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 Monday. The firm currently has a $1.25 price target on the stock. Zacks Investment Research’s price target suggests a potential upside of 10.62% 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 equities research analysts have also issued research reports about the stock. Needham & Company LLC restated a “hold” rating on shares of Enphase Energy in a report on Wednesday, August 31st. Canaccord Genuity reiterated a “hold” rating and set a $2.00 price objective on shares of Enphase Energy in a research note on Thursday, August 4th. JPMorgan Chase & Co. reiterated a “hold” rating on shares of Enphase Energy in a research note on Wednesday, August 3rd. Roth Capital set a $1.00 price objective on shares of Enphase Energy and gave the stock a “hold” rating in a research note on Wednesday, November 2nd. Finally, Oppenheimer Holdings Inc. upgraded shares of Enphase Energy from a “market perform” rating to an “outperform” rating and set a $2.00 price objective for the company in a research note on Wednesday, November 2nd. One research analyst has rated the stock with a sell rating, four have issued a hold rating, three have issued a buy rating and one has assigned a strong buy rating to the company. The stock currently has an average rating of “Hold” and a consensus target price of $2.48.
Enphase Energy (NASDAQ:ENPH) traded down 0.88% on Monday, reaching $1.13. 131,843 shares of the company’s stock traded hands. 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 price of $1.12 and a 200 day moving average price of $1.64. The stock’s market cap is $69.96 million.
Enphase Energy (NASDAQ:ENPH) last posted its quarterly earnings results on Tuesday, November 1st. The company reported ($0.28) EPS for the quarter, missing the consensus estimate of ($0.24) by $0.04. Enphase Energy had a negative net margin of 23.54% and a negative return on equity of 294.30%. The business earned $88.70 million during the quarter, compared to the consensus estimate of $89.69 million. During the same quarter in the prior year, the firm posted $0.01 EPS. The company’s revenue for the quarter was down 13.8% compared to the same quarter last year. Analysts forecast that Enphase Energy will post ($1.06) EPS for the current year.
In other Enphase Energy news, Director Benjamin John Kortlang acquired 600,000 shares of the company’s stock in a transaction dated Friday, September 23rd. The shares were acquired at an average cost of $1.20 per share, with a total value of $720,000.00. Following the acquisition, 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 document filed with the SEC, which is accessible through the SEC website. 25.42% of the stock is currently owned by insiders.
Several hedge funds have recently added to or reduced their stakes in the stock. KCG Holdings Inc. increased its stake in 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 Enphase Energy during the third quarter valued at about $708,000. Granite Point Capital Management L.P. purchased a new position in Enphase Energy during the third quarter valued at about $944,000. BlackRock Institutional Trust Company N.A. boosted its position 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 valued at $463,000 after buying an additional 6,905 shares in the last quarter. Finally, Paloma Partners Management Co purchased a new position in Enphase Energy during the second quarter valued at about $205,000. 24.83% of the stock is currently owned by institutional investors and hedge funds.
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.