Enphase Energy (NASDAQ:ENPH) Stock Jumps 4.9% - Here's What Happened

Key Points

• Enphase Energy shares rose 4.9% to about $33.39, although trading volume was 92% below the stock’s average daily volume.
• Analysts remain cautious: the stock has an overall “Hold” rating and a consensus price target of $44.20, while several firms recently lowered their targets.
• The latest quarter showed mixed results: Enphase narrowly missed EPS estimates, revenue exceeded expectations, but revenue fell 19.6% year over year and earnings declined from the prior-year period.

Enphase Energy, Inc. (NASDAQ:ENPH - Get Free Report) rose 4.9% during trading on Wednesday. The company traded as high as $32.98 and last traded at $33.3940. 492,091 shares were traded during trading, a decline of 92% from the average session volume of 6,454,748 shares. The stock had previously closed at $31.83.

Wall Street Analysts Forecast Growth

A number of equities research analysts recently weighed in on ENPH shares. BMO Capital Markets lowered their price target on shares of Enphase Energy from $39.00 to $37.00 and set a "market perform" rating for the company in a report on Wednesday, July 29th. Susquehanna cut their price objective on shares of Enphase Energy from $45.00 to $39.00 and set a "neutral" rating on the stock in a report on Thursday, July 30th. Evercore reissued a "positive" rating and issued a $41.00 price objective on shares of Enphase Energy in a research report on Monday, August 17th. The Goldman Sachs Group decreased their price objective on shares of Enphase Energy from $55.00 to $47.00 and set a "buy" rating for the company in a research report on Monday, September 21st. Finally, Weiss Ratings restated a "sell (d+)" rating on shares of Enphase Energy in a research note on Friday, September 18th. Nine analysts have rated the stock with a Buy rating, eleven have assigned a Hold rating and three have issued a Sell rating to the company's stock. Based on data from MarketBeat.com, the company presently has an average rating of "Hold" and a consensus price target of $44.20.

Enphase Energy Trading Up 4.0%

The company has a quick ratio of 2.95, a current ratio of 3.45 and a debt-to-equity ratio of 0.48. The business's 50 day moving average is $37.27 and its 200-day moving average is $42.29. The firm has a market cap of $4.37 billion, a P/E ratio of 33.15 and a beta of 1.65.

Enphase Energy (NASDAQ:ENPH - Get Free Report) last posted its quarterly earnings data on Tuesday, July 28th. The semiconductor company reported $0.46 EPS for the quarter, missing analysts' consensus estimates of $0.47 by ($0.01). The company had revenue of $291.85 million for the quarter, compared to the consensus estimate of $289.76 million. Enphase Energy had a net margin of 10.09% and a return on equity of 13.31%. The company's revenue was down 19.6% compared to the same quarter last year. During the same quarter last year, the company earned $0.69 earnings per share. As a group, analysts forecast that Enphase Energy, Inc. will post 0.69 earnings per share for the current fiscal year.

Insider Activity at Enphase Energy

In related news, Director Richard Mora sold 2,000 shares of Enphase Energy stock in a transaction dated Thursday, July 30th. The stock was sold at an average price of $36.76, for a total value of $73,520.00. Following the completion of the transaction, the director directly owned 11,922 shares in the company, valued at approximately $438,252.72. This trade represents a 14.37% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Insiders own 2.90% of the company's stock.

Institutional Inflows and Outflows

A number of large investors have recently bought and sold shares of ENPH. Archer Investment Corp bought a new stake in shares of Enphase Energy in the 2nd quarter valued at approximately $30,000. Ascentis Independent Advisors bought a new position in Enphase Energy during the first quarter worth $33,000. Burnham & Co LLC bought a new position in Enphase Energy during the second quarter worth $34,000. Continuum Advisory LLC acquired a new position in Enphase Energy in the second quarter worth $42,000. Finally, Eurizon Capital SGR S.p.A. acquired a new position in Enphase Energy in the fourth quarter worth $45,000. Institutional investors own 72.12% of the company's stock.

About Enphase Energy

Enphase Energy, Inc NASDAQ: ENPH is a clean energy technology company that designs and manufactures systems for generating, storing and managing electricity. Its products are primarily used in residential and commercial solar installations.

The company is best known for its semiconductor-based solar microinverters, which convert the direct current produced by individual solar panels into alternating current for use in buildings or delivery to the electric grid. Enphase also offers home battery storage systems, electric vehicle chargers, energy management software and related monitoring services designed to help customers optimize solar production, energy consumption and backup power.

Founded in 2006, Enphase is headquartered in Fremont, California.

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