Enphase Energy (NASDAQ:ENPH) Shares Up 8.7% After Analyst Upgrade

Shares of Enphase Energy, Inc. (NASDAQ:ENPH) traded up 8.7% during trading on Thursday after Barclays upgraded the stock from an underweight rating to an equal weight rating. Barclays now has a $51.00 price target on the stock. Enphase Energy traded as high as $51.87 and last traded at $51.9550. 3,463,560 shares changed hands during mid-day trading, a decline of 53% from the average session volume of 7,374,382 shares. The stock had previously closed at $47.78.

Several other analysts also recently commented on ENPH. JPMorgan Chase & Co. reduced their price target on shares of Enphase Energy from $39.00 to $35.00 and set a “neutral” rating for the company in a research report on Wednesday, April 29th. Weiss Ratings downgraded shares of Enphase Energy from a “sell (d+)” rating to a “sell (d)” rating in a research report on Friday, June 5th. Oppenheimer cut their price objective on shares of Enphase Energy from $68.00 to $57.00 and set an “outperform” rating for the company in a research report on Wednesday, April 29th. The Goldman Sachs Group upped their price objective on shares of Enphase Energy from $51.00 to $57.00 and gave the stock a “buy” rating in a research report on Wednesday, May 20th. Finally, Citigroup cut their price objective on shares of Enphase Energy from $37.00 to $31.00 and set a “neutral” rating for the company in a research report on Thursday, April 30th. Nine equities research analysts have rated the stock with a Buy rating, twelve have assigned a Hold rating and four have given a Sell rating to the company’s stock. Based on data from MarketBeat.com, the stock presently has a consensus rating of “Hold” and a consensus price target of $46.57.

Insiders Place Their Bets

In related news, CEO Badrinarayanan Kothandaraman purchased 5,000 shares of the stock in a transaction dated Tuesday, May 26th. The shares were acquired at an average cost of $67.50 per share, with a total value of $337,500.00. Following the purchase, the chief executive officer directly owned 1,645,632 shares in the company, valued at $111,080,160. This trade represents a 0.30% increase in their position. The acquisition was disclosed in a legal filing with the SEC, which is available through the SEC website. Also, Director Shanker Trivedi purchased 1,000 shares of the stock in a transaction dated Friday, June 12th. The shares were bought at an average cost of $53.91 per share, for a total transaction of $53,910.00. Following the completion of the purchase, the director owned 1,000 shares in the company, valued at approximately $53,910. This trade represents a ∞ increase in their ownership of the stock. The disclosure for this purchase is available in the SEC filing. 2.90% of the stock is owned by insiders.

Hedge Funds Weigh In On Enphase Energy

A number of institutional investors and hedge funds have recently made changes to their positions in ENPH. DZ BANK AG Deutsche Zentral Genossenschafts Bank Frankfurt am Main grew its stake in shares of Enphase Energy by 431.9% during the 2nd quarter. DZ BANK AG Deutsche Zentral Genossenschafts Bank Frankfurt am Main now owns 633 shares of the semiconductor company’s stock worth $25,000 after purchasing an additional 514 shares during the period. Glass Jacobson Investment Advisors llc grew its stake in shares of Enphase Energy by 77.8% during the 4th quarter. Glass Jacobson Investment Advisors llc now owns 800 shares of the semiconductor company’s stock worth $26,000 after purchasing an additional 350 shares during the period. Stance Capital LLC acquired a new stake in Enphase Energy in the 3rd quarter valued at about $32,000. Activest Wealth Management grew its stake in Enphase Energy by 52,000.0% in the 4th quarter. Activest Wealth Management now owns 1,042 shares of the semiconductor company’s stock valued at $33,000 after acquiring an additional 1,040 shares during the last quarter. Finally, Ascentis Independent Advisors acquired a new stake in Enphase Energy in the 1st quarter valued at about $33,000. 72.12% of the stock is owned by institutional investors and hedge funds.

Enphase Energy Stock Performance

The stock has a market capitalization of $6.79 billion, a price-to-earnings ratio of 51.04 and a beta of 1.60. The stock’s 50 day moving average is $46.46 and its 200 day moving average is $41.33. The company has a current ratio of 3.80, a quick ratio of 3.20 and a debt-to-equity ratio of 0.52.

Enphase Energy (NASDAQ:ENPH) last issued its quarterly earnings data on Tuesday, April 28th. The semiconductor company reported $0.47 EPS for the quarter, beating analysts’ consensus estimates of $0.43 by $0.04. The firm had revenue of $282.90 million for the quarter, compared to analysts’ expectations of $282.28 million. Enphase Energy had a net margin of 9.64% and a return on equity of 16.88%. The firm’s revenue was down 20.6% on a year-over-year basis. During the same period in the prior year, the company earned $0.68 EPS. On average, analysts predict that Enphase Energy, Inc. will post 0.84 earnings per share for the current year.

Enphase Energy Company Profile

Enphase Energy is a global energy technology company that specializes in solar microinverters, energy storage systems and energy management software. Its core business centers on converting direct current (DC) power generated by solar panels into alternating current (AC) power suitable for use in residential and commercial applications. By integrating hardware and software solutions, Enphase Energy aims to improve solar energy yield, enhance system reliability and provide real-time monitoring capabilities to its customers.

The company’s product portfolio includes its IQ Series microinverters, which attach to individual solar panels to optimize performance at the module level and reduce the impact of shading or system failures.