Enphase Energy (NASDAQ:ENPH) Given New $24.00 Price Target at Morgan Stanley

Enphase Energy (NASDAQ:ENPH) had its price objective reduced by investment analysts at Morgan Stanley from $27.00 to $24.00 in a research report issued to clients and investors on Wednesday, Benzinga reports. The brokerage currently has an “underweight” rating on the semiconductor company’s stock. Morgan Stanley’s price target indicates a potential downside of 19.89% from the stock’s previous close.

Several other brokerages have also recently weighed in on ENPH. BMO Capital Markets dropped their price target on shares of Enphase Energy from $39.00 to $37.00 and set a “market perform” rating for the company in a research report on Wednesday, July 29th. Royal Bank Of Canada decreased their price objective on shares of Enphase Energy from $54.00 to $47.00 and set an “outperform” rating on the stock in a research report on Wednesday, July 29th. TD Cowen lowered their price objective on shares of Enphase Energy from $70.00 to $48.00 and set a “hold” rating for the company in a research note on Monday, July 20th. UBS Group set a $56.00 target price on shares of Enphase Energy in a report on Wednesday, July 29th. Finally, Wells Fargo & Company cut their target price on Enphase Energy from $45.00 to $44.00 and set an “overweight” rating on the stock in a research note on Wednesday, July 29th. Nine analysts have rated the stock with a Buy rating, eleven have assigned a Hold rating and three have given a Sell rating to the stock. According to data from MarketBeat.com, the stock has a consensus rating of “Hold” and a consensus target price of $43.52.

Enphase Energy Trading Down 6.5%

ENPH stock traded down $2.07 during midday trading on Wednesday, hitting $29.96. The company had a trading volume of 1,647,931 shares, compared to its average volume of 6,354,287. 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 has a 52 week low of $25.77 and a 52 week high of $73.74. The stock’s 50 day moving average price is $36.25 and its 200 day moving average price is $41.55. The stock has a market cap of $3.96 billion, a price-to-earnings ratio of 29.98 and a beta of 1.64.

Enphase Energy (NASDAQ:ENPH) last issued its earnings results on Tuesday, July 28th. The semiconductor company reported $0.46 earnings per share (EPS) for the quarter, missing the consensus estimate of $0.47 by ($0.01). Enphase Energy had a return on equity of 13.31% and a net margin of 10.09%. The firm had revenue of $291.85 million during the quarter, compared to the consensus estimate of $289.76 million. During the same quarter in the prior year, the business posted $0.69 EPS. The firm’s revenue for the quarter was down 19.6% on a year-over-year basis. As a group, equities research analysts expect that Enphase Energy will post 0.68 earnings per share for the current fiscal year.

Insiders Place Their Bets

In related news, Director Richard Mora sold 1,500 shares of Enphase Energy stock in a transaction on Friday, August 14th. The shares were sold at an average price of $40.36, for a total value of $60,540.00. Following the sale, the director owned 10,422 shares in the company, valued at $420,631.92. The trade was a 12.58% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is available at this link. 2.90% of the stock is currently owned by company insiders.

Institutional Investors Weigh In On Enphase Energy

Several institutional investors and hedge funds have recently modified their holdings of ENPH. Handelsbanken Fonder AB grew its stake in Enphase Energy by 154.9% in the second quarter. Handelsbanken Fonder AB now owns 2,111,158 shares of the semiconductor company’s stock worth $103,953,000 after purchasing an additional 1,283,052 shares during the period. Bank of New York Mellon Corp purchased a new position in Enphase Energy during the second quarter valued at $43,921,000. Legal & General Group Plc purchased a new position in Enphase Energy during the second quarter valued at $39,128,000. Encompass Capital Advisors LLC purchased a new position in Enphase Energy during the first quarter valued at $27,234,000. Finally, Palo Duro Investment Partners LP bought a new stake in shares of Enphase Energy during the 2nd quarter valued at $32,665,000. 72.12% of the stock is owned by hedge funds and other institutional investors.

Enphase Energy News Summary

Here are the key news stories impacting Enphase Energy this week:

• Positive Sentiment: Enphase highlighted U.S. commercial and industrial solar repowering projects using its IQ9 Commercial Microinverters. Replacing failed string or central inverters while retaining existing panels and racking could create a relatively cost-effective growth opportunity and support adoption of Enphase’s commercial products. Enphase Energy Highlights Projects Bringing New Life to Aging Commercial Solar Systems in the United States
• Positive Sentiment: California initiatives supporting virtual power plants and efforts to manage rising electricity bills may benefit Enphase by increasing demand for distributed solar, batteries and grid-connected energy-management systems. The potential benefit is longer term and shared with competitors including Tesla and Sunrun. California Boosts Virtual Power Plants
• Positive Sentiment: Coverage of Enphase’s battery energy-storage system connecting with the smart grid highlights the company’s expansion beyond solar inverters and its positioning for grid-flexibility demand. Battery Energy Storage System Plugs into the Smart Grid
• Neutral Sentiment: Susquehanna cut its price target to $35 from $37 while retaining a Neutral rating. The revised target still implies upside, but the reduction signals more cautious near-term expectations. Susquehanna Lowers Enphase Energy Price Target
• Negative Sentiment: Morgan Stanley reduced its price target to $24 from $27 and maintained an Underweight rating, reinforcing concerns about Enphase’s earnings and demand outlook. Morgan Stanley Adjusts Price Target on Enphase Energy
• Negative Sentiment: Analysts warn that the early expiration of the 30% residential solar tax credit could cause a sharp demand pullback, creating a policy hangover for Enphase and SolarEdge. This is the clearest near-term risk weighing on the stock. Tax Credit Turmoil: Why Enphase and SolarEdge Face a Tough Road

Enphase Energy Company Profile

Enphase Energy, Inc develops and manufactures energy technology for residential and commercial solar power systems. The company is best known for its microinverters, which convert electricity generated by individual solar panels from direct current into alternating current for use in homes and businesses or delivery to the electric grid.

Its product portfolio also includes battery storage systems, energy management and monitoring software, electric vehicle chargers, and related communications hardware.