B. Riley Analysts Cut Earnings Estimates for Enphase Energy, Inc. (NASDAQ:ENPH)

Enphase Energy, Inc. (NASDAQ:ENPH - Free Report) - Analysts at B. Riley lowered their Q1 2024 earnings per share (EPS) estimates for shares of Enphase Energy in a research report issued to clients and investors on Monday, April 22nd. B. Riley analyst C. Souther now anticipates that the semiconductor company will post earnings of $0.18 per share for the quarter, down from their prior forecast of $0.40. B. Riley currently has a "Buy" rating and a $149.00 target price on the stock. The consensus estimate for Enphase Energy's current full-year earnings is $2.01 per share. B. Riley also issued estimates for Enphase Energy's Q2 2024 earnings at $0.40 EPS, Q3 2024 earnings at $0.77 EPS, Q4 2024 earnings at $0.89 EPS, FY2024 earnings at $2.26 EPS and FY2025 earnings at $4.38 EPS.

Enphase Energy (NASDAQ:ENPH - Get Free Report) last announced its earnings results on Tuesday, February 6th. The semiconductor company reported $0.29 earnings per share for the quarter, beating analysts' consensus estimates of $0.24 by $0.05. The business had revenue of $302.57 million during the quarter, compared to analyst estimates of $327.06 million. Enphase Energy had a net margin of 15.10% and a return on equity of 31.34%.

ENPH has been the subject of a number of other research reports. JPMorgan Chase & Co. cut their price target on Enphase Energy from $141.00 to $128.00 and set an "overweight" rating for the company in a research note on Wednesday. TD Cowen increased their price target on Enphase Energy from $140.00 to $145.00 and gave the stock a "buy" rating in a research note on Wednesday. StockNews.com lowered Enphase Energy from a "hold" rating to a "sell" rating in a research note on Wednesday, February 7th. Citigroup lowered Enphase Energy from a "buy" rating to a "neutral" rating and cut their price target for the stock from $126.00 to $121.00 in a research note on Friday, April 5th. Finally, Wells Fargo & Company dropped their price objective on shares of Enphase Energy from $141.00 to $130.00 and set an "overweight" rating for the company in a report on Wednesday. Three research analysts have rated the stock with a sell rating, fourteen have issued a hold rating and fifteen have issued a buy rating to the company's stock. According to data from MarketBeat, the company presently has a consensus rating of "Hold" and a consensus price target of $141.00.

Enphase Energy Stock Performance

Shares of NASDAQ:ENPH traded up $0.66 during midday trading on Thursday, hitting $107.83. The company had a trading volume of 7,481,769 shares, compared to its average volume of 4,216,611. The company has a debt-to-equity ratio of 1.32, a current ratio of 4.59 and a quick ratio of 4.19. The company has a market cap of $14.66 billion, a price-to-earnings ratio of 53.47, a PEG ratio of 3.24 and a beta of 1.47. Enphase Energy has a 12-month low of $73.49 and a 12-month high of $192.22. The company has a fifty day moving average of $118.79 and a two-hundred day moving average of $111.93.

Institutional Trading of Enphase Energy

Institutional investors and hedge funds have recently added to or reduced their stakes in the company. Legato Capital Management LLC purchased a new stake in Enphase Energy in the fourth quarter valued at approximately $1,542,000. Assenagon Asset Management S.A. increased its position in shares of Enphase Energy by 348.6% during the fourth quarter. Assenagon Asset Management S.A. now owns 223,436 shares of the semiconductor company's stock worth $29,525,000 after acquiring an additional 173,628 shares during the period. AustralianSuper Pty Ltd purchased a new stake in shares of Enphase Energy during the fourth quarter worth $566,000. Glenmede Trust Co. NA increased its position in shares of Enphase Energy by 92.7% during the third quarter. Glenmede Trust Co. NA now owns 3,162 shares of the semiconductor company's stock worth $380,000 after acquiring an additional 1,521 shares during the period. Finally, Mitsubishi UFJ Kokusai Asset Management Co. Ltd. increased its position in shares of Enphase Energy by 8.2% during the third quarter. Mitsubishi UFJ Kokusai Asset Management Co. Ltd. now owns 141,596 shares of the semiconductor company's stock worth $17,013,000 after acquiring an additional 10,729 shares during the period. Hedge funds and other institutional investors own 72.12% of the company's stock.

Insider Buying and Selling

In other news, Director Richard Mora sold 24,285 shares of the business's stock in a transaction that occurred on Friday, February 9th. The stock was sold at an average price of $120.59, for a total transaction of $2,928,528.15. Following the transaction, the director now directly owns 3,126 shares in the company, valued at approximately $376,964.34. The sale was disclosed in a legal filing with the SEC, which is available at the SEC website. In related news, CEO Badrinarayanan Kothandaraman bought 4,000 shares of the stock in a transaction dated Tuesday, February 27th. The shares were acquired at an average cost of $120.54 per share, for a total transaction of $482,160.00. Following the acquisition, the chief executive officer now directly owns 1,655,171 shares in the company, valued at approximately $199,514,312.34. The acquisition was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Also, Director Richard Mora sold 24,285 shares of Enphase Energy stock in a transaction that occurred on Friday, February 9th. The shares were sold at an average price of $120.59, for a total transaction of $2,928,528.15. Following the sale, the director now directly owns 3,126 shares in the company, valued at approximately $376,964.34. The disclosure for this sale can be found here. In the last three months, insiders have sold 34,285 shares of company stock worth $4,054,428. Insiders own 3.40% 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.