JPMorgan Chase & Co. Reiterates "Neutral" Rating for Enphase Energy (NASDAQ:ENPH)

Enphase Energy (NASDAQ:ENPH - Get Free Report)'s stock had its "neutral" rating restated by investment analysts at JPMorgan Chase & Co. in a report released on Tuesday, MarketBeat reports. They presently have a $37.00 target price on the semiconductor company's stock, down from their prior target price of $64.00. JPMorgan Chase & Co.'s price target would suggest a potential downside of 4.49% from the company's previous close.

Several other equities research analysts have also commented on ENPH. Canaccord Genuity Group cut their price objective on Enphase Energy from $70.00 to $58.00 and set a "buy" rating for the company in a research note on Thursday, April 24th. BNP Paribas cut Enphase Energy from an "outperform" rating to an "underperform" rating in a research report on Tuesday, May 13th. Piper Sandler reduced their price objective on Enphase Energy from $47.00 to $42.00 and set a "neutral" rating for the company in a research note on Wednesday, April 23rd. Barclays lowered their target price on shares of Enphase Energy from $40.00 to $28.00 and set an "underweight" rating on the stock in a research note on Monday. Finally, KeyCorp reiterated an "underweight" rating and issued a $31.00 target price on shares of Enphase Energy in a research report on Tuesday, June 17th. Thirteen investment analysts have rated the stock with a sell rating, thirteen have issued a hold rating and nine have assigned a buy rating to the stock. According to MarketBeat, the company has a consensus rating of "Hold" and a consensus price target of $61.20.

Enphase Energy Price Performance

Shares of NASDAQ ENPH traded down $0.29 during trading on Tuesday, hitting $38.74. The company had a trading volume of 6,674,950 shares, compared to its average volume of 5,049,298. The firm has a market capitalization of $5.08 billion, a price-to-earnings ratio of 35.87 and a beta of 1.67. The stock has a fifty day simple moving average of $42.43 and a two-hundred day simple moving average of $53.77. The company has a quick ratio of 1.77, a current ratio of 1.90 and a debt-to-equity ratio of 0.70. Enphase Energy has a fifty-two week low of $33.01 and a fifty-two week high of $130.08.

Insider Transactions at Enphase Energy

In other Enphase Energy news, CEO Badrinarayanan Kothandaraman bought 4,000 shares of Enphase Energy stock in a transaction on Friday, April 25th. The shares were bought at an average cost of $46.35 per share, for a total transaction of $185,400.00. Following the acquisition, the chief executive officer directly owned 1,598,696 shares in the company, valued at $74,099,559.60. This represents a 0.25% increase in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which can be accessed through the SEC website. 3.10% of the stock is owned by company insiders.

Institutional Trading of Enphase Energy

A number of large investors have recently modified their holdings of the stock. Baillie Gifford & Co. raised its holdings in shares of Enphase Energy by 32.0% in the first 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 last quarter. Invesco Ltd. increased its position in Enphase Energy by 43.4% in the 4th quarter. Invesco Ltd. now owns 4,557,865 shares of the semiconductor company's stock valued at $313,034,000 after acquiring an additional 1,378,978 shares during the period. Assenagon Asset Management S.A. raised its stake in Enphase Energy by 827.3% during the 2nd quarter. Assenagon Asset Management S.A. now owns 1,152,546 shares of the semiconductor company's stock valued at $45,698,000 after acquiring an additional 1,028,259 shares during the last quarter. AQR Capital Management LLC lifted its position in Enphase Energy by 9,236.6% during the 1st quarter. AQR Capital Management LLC now owns 691,564 shares of the semiconductor company's stock worth $41,483,000 after acquiring an additional 684,157 shares during the period. Finally, Worldquant Millennium Advisors LLC lifted its position in Enphase Energy by 531.4% during the 4th quarter. Worldquant Millennium Advisors LLC now owns 805,791 shares of the semiconductor company's stock worth $55,342,000 after acquiring an additional 678,163 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.