Enphase Energy Inc. (ENPH) Stock Rating Upgraded by Zacks Investment Research
Enphase Energy Inc. (NASDAQ:ENPH) was upgraded by Zacks Investment Research from a “hold” rating to a “buy” rating in a research report issued to clients and investors on Tuesday. The brokerage currently has a $1.25 target price on the stock. Zacks Investment Research’s target price suggests a potential upside of 12.61% from the stock’s previous close.
According to Zacks, “Enphase Energy, Inc. delivers microinverter technology for the solar industry, which increases productivity and reliability of solar modules. The Company builds a semiconductor-based microinverter system that converts direct current electricity to alternating current electricity at the individual solar module level. Enphase sells its microinverter systems primarily to distributors who resell them to solar installers. It also sells directly to installers, as well as through original equipment manufacturers. Enphase Energy, Inc. is headquartered in Petaluma, California. “
Other research analysts have also recently issued research reports about the stock. JPMorgan Chase & Co. reaffirmed a “hold” rating on shares of Enphase Energy in a research report on Friday, July 22nd. Needham & Company LLC reaffirmed a “hold” rating on shares of Enphase Energy in a research report on Wednesday, August 31st. Canaccord Genuity reaffirmed a “hold” rating and issued a $2.00 target price on shares of Enphase Energy in a research report on Thursday, August 4th. Avondale Partners raised shares of Enphase Energy from a “market perform” rating to an “outperform” rating and set a $4.50 target price on the stock in a research report on Wednesday, November 2nd. Finally, Roth Capital reaffirmed a “neutral” rating and issued a $1.05 target price (down previously from $1.50) on shares of Enphase Energy in a research report on Thursday, November 3rd. One analyst has rated the stock with a sell rating, four have given a hold rating, three have issued a buy rating and one has given a strong buy rating to the company. The company presently has a consensus rating of “Hold” and a consensus price target of $2.48.
Shares of Enphase Energy (NASDAQ:ENPH) opened at 1.11 on Tuesday. The company’s market capitalization is $68.72 million. Enphase Energy has a 12-month low of $0.98 and a 12-month high of $4.50. The stock has a 50 day moving average of $1.13 and a 200-day moving average of $1.70.
Enphase Energy (NASDAQ:ENPH) last announced its quarterly earnings results on Tuesday, November 1st. The company reported ($0.28) earnings per share for the quarter, missing the consensus estimate of ($0.24) by $0.04. The firm had revenue of $88.70 million for the quarter, compared to analyst estimates of $89.69 million. Enphase Energy had a negative net margin of 23.54% and a negative return on equity of 294.30%. The company’s revenue was down 13.8% compared to the same quarter last year. During the same period in the previous year, the firm posted $0.01 EPS. Analysts predict that Enphase Energy will post ($1.06) earnings per share for the current fiscal year.
In other news, Director Benjamin John Kortlang bought 600,000 shares of the business’s stock in a transaction that occurred on Friday, September 23rd. The shares were purchased at an average cost of $1.20 per share, for a total transaction of $720,000.00. Following the completion of the purchase, the director now owns 852,614 shares of the company’s stock, valued at $1,023,136.80. The acquisition was disclosed in a filing with the SEC, which is available through this hyperlink. Corporate insiders own 25.42% of the company’s stock.
Hedge funds have recently added to or reduced their stakes in the company. BlackRock Institutional Trust Company N.A. raised its stake in Enphase Energy by 1.8% in the third quarter. BlackRock Institutional Trust Company N.A. now owns 392,445 shares of the company’s stock worth $463,000 after buying an additional 6,905 shares during the last quarter. Guinness Asset Management Ltd raised its stake in Enphase Energy by 50.0% in the second quarter. Guinness Asset Management Ltd now owns 83,400 shares of the company’s stock worth $166,000 after buying an additional 27,800 shares during the last quarter. Guinness Atkinson Asset Management Inc raised its stake in Enphase Energy by 42.5% in the second quarter. Guinness Atkinson Asset Management Inc now owns 208,900 shares of the company’s stock worth $416,000 after buying an additional 62,300 shares during the last quarter. Menta Capital LLC raised its stake in Enphase Energy by 98.7% in the second quarter. Menta Capital LLC now owns 165,064 shares of the company’s stock worth $328,000 after buying an additional 81,972 shares during the last quarter. Finally, Delta Lloyd NV raised its stake in Enphase Energy by 25.0% in the second quarter. Delta Lloyd NV now owns 500,000 shares of the company’s stock worth $995,000 after buying an additional 100,000 shares during the last quarter. Hedge funds and other institutional investors own 22.21% of the company’s stock.
Enphase Energy Company Profile
Enphase Energy, Inc is a provider of energy management solutions. The Company is engaged in designing, developing, manufacturing and selling microinverter systems for the solar photovoltaic industry. Its semiconductor-based microinverter system converts direct current (DC) electricity to alternating current (AC) electricity.
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