Equities Analysts Set Expectations for Enphase Energy, Inc.’s Q1 2024 Earnings (NASDAQ:ENPH)

Enphase Energy, Inc. (NASDAQ:ENPH) – B. Riley reduced their Q1 2024 earnings per share estimates for Enphase Energy in a research note issued on Monday, April 22nd. B. Riley analyst C. Souther now expects that the semiconductor company will post earnings of $0.18 per share for the quarter, down from their prior estimate 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 $1.95 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) last issued its quarterly 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. Enphase Energy had a return on equity of 31.89% and a net margin of 15.10%. The business had revenue of $302.57 million for the quarter, compared to the consensus estimate of $327.06 million.

Other research analysts also recently issued research reports about the company. Royal Bank of Canada lowered their price target on Enphase Energy from $140.00 to $130.00 and set an “outperform” rating on the stock in a report on Wednesday. Jefferies Financial Group cut Enphase Energy from a “buy” rating to a “hold” rating and reduced their price objective for the company from $135.00 to $111.00 in a research report on Wednesday. Mizuho reduced their price objective on Enphase Energy from $150.00 to $148.00 and set a “buy” rating for the company in a research report on Friday, April 19th. TD Cowen lifted their price objective on Enphase Energy from $140.00 to $145.00 and gave the company a “buy” rating in a research report on Wednesday. Finally, Canaccord Genuity Group reduced their price objective on Enphase Energy from $132.00 to $130.00 and set a “buy” rating for the company in a research report on Wednesday. Three investment analysts have rated the stock with a sell rating, thirteen have given a hold rating and sixteen have given a buy rating to the company. Based on data from MarketBeat, the stock presently has an average rating of “Hold” and a consensus price target of $137.41.

Enphase Energy Stock Performance

Shares of ENPH stock opened at $111.93 on Thursday. Enphase Energy has a 1-year low of $73.49 and a 1-year high of $192.22. The company has a current ratio of 4.16, a quick ratio of 4.19 and a debt-to-equity ratio of 1.30. The company has a market capitalization of $15.23 billion, a price-to-earnings ratio of 58.30, a P/E/G ratio of 3.16 and a beta of 1.47. The stock’s fifty day simple moving average is $118.22 and its 200-day simple moving average is $111.90.

Insider Buying and Selling

In related news, EVP David A. Ranhoff sold 5,000 shares of the business’s stock in a transaction dated Friday, March 15th. The stock was sold at an average price of $108.89, for a total transaction of $544,450.00. Following the transaction, the executive vice president now directly owns 124,948 shares in the company, valued at $13,605,587.72. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. In related news, EVP David A. Ranhoff sold 5,000 shares of the business’s stock in a transaction dated Friday, March 15th. The stock was sold at an average price of $108.89, for a total transaction of $544,450.00. Following the transaction, the executive vice president now directly owns 124,948 shares in the company, valued at $13,605,587.72. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, CEO Badrinarayanan Kothandaraman purchased 4,000 shares of the stock in a transaction that occurred on Tuesday, February 27th. The shares were purchased at an average price of $120.54 per share, for a total transaction of $482,160.00. Following the completion of the purchase, the chief executive officer now directly owns 1,655,171 shares of the company’s stock, valued at $199,514,312.34. The disclosure for this purchase can be found here. In the last 90 days, insiders sold 54,285 shares of company stock valued at $6,148,228. Insiders own 3.40% of the company’s stock.

Hedge Funds Weigh In On Enphase Energy

Several institutional investors and hedge funds have recently added to or reduced their stakes in the company. Bogart Wealth LLC bought a new stake in shares of Enphase Energy in the 4th quarter valued at approximately $26,000. CVA Family Office LLC bought a new stake in shares of Enphase Energy in the 4th quarter valued at approximately $31,000. YHB Investment Advisors Inc. bought a new stake in shares of Enphase Energy in the 1st quarter valued at approximately $35,000. Parkside Financial Bank & Trust grew its stake in shares of Enphase Energy by 131.3% in the 3rd quarter. Parkside Financial Bank & Trust now owns 310 shares of the semiconductor company’s stock valued at $37,000 after purchasing an additional 176 shares during the period. Finally, Covestor Ltd grew its stake in shares of Enphase Energy by 61.6% in the 3rd quarter. Covestor Ltd now owns 349 shares of the semiconductor company’s stock valued at $42,000 after purchasing an additional 133 shares during the period. 72.12% of the stock is currently owned by institutional investors.

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.