Canaccord Genuity Group Issues Pessimistic Forecast for Enphase Energy (NASDAQ:ENPH) Stock Price

Enphase Energy (NASDAQ:ENPH) had its price objective reduced by Canaccord Genuity Group from $95.00 to $76.00 in a research note issued to investors on Tuesday,Benzinga reports. The brokerage presently has a “hold” rating on the semiconductor company’s stock. Canaccord Genuity Group’s price objective would suggest a potential upside of 25.85% from the stock’s previous close.

Several other research firms have also recently commented on ENPH. Northland Securities reduced their target price on Enphase Energy from $150.00 to $110.00 and set an “outperform” rating for the company in a research note on Thursday, October 24th. Truist Financial reduced their price objective on shares of Enphase Energy from $130.00 to $110.00 and set a “buy” rating on the stock in a research note on Wednesday, October 16th. Evercore ISI dropped their target price on shares of Enphase Energy from $133.00 to $125.00 and set an “outperform” rating for the company in a research report on Wednesday, October 23rd. Canaccord Genuity Group cut shares of Enphase Energy from a “buy” rating to a “hold” rating in a research report on Wednesday, October 23rd. Finally, Piper Sandler lowered their price objective on Enphase Energy from $105.00 to $85.00 and set a “neutral” rating for the company in a report on Wednesday, October 23rd. Four research analysts have rated the stock with a sell rating, sixteen have issued a hold rating and fourteen have issued a buy rating to the company’s stock. Based on data from MarketBeat, the stock currently has a consensus rating of “Hold” and a consensus target price of $103.39.

Enphase Energy Stock Performance

Shares of NASDAQ:ENPH opened at $60.39 on Tuesday. The business’s 50-day simple moving average is $97.22 and its 200 day simple moving average is $108.45. The company has a market cap of $8.16 billion, a P/E ratio of 137.25, a PEG ratio of 6.75 and a beta of 1.77. The company has a debt-to-equity ratio of 1.29, a quick ratio of 3.88 and a current ratio of 4.16. Enphase Energy has a one year low of $59.12 and a one year high of $141.63.

Enphase Energy (NASDAQ:ENPH) last announced its earnings results on Tuesday, October 22nd. The semiconductor company reported $0.65 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $0.77 by ($0.12). The business had revenue of $380.90 million for the quarter, compared to analysts’ expectations of $392.51 million. Enphase Energy had a return on equity of 10.56% and a net margin of 4.91%. The firm’s revenue was down 30.9% compared to the same quarter last year. During the same period in the previous year, the firm posted $0.84 earnings per share. On average, sell-side analysts forecast that Enphase Energy will post 0.92 earnings per share for the current fiscal year.

Hedge Funds Weigh In On Enphase Energy

Several hedge funds have recently modified their holdings of the company. Healthcare of Ontario Pension Plan Trust Fund boosted its stake in Enphase Energy by 0.9% during the third quarter. Healthcare of Ontario Pension Plan Trust Fund now owns 283,426 shares of the semiconductor company’s stock valued at $32,033,000 after buying an additional 2,455 shares in the last quarter. Cynosure Group LLC lifted its holdings in Enphase Energy by 58.3% in the 3rd quarter. Cynosure Group LLC now owns 9,380 shares of the semiconductor company’s stock valued at $1,060,000 after acquiring an additional 3,454 shares during the last quarter. Lazard Freres Gestion S.A.S. boosted its position in shares of Enphase Energy by 20.0% during the 3rd quarter. Lazard Freres Gestion S.A.S. now owns 3,720 shares of the semiconductor company’s stock valued at $420,000 after purchasing an additional 620 shares in the last quarter. Brooklyn Investment Group acquired a new position in shares of Enphase Energy in the 3rd quarter worth approximately $55,000. Finally, FMR LLC raised its holdings in shares of Enphase Energy by 5.7% in the 3rd quarter. FMR LLC now owns 1,036,699 shares of the semiconductor company’s stock worth $117,168,000 after purchasing an additional 56,136 shares in the last quarter. 72.12% of the stock is currently owned by institutional investors and hedge funds.

About Enphase Energy

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.