Zacks Investment Research upgraded shares of Enphase Energy Inc. (NASDAQ:ENPH) from a hold rating to a buy rating in a research report report published on Tuesday. The firm currently has $1.25 price objective on the stock.
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 research analysts also recently issued reports about the stock. Roth Capital reaffirmed a neutral rating and set a $1.05 price objective (down from $1.50) on shares of Enphase Energy in a report on Thursday, November 3rd. Needham & Company LLC reiterated a hold rating on shares of Enphase Energy in a research report on Wednesday, August 31st. 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 research report on Wednesday, November 2nd. Canaccord Genuity reiterated 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 upgraded 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 assigned a hold rating, two have assigned a buy rating and one has given a strong buy rating to the company. The stock presently has an average rating of Hold and an average price target of $2.48.
Enphase Energy (NASDAQ:ENPH) opened at 1.14 on Tuesday. Enphase Energy has a one year low of $0.98 and a one year high of $4.50. The firm’s market cap is $70.58 million. The company’s 50-day moving average is $1.12 and its 200 day moving average is $1.65.
Enphase Energy (NASDAQ:ENPH) last released its quarterly earnings data on Tuesday, November 1st. The company reported ($0.28) EPS for the quarter, missing the Thomson Reuters’ consensus estimate of ($0.24) by $0.04. The business had revenue of $88.70 million for the quarter, compared to analysts’ expectations of $89.69 million. Enphase Energy had a negative net margin of 23.54% and a negative return on equity of 294.30%. Enphase Energy’s revenue for the quarter was down 13.8% compared to the same quarter last year. During the same period last year, the company earned $0.01 earnings per share. Equities analysts anticipate that Enphase Energy will post ($1.06) earnings per share for the current year.
In other Enphase Energy news, Director Benjamin John Kortlang purchased 600,000 shares of Enphase Energy stock in a transaction on Friday, September 23rd. The shares were acquired at an average cost of $1.20 per share, for a total transaction of $720,000.00. Following the completion of the transaction, the director now directly owns 852,614 shares of the company’s stock, valued at $1,023,136.80. The purchase was disclosed in a filing with the SEC, which is available at this link. 25.42% of the stock is currently owned by corporate insiders.
A number of hedge funds and other institutional investors have recently modified their holdings of ENPH. 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 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 period. 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 period. 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 period. 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 period. Institutional investors and hedge funds own 24.97% of the company’s stock.
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.