Enphase Energy Inc. (ENPH) Downgraded to “Hold” at Zacks Investment Research
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. “
A number of other equities analysts also recently commented on the company. Needham & Company LLC restated a hold rating on shares of Enphase Energy in a report on Wednesday, August 31st. Canaccord Genuity restated a hold rating and issued a $2.00 price objective on shares of Enphase Energy in a report on Thursday, August 4th. Avondale Partners upgraded Enphase Energy from a market perform rating to an outperform rating and set a $4.50 price objective on the stock in a report on Wednesday, November 2nd. Roth Capital restated a neutral rating and issued a $1.05 price objective (down previously from $1.50) on shares of Enphase Energy in a report on Thursday, November 3rd. Finally, Oppenheimer Holdings Inc. upgraded Enphase Energy from a market perform rating to an outperform rating and set a $2.00 price target on the stock in a report on Wednesday, November 2nd. One analyst has rated the stock with a sell rating, five have issued a hold rating, two have assigned a buy rating and one has issued a strong buy rating to the stock. The stock currently has a consensus rating of Hold and an average price target of $2.48.
Shares of Enphase Energy (NASDAQ:ENPH) opened at 1.14 on Wednesday. The firm’s 50-day moving average is $1.12 and its 200 day moving average is $1.66. Enphase Energy has a 1-year low of $0.98 and a 1-year high of $4.50. The company’s market cap is $70.58 million.
Enphase Energy (NASDAQ:ENPH) last released its quarterly earnings data on Tuesday, November 1st. The company reported ($0.28) EPS for the quarter, missing analysts’ consensus estimates of ($0.24) by $0.04. Enphase Energy had a negative return on equity of 294.30% and a negative net margin of 23.54%. The firm earned $88.70 million during the quarter, compared to analyst estimates of $89.69 million. During the same quarter in the prior year, the company posted $0.01 EPS. The company’s quarterly revenue was down 13.8% on a year-over-year basis. Equities analysts expect that Enphase Energy will post ($1.06) EPS for the current fiscal year.
In other Enphase Energy news, Director Benjamin John Kortlang acquired 600,000 shares of Enphase Energy stock in a transaction dated Friday, September 23rd. The stock was bought at an average cost of $1.20 per share, with a total value of $720,000.00. Following the completion of the transaction, the director now owns 852,614 shares of the company’s stock, valued at $1,023,136.80. The acquisition was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. 25.42% of the stock is owned by insiders.
Hedge funds and other institutional investors have recently modified their holdings of the company. KCG Holdings Inc. boosted its position in shares of Enphase Energy by 530.7% in the third quarter. KCG Holdings Inc. now owns 121,938 shares of the company’s stock valued at $144,000 after buying an additional 102,603 shares during the period. Espalier Global Management LLC purchased a new position in shares of Enphase Energy during the third quarter valued at approximately $708,000. Granite Point Capital Management L.P. purchased a new position in shares of Enphase Energy during the third quarter valued at approximately $944,000. BlackRock Institutional Trust Company N.A. boosted its position in shares of 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 valued at $463,000 after buying an additional 6,905 shares during the period. Finally, Paloma Partners Management Co purchased a new position in shares of Enphase Energy during the second quarter valued at approximately $205,000. 24.97% of the stock is owned by hedge funds and other institutional investors.
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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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