Enphase Energy (NASDAQ:ENPH) Price Target Lowered to $62.00 at Bank of America

Enphase Energy (NASDAQ:ENPH) had its price objective reduced by Bank of America from $72.00 to $62.00 in a report released on Thursday,Benzinga reports. The brokerage presently has an “underperform” rating on the semiconductor company’s stock. Bank of America‘s price objective indicates a potential downside of 7.32% from the stock’s current price.

A number of other brokerages have also recently issued reports on ENPH. Canaccord Genuity Group cut shares of Enphase Energy from a “buy” rating to a “hold” rating in a research note on Wednesday, October 23rd. Oppenheimer dropped their target price on shares of Enphase Energy from $134.00 to $101.00 and set an “outperform” rating for the company in a research report on Wednesday, October 23rd. Janney Montgomery Scott cut shares of Enphase Energy from a “buy” rating to a “neutral” rating and set a $83.00 target price for the company. in a research report on Wednesday, October 23rd. Citigroup dropped their target price on shares of Enphase Energy from $114.00 to $99.00 and set a “neutral” rating for the company in a research report on Tuesday, October 22nd. Finally, Piper Sandler dropped their target price on shares of Enphase Energy from $105.00 to $85.00 and set a “neutral” rating for the company in a research 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 given a buy rating to the stock. Based on data from MarketBeat.com, Enphase Energy has a consensus rating of “Hold” and an average price target of $104.03.

Enphase Energy Stock Down 6.6 %

ENPH traded down $4.69 on Thursday, reaching $66.90. 11,887,495 shares of the company traded hands, compared to its average volume of 5,490,872. The company has a debt-to-equity ratio of 1.29, a current ratio of 4.16 and a quick ratio of 3.88. The company has a market cap of $9.04 billion, a price-to-earnings ratio of 152.05, a PEG ratio of 8.40 and a beta of 1.77. Enphase Energy has a 52-week low of $65.66 and a 52-week high of $141.63. The stock’s 50 day moving average price is $100.48 and its 200-day moving average price is $109.48.

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

Institutional Trading of Enphase Energy

Several hedge funds and other institutional investors have recently made changes to their positions in the company. Swedbank AB bought a new stake in Enphase Energy in the first quarter valued at approximately $424,130,000. Baillie Gifford & Co. boosted its holdings in Enphase Energy by 57.9% in the second quarter. Baillie Gifford & Co. now owns 6,285,059 shares of the semiconductor company’s stock valued at $626,683,000 after acquiring an additional 2,304,408 shares during the last quarter. Electron Capital Partners LLC boosted its holdings in Enphase Energy by 1,021.4% in the second 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. Anomaly Capital Management LP bought a new stake in Enphase Energy in the second quarter valued at approximately $51,582,000. Finally, Canada Pension Plan Investment Board bought a new stake in Enphase Energy in the first quarter valued at approximately $59,128,000. 72.12% of the stock is currently owned by institutional investors.

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.