Enphase Energy (NASDAQ:ENPH) Price Target Cut to $37.00 by Analysts at Citigroup

Enphase Energy (NASDAQ:ENPH) had its target price decreased by stock analysts at Citigroup from $40.00 to $37.00 in a research report issued to clients and investors on Tuesday, Benzinga reports. The firm currently has a “neutral” rating on the semiconductor company’s stock. Citigroup’s price objective would indicate a potential upside of 18.93% from the company’s current price.

ENPH has been the subject of several other research reports. Mizuho cut their price objective on Enphase Energy from $54.00 to $45.00 and set a “neutral” rating for the company in a report on Wednesday, July 29th. Barclays raised shares of Enphase Energy from an “underweight” rating to an “equal weight” rating and upped their price target for the stock from $30.00 to $51.00 in a research report on Thursday, June 18th. Weiss Ratings reiterated a “sell (d+)” rating on shares of Enphase Energy in a research note on Friday, September 18th. BMO Capital Markets lowered their price objective on shares of Enphase Energy from $39.00 to $37.00 and set a “market perform” rating on the stock in a research note on Wednesday, July 29th. Finally, Jefferies Financial Group dropped their target price on shares of Enphase Energy from $54.00 to $42.00 and set a “buy” rating on the stock in a report on Monday, September 21st. Nine equities research analysts have rated the stock with a Buy rating, eleven have assigned a Hold rating and three have issued a Sell rating to the stock. According to MarketBeat.com, the company presently has a consensus rating of “Hold” and a consensus price target of $44.20.

Enphase Energy Stock Up 0.7%

Enphase Energy stock traded up $0.20 during midday trading on Tuesday, reaching $31.11. The stock had a trading volume of 2,567,927 shares, compared to its average volume of 6,469,717. The firm’s fifty day simple moving average is $37.43 and its 200-day simple moving average is $42.37. The company has a debt-to-equity ratio of 0.48, a quick ratio of 2.95 and a current ratio of 3.45. The stock has a market capitalization of $4.11 billion, a P/E ratio of 31.12 and a beta of 1.65. Enphase Energy has a 1-year low of $25.77 and a 1-year high of $73.74.

Enphase Energy (NASDAQ:ENPH) last announced its earnings results on Tuesday, July 28th. The semiconductor company reported $0.46 EPS for the quarter, missing the consensus estimate of $0.47 by ($0.01). Enphase Energy had a return on equity of 13.31% and a net margin of 10.09%.The business had revenue of $291.85 million for the quarter, compared to analyst estimates of $289.76 million. During the same quarter in the previous year, the company posted $0.69 EPS. The business’s revenue for the quarter was down 19.6% compared to the same quarter last year. As a group, analysts expect that Enphase Energy will post 0.69 EPS for the current fiscal year.

Insider Buying and Selling at Enphase Energy

In other Enphase Energy news, Director Richard Mora sold 1,500 shares of the company’s stock in a transaction dated Friday, August 14th. The stock was sold at an average price of $40.36, for a total value of $60,540.00. Following the completion of the transaction, the director owned 10,422 shares of the company’s stock, valued at $420,631.92. This represents a 12.58% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Insiders own 2.90% of the company’s stock.

Institutional Inflows and Outflows

Several hedge funds have recently added to or reduced their stakes in ENPH. Norges Bank acquired a new position in shares of Enphase Energy during the fourth quarter worth approximately $118,190,000. Geode Capital Management LLC raised its position in Enphase Energy by 0.4% in the fourth quarter. Geode Capital Management LLC now owns 2,510,509 shares of the semiconductor company’s stock worth $80,478,000 after acquiring an additional 11,220 shares during the period. Handelsbanken Fonder AB grew its holdings in Enphase Energy by 154.9% during the second quarter. Handelsbanken Fonder AB now owns 2,111,158 shares of the semiconductor company’s stock valued at $103,953,000 after purchasing an additional 1,283,052 shares during the period. First Trust Advisors LP increased its holdings in Enphase Energy by 42.4% in the 1st quarter. First Trust Advisors LP now owns 1,834,416 shares of the semiconductor company’s stock worth $69,359,000 after acquiring an additional 546,460 shares during the last quarter. Finally, Dimensional Fund Advisors LP boosted its holdings in Enphase Energy by 37.8% in the 1st quarter. Dimensional Fund Advisors LP now owns 1,361,157 shares of the semiconductor company’s stock worth $51,459,000 after buying an additional 373,212 shares during the period. Institutional investors own 72.12% of the company’s stock.

Enphase Energy Company Profile

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.