Enphase Energy (NASDAQ:ENPH) Shares Climb 4.9% – Should You Buy?

Enphase Energy, Inc. (NASDAQ:ENPH)’s share price shot up 4.9% during mid-day trading on Wednesday. The company traded as high as $32.98 and last traded at $33.3940. 492,091 shares changed hands during mid-day 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. Royal Bank Of Canada lowered their price objective on shares of Enphase Energy from $54.00 to $47.00 and set an “outperform” rating for the company in a research report on Wednesday, July 29th. Weiss Ratings reissued a “sell (d+)” rating on shares of Enphase Energy in a report on Friday, September 18th. Wells Fargo & Company decreased their target price on Enphase Energy from $45.00 to $44.00 and set an “overweight” rating for the company in a research note on Wednesday, July 29th. Sanford C. Bernstein began coverage on Enphase Energy in a research report on Tuesday, June 16th. They set a “market perform” rating and a $56.00 price target on the stock. Finally, Citigroup dropped their price target on Enphase Energy from $40.00 to $37.00 and set a “neutral” rating on the stock in a research report on Tuesday. Nine research analysts have rated the stock with a Buy rating, eleven have given a Hold rating and three have issued a Sell rating to the company. According to MarketBeat.com, the company currently has an average rating of “Hold” and a consensus price target of $44.20.

Enphase Energy Stock Performance

The stock has a market capitalization of $4.37 billion, a P/E ratio of 33.15 and a beta of 1.65. The company’s 50-day moving average is $37.27 and its two-hundred day moving average is $42.29. The company has a current ratio of 3.45, a quick ratio of 2.95 and a debt-to-equity ratio of 0.48.

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

Insider Transactions at Enphase Energy

In related news, Director Richard Mora sold 2,000 shares of the firm’s stock in a transaction that occurred on Thursday, July 30th. The stock was sold at an average price of $36.76, for a total value of $73,520.00. Following the sale, the director directly owned 11,922 shares in the company, valued at $438,252.72. This trade represents a 14.37% decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this hyperlink. 2.90% of the stock is owned by company insiders.

Institutional Inflows and Outflows

Several institutional investors and hedge funds have recently modified their holdings of ENPH. Handelsbanken Fonder AB grew its position in Enphase Energy by 154.9% in the 2nd quarter. Handelsbanken Fonder AB now owns 2,111,158 shares of the semiconductor company’s stock valued at $103,953,000 after buying an additional 1,283,052 shares in the last quarter. Jupiter Topco LLC bought a new stake in shares of Enphase Energy during the 2nd quarter worth about $6,766,000. SIR Capital Management L.P. bought a new stake in shares of Enphase Energy during the 2nd quarter worth about $10,858,000. Bank of New York Mellon Corp acquired a new stake in shares of Enphase Energy in the 2nd quarter worth approximately $43,921,000. Finally, First Trust Advisors LP lifted its stake in shares of 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 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.