buy."
• Enphase Energy reported earnings of $0.69 per share for the last quarter, beating estimates, and achieved a revenue of $363.15 million, up 19.7% year-over-year.

Enphase Energy, Inc. (NASDAQ:ENPH - Get Free Report)'s share price traded up 9% during trading on Friday . The stock traded as high as $34.72 and last traded at $35.11. 5,252,254 shares changed hands during trading, a decline of 19% from the average session volume of 6,512,279 shares. The stock had previously closed at $32.22.

Wall Street Analyst Weigh In

Several equities analysts recently commented on the company. TD Cowen reduced their price target on Enphase Energy from $45.00 to $40.00 and set a "hold" rating on the stock in a research report on Wednesday, July 23rd. Wall Street Zen upgraded Enphase Energy from a "hold" rating to a "buy" rating in a research note on Saturday, August 2nd. Mizuho lowered their price objective on Enphase Energy from $53.00 to $50.00 and set an "outperform" rating for the company in a research note on Monday, July 14th. JPMorgan Chase & Co. reissued a "neutral" rating and issued a $37.00 price target (down previously from $64.00) on shares of Enphase Energy in a research note on Tuesday, July 15th. Finally, Royal Bank Of Canada set a $28.00 target price on Enphase Energy and gave the company a "sector perform" rating in a research note on Wednesday, June 18th. Thirteen analysts have rated the stock with a sell rating, thirteen have given a hold rating and eleven have issued a buy rating to the company's stock. According to MarketBeat, Enphase Energy presently has a consensus rating of "Hold" and a consensus target price of $55.22.

Enphase Energy Stock Performance

The company has a current ratio of 1.97, a quick ratio of 1.82 and a debt-to-equity ratio of 0.65. The firm has a 50-day simple moving average of $38.25 and a two-hundred day simple moving average of $49.06. The company has a market capitalization of $4.75 billion, a price-to-earnings ratio of 28.40 and a beta of 1.59.

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

Insider Activity at Enphase Energy

In related news, CEO Badrinarayanan Kothandaraman bought 5,000 shares of the business's stock in a transaction that occurred on 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 transaction, the chief executive officer directly owned 1,620,632 shares of the company's stock, valued at $49,947,878.24. This represents a 0.31% increase in their ownership of the stock. The purchase was disclosed in a legal filing with the SEC, which is available through the SEC website. Corporate insiders own 3.10% of the company's stock.

Hedge Funds Weigh In On Enphase Energy

Institutional investors and hedge funds have recently bought and sold shares of the business. Woodline Partners LP acquired a new position in Enphase Energy in the fourth quarter worth $557,000. Teacher Retirement System of Texas acquired a new position in Enphase Energy in the first quarter worth $1,609,000. QRG Capital Management Inc. acquired a new position in Enphase Energy in the first quarter worth $512,000. Maxi Investments CY Ltd boosted its stake in Enphase Energy by 650.0% in the first quarter. Maxi Investments CY Ltd now owns 52,500 shares of the semiconductor company's stock worth $3,258,000 after purchasing an additional 45,500 shares in the last quarter. Finally, Bouvel Investment Partners LLC acquired a new stake in shares of Enphase Energy in the 1st quarter valued at $847,000. Institutional investors and hedge funds 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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