Enphase Energy (NASDAQ:ENPH) Shares Up 8.8% After Analyst Upgrade

Enphase Energy, Inc. (NASDAQ:ENPH) shares traded up 8.8% during mid-day trading on Wednesday after The Goldman Sachs Group raised their price target on the stock from $51.00 to $57.00. The Goldman Sachs Group currently has a buy rating on the stock. Enphase Energy traded as high as $50.70 and last traded at $50.8580. 2,166,777 shares traded hands during mid-day trading, a decline of 70% from the average session volume of 7,126,484 shares. The stock had previously closed at $46.76.

Several other equities research analysts also recently weighed in on the company. Morgan Stanley set a $27.00 price objective on Enphase Energy in a report on Friday, May 8th. TD Cowen decreased their price objective on Enphase Energy from $40.00 to $35.00 and set a “hold” rating for the company in a report on Wednesday, April 29th. Oppenheimer decreased their price objective on Enphase Energy from $68.00 to $57.00 and set an “outperform” rating for the company in a report on Wednesday, April 29th. Deutsche Bank Aktiengesellschaft increased their price objective on Enphase Energy from $39.00 to $40.00 and gave the company a “hold” rating in a report on Thursday, April 30th. Finally, Roth Mkm reissued a “buy” rating and issued a $55.00 price objective (up from $45.00) on shares of Enphase Energy in a report on Wednesday, February 4th. Nine investment analysts have rated the stock with a Buy rating, ten have assigned a Hold rating and six have assigned a Sell rating to the company. Based on data from MarketBeat.com, Enphase Energy currently has a consensus rating of “Hold” and a consensus price target of $40.94.

Insiders Place Their Bets

In related news, Director Thurman J. Rodgers sold 137,250 shares of Enphase Energy stock in a transaction on Friday, March 13th. The shares were sold at an average price of $43.61, for a total value of $5,985,472.50. Following the transaction, the director directly owned 1,597,641 shares in the company, valued at $69,673,124.01. This trade represents a 7.91% decrease in their position. The transaction was disclosed in a filing with the SEC, which is available at the SEC website. 2.90% of the stock is currently owned by company insiders.

Hedge Funds Weigh In On Enphase Energy

A number of hedge funds and other institutional investors have recently bought and sold shares of ENPH. Norges Bank acquired a new stake in Enphase Energy in the fourth quarter valued at $118,190,000. Invesco Ltd. boosted its holdings in Enphase Energy by 36.2% in the 4th quarter. Invesco Ltd. now owns 3,158,931 shares of the semiconductor company’s stock worth $101,244,000 after acquiring an additional 839,468 shares during the period. Sora Investors LLC purchased a new position in shares of Enphase Energy during the 4th quarter valued at approximately $25,998,000. Coatue Management LLC boosted its stake in shares of Enphase Energy by 95.3% during the 3rd quarter. Coatue Management LLC now owns 1,647,893 shares of the semiconductor company’s stock valued at $58,319,000 after buying an additional 803,945 shares during the last quarter. Finally, Arrowstreet Capital Limited Partnership raised its position in shares of Enphase Energy by 2,335.6% during the 3rd quarter. Arrowstreet Capital Limited Partnership now owns 798,090 shares of the semiconductor company’s stock valued at $28,244,000 after acquiring an additional 765,322 shares in the last quarter. 72.12% of the stock is currently owned by hedge funds and other institutional investors.

Enphase Energy Stock Performance

The company has a current ratio of 3.80, a quick ratio of 3.20 and a debt-to-equity ratio of 0.52. The company has a 50-day moving average of $38.17 and a 200-day moving average of $36.69. The firm has a market capitalization of $6.70 billion, a price-to-earnings ratio of 50.32 and a beta of 1.26.

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

About Enphase Energy

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.