Enphase Energy (NASDAQ:ENPH) Rating Lowered to Hold at Canaccord Genuity Group

Enphase Energy (NASDAQ:ENPH) was downgraded by analysts at Canaccord Genuity Group from a “buy” rating to a “hold” rating in a note issued to investors on Wednesday, Briefing.com reports.

Several other research firms have also recently weighed in on ENPH. Susquehanna cut shares of Enphase Energy from a “positive” rating to a “neutral” rating and lowered their price objective for the company from $147.00 to $104.00 in a research report on Wednesday, October 16th. Bank of America lifted their price target on Enphase Energy from $82.00 to $84.00 and gave the stock an “underperform” rating in a research note on Thursday, October 10th. Canaccord Genuity Group reduced their price objective on Enphase Energy from $150.00 to $140.00 and set a “buy” rating on the stock in a research report on Wednesday, July 24th. Citigroup cut their target price on Enphase Energy from $114.00 to $99.00 and set a “neutral” rating for the company in a research note on Tuesday. Finally, BNP Paribas upgraded shares of Enphase Energy from a “neutral” rating to an “outperform” rating and increased their price target for the company from $120.00 to $144.00 in a research report on Wednesday, August 7th. Four research analysts have rated the stock with a sell rating, thirteen have issued a hold rating and fourteen have given a buy rating to the company’s stock. According to data from MarketBeat, Enphase Energy currently has a consensus rating of “Hold” and an average target price of $119.96.

Enphase Energy Price Performance

Enphase Energy stock opened at $92.23 on Wednesday. The stock has a market cap of $12.55 billion, a price-to-earnings ratio of 48.04, a PEG ratio of 5.57 and a beta of 1.72. 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 business has a 50-day simple moving average of $110.47 and a 200 day simple moving average of $112.47. Enphase Energy has a 52 week low of $73.49 and a 52 week high of $141.63.

Enphase Energy (NASDAQ:ENPH) last issued its quarterly earnings data on Tuesday, October 22nd. The semiconductor company reported $0.65 EPS for the quarter, missing the consensus estimate of $0.78 by ($0.13). 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 17.30% and a net margin of 9.12%. The firm’s revenue for the quarter was down 30.9% compared to the same quarter last year. During the same period in the previous year, the firm posted $0.84 EPS. On average, research analysts forecast that Enphase Energy will post 1.19 earnings per share for the current fiscal year.

Hedge Funds Weigh In On Enphase Energy

A number of institutional investors have recently bought and sold shares of the stock. Swedbank AB bought a new stake in Enphase Energy during the 1st quarter valued at approximately $424,130,000. Baillie Gifford & Co. boosted its position in shares of Enphase Energy by 57.9% during the second quarter. Baillie Gifford & Co. now owns 6,285,059 shares of the semiconductor company’s stock valued at $626,683,000 after purchasing an additional 2,304,408 shares in the last quarter. Electron Capital Partners LLC raised 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 worth $118,028,000 after purchasing an additional 1,078,154 shares in the last quarter. Anomaly Capital Management LP bought a new stake in shares of Enphase Energy during the 2nd quarter valued at $51,582,000. Finally, Canada Pension Plan Investment Board bought a new position in shares of Enphase Energy in the 1st quarter worth about $59,128,000. 72.12% of the stock is 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.