Enphase Energy (NASDAQ:ENPH) Shares Gap Down After Earnings Miss

Enphase Energy, Inc. (NASDAQ:ENPH) shares gapped down before the market opened on Wednesday after the company announced weaker than expected quarterly earnings. The stock had previously closed at $92.23, but opened at $76.85. Enphase Energy shares last traded at $79.07, with a volume of 4,966,259 shares trading hands.

The semiconductor company reported $0.65 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $0.77 by ($0.12). The firm had revenue of $380.90 million for the quarter, compared to analyst estimates of $392.51 million. Enphase Energy had a return on equity of 17.30% and a net margin of 9.12%. During the same quarter last year, the business earned $0.84 EPS. The company’s revenue for the quarter was down 30.9% compared to the same quarter last year.

Wall Street Analysts Forecast Growth

Several equities research analysts have weighed in on ENPH shares. Canaccord Genuity Group restated a “hold” rating on shares of Enphase Energy in a research note on Wednesday. BNP Paribas raised Enphase Energy from a “neutral” rating to an “outperform” rating and upped their target price for the stock from $120.00 to $144.00 in a report on Wednesday, August 7th. Truist Financial cut their price target on Enphase Energy from $130.00 to $110.00 and set a “buy” rating on the stock in a research note on Wednesday, October 16th. TD Cowen reduced their price target on Enphase Energy from $130.00 to $120.00 and set a “buy” rating on the stock in a report on Wednesday. Finally, Barclays cut their target price on shares of Enphase Energy from $131.00 to $129.00 and set an “overweight” rating on the stock in a research report on Thursday, July 25th. Four analysts have rated the stock with a sell rating, fourteen have issued a hold rating and thirteen have assigned a buy rating to the stock. Based on data from MarketBeat.com, Enphase Energy has a consensus rating of “Hold” and a consensus target price of $115.35.

Institutional Investors Weigh In On Enphase Energy

Several hedge funds and other institutional investors have recently modified their holdings of ENPH. Baillie Gifford & Co. grew its holdings in Enphase Energy by 57.9% during the 2nd quarter. Baillie Gifford & Co. now owns 6,285,059 shares of the semiconductor company’s stock valued at $626,683,000 after buying an additional 2,304,408 shares in the last quarter. Swedbank AB purchased a new stake in shares of Enphase Energy in the first quarter worth about $424,130,000. Electron Capital Partners LLC boosted its position in shares of Enphase Energy by 1,021.4% during the 2nd quarter. Electron Capital Partners LLC now owns 1,183,713 shares of the semiconductor company’s stock valued at $118,028,000 after acquiring an additional 1,078,154 shares during the last quarter. Nordea Investment Management AB grew its stake in shares of Enphase Energy by 11.1% in the 1st quarter. Nordea Investment Management AB now owns 907,722 shares of the semiconductor company’s stock worth $108,927,000 after buying an additional 90,558 shares in the last quarter. Finally, Thrivent Financial for Lutherans raised its position in Enphase Energy by 17.6% during the second quarter. Thrivent Financial for Lutherans now owns 826,742 shares of the semiconductor company’s stock valued at $82,434,000 after purchasing an additional 123,856 shares during the period. 72.12% of the stock is currently owned by hedge funds and other institutional investors.

Enphase Energy Trading Down 14.3 %

The company has a quick ratio of 3.90, a current ratio of 4.23 and a debt-to-equity ratio of 1.36. The company’s 50 day moving average price is $110.47 and its two-hundred day moving average price is $112.47. The firm has a market cap of $10.76 billion, a PE ratio of 41.39, a P/E/G ratio of 5.57 and a beta of 1.72.

Enphase Energy Company Profile

Enphase Energy, Inc, together with its subsidiaries, designs, develops, manufactures, and sells home energy solutions for the solar photovoltaic industry in the United States and internationally. The company offers semiconductor-based microinverter, which converts energy at the individual solar module level and combines with its proprietary networking and software technologies to provide energy monitoring and control.