Enphase Energy (NASDAQ:ENPH) Shares Gap Down Following Analyst Downgrade

Enphase Energy, Inc. (NASDAQ:ENPH)’s stock price gapped down before the market opened on Thursday after JPMorgan Chase & Co. lowered their price target on the stock from $128.00 to $124.00. The stock had previously closed at $119.01, but opened at $110.92. JPMorgan Chase & Co. currently has an overweight rating on the stock. Enphase Energy shares last traded at $110.32, with a volume of 1,466,890 shares changing hands.

A number of other equities research analysts have also recently commented on the company. BMO Capital Markets decreased their price target on Enphase Energy from $118.00 to $113.00 and set a “market perform” rating on the stock in a report on Wednesday, April 24th. Piper Sandler reaffirmed a “neutral” rating and issued a $111.00 target price (down from $113.00) on shares of Enphase Energy in a report on Wednesday, April 24th. Craig Hallum reduced their target price on Enphase Energy from $159.00 to $147.00 and set a “buy” rating on the stock in a report on Wednesday, April 24th. DZ Bank assumed coverage on Enphase Energy in a report on Wednesday, April 17th. They issued a “hold” rating and a $116.00 target price on the stock. Finally, Citigroup cut Enphase Energy from a “buy” rating to a “neutral” rating and reduced their target price for the stock from $126.00 to $121.00 in a report on Friday, April 5th. Three equities research analysts have rated the stock with a sell rating, twelve have assigned a hold rating and seventeen have given a buy rating to the stock. Based on data from MarketBeat, the company presently has an average rating of “Hold” and an average price target of $136.55.

Insider Transactions at Enphase Energy

In other news, EVP David A. Ranhoff sold 5,000 shares of the company’s stock in a transaction on Monday, April 15th. The stock was sold at an average price of $116.29, for a total transaction of $581,450.00. Following the transaction, the executive vice president now directly owns 119,948 shares of the company’s stock, valued at $13,948,752.92. The sale was disclosed in a legal filing with the SEC, which is accessible through the SEC website. In other news, EVP David A. Ranhoff sold 5,000 shares of the company’s stock in a transaction on Monday, April 15th. The stock was sold at an average price of $116.29, for a total transaction of $581,450.00. Following the transaction, the executive vice president now directly owns 119,948 shares of the company’s stock, valued at $13,948,752.92. The sale was disclosed in a legal filing with the SEC, which is accessible through the SEC website. Also, Director Thurman J. Rodgers sold 319,526 shares of the business’s stock in a transaction on Wednesday, May 29th. The shares were sold at an average price of $126.53, for a total transaction of $40,429,624.78. Following the sale, the director now directly owns 1,984,562 shares in the company, valued at $251,106,629.86. The disclosure for this sale can be found here. Over the last three months, insiders have sold 349,526 shares of company stock valued at $43,721,225. Corporate insiders own 3.40% of the company’s stock.

Institutional Investors Weigh In On Enphase Energy

Several hedge funds have recently added to or reduced their stakes in the business. Kestra Advisory Services LLC boosted its stake in shares of Enphase Energy by 11.5% during the 3rd quarter. Kestra Advisory Services LLC now owns 4,713 shares of the semiconductor company’s stock worth $566,000 after acquiring an additional 486 shares in the last quarter. QRG Capital Management Inc. purchased a new stake in shares of Enphase Energy during the 3rd quarter worth about $795,000. Envestnet Portfolio Solutions Inc. purchased a new stake in shares of Enphase Energy during the 3rd quarter worth about $373,000. Aigen Investment Management LP purchased a new stake in shares of Enphase Energy during the 3rd quarter worth about $376,000. Finally, Rathbones Group PLC boosted its stake in shares of Enphase Energy by 20.8% during the 3rd quarter. Rathbones Group PLC now owns 23,114 shares of the semiconductor company’s stock worth $2,777,000 after acquiring an additional 3,982 shares in the last quarter. 72.12% of the stock is owned by hedge funds and other institutional investors.

Enphase Energy Stock Performance

The firm’s 50 day moving average price is $118.17 and its 200-day moving average price is $118.06. The company has a debt-to-equity ratio of 1.30, a quick ratio of 3.78 and a current ratio of 4.16. The firm has a market capitalization of $14.96 billion, a PE ratio of 57.27, a price-to-earnings-growth ratio of 4.58 and a beta of 1.77.

Enphase Energy (NASDAQ:ENPH) last issued its quarterly earnings results on Tuesday, April 23rd. The semiconductor company reported ($0.06) earnings per share for the quarter, missing analysts’ consensus estimates of $0.11 by ($0.17). The company had revenue of $263.34 million during the quarter, compared to analysts’ expectations of $280.06 million. Enphase Energy had a net margin of 15.10% and a return on equity of 31.89%. On average, research analysts expect that Enphase Energy, Inc. will post 1.53 EPS for the current year.

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.