Enphase Energy Inc. (ENPH) Downgraded by Zacks Investment Research to Hold
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 equities analysts also recently issued research reports about the company. Roth Capital reissued a neutral rating and set a $1.05 price target (down previously from $1.50) on shares of Enphase Energy in a research report on Thursday, November 3rd. Needham & Company LLC reissued a hold rating on shares of Enphase Energy in a research report on Wednesday, August 31st. Oppenheimer Holdings Inc. raised Enphase Energy from a market perform rating to an outperform rating and set a $2.00 price target on the stock in a research report on Wednesday, November 2nd. Canaccord Genuity reissued a hold rating and set a $2.00 price target on shares of Enphase Energy in a research report on Thursday, August 4th. Finally, Avondale Partners raised Enphase Energy from a market perform rating to an outperform rating and set a $4.50 price target on the stock in a research report on Wednesday, November 2nd. One investment analyst has rated the stock with a sell rating, five have issued a hold rating, two have given a buy rating and one has assigned a strong buy rating to the company’s stock. Enphase Energy currently has an average rating of Hold and an average target price of $2.48.
Shares of Enphase Energy (NASDAQ:ENPH) opened at 1.12 on Tuesday. The firm’s market capitalization is $69.34 million. The company’s 50-day moving average price is $1.12 and its 200-day moving average price is $1.64. Enphase Energy has a 12-month low of $0.98 and a 12-month high of $4.50.
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 analysts’ consensus estimates of ($0.24) by $0.04. The business had revenue of $88.70 million for the quarter, compared to analyst estimates of $89.69 million. Enphase Energy had a negative return on equity of 294.30% and a negative net margin of 23.54%. Enphase Energy’s quarterly revenue was down 13.8% compared to the same quarter last year. During the same period last year, the firm earned $0.01 EPS. Analysts anticipate that Enphase Energy will post ($1.06) EPS for the current year.
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In other Enphase Energy news, Director Benjamin John Kortlang purchased 600,000 shares of the firm’s stock in a transaction on Friday, September 23rd. The stock was purchased at an average cost of $1.20 per share, for a total transaction of $720,000.00. Following the acquisition, the director now owns 852,614 shares in the company, valued at approximately $1,023,136.80. The acquisition was disclosed in a legal filing with the SEC, which is available through this link. Company insiders own 25.42% of the company’s stock.
Several institutional investors have recently added to or reduced their stakes in the company. Guinness Atkinson Asset Management Inc boosted its position 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 period. Guinness Asset Management Ltd boosted its position 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 period. Kleinwort Benson Investors Dublin Ltd bought a new position in Enphase Energy during the second quarter worth about $1,064,000. Delta Lloyd NV boosted its position 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 period. Finally, Menta Capital LLC boosted its position 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 period. 24.83% of the stock is currently owned by institutional investors.
About Enphase Energy
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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