Glj Research Reaffirms Sell Rating for Enphase Energy (NASDAQ:ENPH)

Key Points

• Glj Research reiterated its sell rating on Enphase Energy and kept a $21.70 price target, implying about 57% downside from the previous close.
• Other analysts are mixed on the stock: the current consensus is Hold, with nine Buy ratings, ten Hold ratings, and six Sell ratings, and an average target price of $44.24.
• Enphase reported Q1 EPS of $0.47, topping estimates, but revenue of $282.9 million was down 20.6% year over year; meanwhile, several insiders have sold shares in recent months.

Enphase Energy (NASDAQ:ENPH - Get Free Report)'s stock had its "sell" rating reiterated by stock analysts at Glj Research in a report released on Thursday,Benzinga reports. They presently have a $21.70 target price on the semiconductor company's stock. Glj Research's target price would suggest a potential downside of 57.09% from the stock's previous close.

Several other equities analysts have also recently commented on the stock. Wall Street Zen raised shares of Enphase Energy from a "sell" rating to a "hold" rating in a research report on Sunday, March 29th. JPMorgan Chase & Co. reduced their price target on shares of Enphase Energy from $39.00 to $35.00 and set a "neutral" rating on the stock in a research report on Wednesday, April 29th. Evercore set a $37.00 price target on shares of Enphase Energy in a research report on Monday, May 4th. UBS Group set a $85.00 price target on shares of Enphase Energy in a research report on Friday, May 22nd. Finally, Deutsche Bank Aktiengesellschaft increased their price objective on shares of Enphase Energy from $39.00 to $40.00 and gave the stock a "hold" rating in a research note on Thursday, April 30th. Nine investment analysts have rated the stock with a Buy rating, ten have issued a Hold rating and six have assigned a Sell rating to the company. According to data from MarketBeat.com, the stock has a consensus rating of "Hold" and an average target price of $44.24.

Enphase Energy Stock Performance

NASDAQ:ENPH opened at $50.57 on Thursday. The company has a debt-to-equity ratio of 0.52, a current ratio of 3.80 and a quick ratio of 3.20. Enphase Energy has a 1-year low of $25.77 and a 1-year high of $73.74. The firm has a 50-day moving average of $44.85 and a two-hundred day moving average of $40.47. The stock has a market cap of $6.67 billion, a P/E ratio of 50.07 and a beta of 1.60.

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

Insider Buying and Selling at Enphase Energy

In other news, Director Thurman J. Rodgers sold 137,250 shares of the 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 directly owned 1,597,641 shares in the company, valued at $69,673,124.01. This trade represents a 7.91% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is accessible through this link. Also, Director Richard Mora sold 700 shares of the business's stock in a transaction that occurred on Monday, June 1st. The stock was sold at an average price of $64.20, for a total value of $44,940.00. Following the sale, the director directly owned 13,922 shares in the company, valued at approximately $893,792.40. The trade was a 4.79% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. Over the last 90 days, insiders have sold 138,650 shares of company stock worth $6,062,886. 2.90% of the stock is owned by company insiders.

Hedge Funds Weigh In On Enphase Energy

Several hedge funds have recently modified their holdings of the company. Parallel Advisors LLC increased its position in shares of Enphase Energy by 39.6% during the 1st quarter. Parallel Advisors LLC now owns 6,062 shares of the semiconductor company's stock valued at $229,000 after purchasing an additional 1,719 shares during the period. Western Wealth Management LLC acquired a new position in shares of Enphase Energy during the 1st quarter valued at $151,000. Janus Henderson Group PLC increased its position in shares of Enphase Energy by 124.3% during the 1st quarter. Janus Henderson Group PLC now owns 130,385 shares of the semiconductor company's stock valued at $4,931,000 after purchasing an additional 72,247 shares during the period. Centaurus Financial Inc. increased its position in shares of Enphase Energy by 44.8% during the 1st quarter. Centaurus Financial Inc. now owns 6,988 shares of the semiconductor company's stock valued at $264,000 after purchasing an additional 2,161 shares during the period. Finally, California State Teachers Retirement System increased its position in shares of Enphase Energy by 21.6% during the 1st quarter. California State Teachers Retirement System now owns 150,840 shares of the semiconductor company's stock valued at $5,703,000 after purchasing an additional 26,824 shares during the period. 72.12% of the stock is currently owned by institutional investors and hedge funds.

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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