Glj Research Forecasts Strong Price Appreciation for Enphase Energy (NASDAQ:ENPH) Stock

Enphase Energy (NASDAQ:ENPH) had its target price increased by stock analysts at Glj Research from $21.70 to $24.47 in a report released on Tuesday,Benzinga reports. The brokerage presently has a “sell” rating on the semiconductor company’s stock. Glj Research’s price target points to a potential downside of 31.98% from the company’s previous close.

A number of other equities research analysts have also issued reports on ENPH. Evercore set a $37.00 price target on Enphase Energy in a research note on Monday, May 4th. The Goldman Sachs Group boosted their price objective on Enphase Energy from $51.00 to $57.00 and gave the company a “buy” rating in a research report on Wednesday, May 20th. Deutsche Bank Aktiengesellschaft upped their price objective on Enphase Energy from $39.00 to $40.00 and gave the stock a “hold” rating in a research note on Thursday, April 30th. Oppenheimer cut their target price on Enphase Energy from $68.00 to $57.00 and set an “outperform” rating for the company in a research report on Wednesday, April 29th. Finally, Weiss Ratings raised Enphase Energy from a “sell (d)” rating to a “sell (d+)” rating in a research note on Tuesday, June 23rd. Nine research analysts have rated the stock with a Buy rating, twelve have issued a Hold rating and three have assigned a Sell rating to the stock. Based on data from MarketBeat, Enphase Energy has a consensus rating of “Hold” and an average target price of $47.02.

Enphase Energy Stock Performance

NASDAQ:ENPH traded down $2.03 during mid-day trading on Tuesday, hitting $35.98. 873,047 shares of the company traded hands, compared to its average volume of 7,038,419. The company has a quick ratio of 3.20, a current ratio of 3.80 and a debt-to-equity ratio of 0.52. The stock’s fifty day moving average price is $51.21 and its 200-day moving average price is $43.79. The firm has a market cap of $4.74 billion, a price-to-earnings ratio of 35.38 and a beta of 1.62. Enphase Energy has a one year low of $25.77 and a one year high of $73.74.

Enphase Energy (NASDAQ:ENPH) last announced its quarterly earnings data on Tuesday, April 28th. The semiconductor company reported $0.47 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.43 by $0.04. Enphase Energy had a net margin of 9.64% and a return on equity of 16.88%. The firm had revenue of $282.90 million during the quarter, compared to analysts’ expectations of $282.27 million. During the same period in the prior year, the company posted $0.68 earnings per share. The company’s revenue for the quarter was down 20.6% compared to the same quarter last year. Research analysts anticipate that Enphase Energy will post 0.82 earnings per share for the current fiscal year.

Insider Buying and Selling at Enphase Energy

In other Enphase Energy news, Director Richard Mora sold 700 shares of Enphase Energy stock in a transaction that occurred on Monday, June 1st. The stock was sold at an average price of $64.20, for a total value of $44,940.00. Following the sale, the director owned 13,922 shares of the company’s stock, valued at $893,792.40. The trade was a 4.79% decrease in their position. The transaction was disclosed in a legal filing with the SEC, which is available through the SEC website. Also, Director Shanker Trivedi acquired 1,000 shares of Enphase Energy stock in a transaction on Friday, June 12th. The stock was purchased at an average cost of $53.91 per share, for a total transaction of $53,910.00. Following the purchase, the director owned 1,000 shares in the company, valued at approximately $53,910. The trade was a ∞ increase in their ownership of the stock. The SEC filing for this purchase provides additional information. 2.90% of the stock is currently owned by company insiders.

Institutional Investors Weigh In On Enphase Energy

A number of hedge funds have recently bought and sold shares of the business. Monaco Asset Management SAM purchased a new stake in shares of Enphase Energy in the fourth quarter valued at $2,724,000. Vanguard Group Inc. boosted its holdings in shares of Enphase Energy by 1.5% in the fourth quarter. Vanguard Group Inc. now owns 16,329,647 shares of the semiconductor company’s stock valued at $523,365,000 after purchasing an additional 246,876 shares during the period. Louisiana State Employees Retirement System purchased a new stake in shares of Enphase Energy in the 1st quarter worth $2,193,000. M&T Bank Corp lifted its stake in Enphase Energy by 319.6% in the fourth quarter. M&T Bank Corp now owns 72,941 shares of the semiconductor company’s stock worth $2,338,000 after acquiring an additional 55,557 shares during the period. Finally, Swedbank AB boosted its stake in shares of Enphase Energy by 11.3% during the fourth quarter. Swedbank AB now owns 584,898 shares of the semiconductor company’s stock valued at $18,746,000 after purchasing an additional 59,500 shares in the last quarter. Hedge funds and other institutional investors own 72.12% of the company’s stock.

About Enphase Energy

Enphase Energy is a global energy technology company that specializes in solar microinverters, energy storage systems and energy management software. Its core business centers on converting direct current (DC) power generated by solar panels into alternating current (AC) power suitable for use in residential and commercial applications. By integrating hardware and software solutions, Enphase Energy aims to improve solar energy yield, enhance system reliability and provide real-time monitoring capabilities to its customers.

The company’s product portfolio includes its IQ Series microinverters, which attach to individual solar panels to optimize performance at the module level and reduce the impact of shading or system failures.