Citigroup Trims Enphase Energy (NASDAQ:ENPH) Target Price to $99.00

Enphase Energy (NASDAQ:ENPH) had its price objective cut by Citigroup from $114.00 to $99.00 in a research report report published on Tuesday, Benzinga reports. They currently have a neutral rating on the semiconductor company’s stock.

Several other analysts have also recently weighed in on the company. Canaccord Genuity Group dropped their price target on Enphase Energy from $150.00 to $140.00 and set a “buy” rating for the company in a report on Wednesday, July 24th. Craig Hallum boosted their target price on shares of Enphase Energy from $147.00 to $153.00 and gave the company a “buy” rating in a research report on Wednesday, July 24th. Jefferies Financial Group reaffirmed a “hold” rating and set a $115.00 price target (up from $111.00) on shares of Enphase Energy in a research report on Wednesday, September 4th. Piper Sandler cut their price objective on shares of Enphase Energy from $115.00 to $105.00 and set a “neutral” rating for the company in a report on Thursday, October 17th. Finally, Barclays lowered their target price on shares of Enphase Energy from $131.00 to $129.00 and set an “overweight” rating on the stock in a report on Thursday, July 25th. Three analysts have rated the stock with a sell rating, fourteen have assigned a hold rating and sixteen have assigned a buy rating to the stock. Based on data from MarketBeat.com, the stock currently has an average rating of “Hold” and an average target price of $111.26.

Enphase Energy Price Performance

NASDAQ:ENPH opened at $83.83 on Tuesday. The company has a market cap of $11.41 billion, a P/E ratio of 43.66, a P/E/G ratio of 5.57 and a beta of 1.72. The firm’s fifty day moving average price is $108.44 and its two-hundred day moving average price is $111.79. Enphase Energy has a one year low of $73.49 and a one year high of $141.63. The company has a debt-to-equity ratio of 1.36, a current ratio of 4.23 and a quick ratio of 3.90.

Enphase Energy (NASDAQ:ENPH) last announced its quarterly earnings results on Tuesday, October 22nd. The semiconductor company reported $0.65 EPS for the quarter, missing analysts’ consensus estimates of $0.77 by ($0.12). The company had revenue of $380.90 million during the quarter, compared to analyst estimates of $392.51 million. Enphase Energy had a net margin of 9.12% and a return on equity of 17.30%. The firm’s quarterly revenue was down 30.9% on a year-over-year basis. During the same quarter last year, the company posted $0.84 EPS. Equities analysts expect that Enphase Energy will post 1.19 earnings per share for the current year.

Institutional Trading of Enphase Energy

A number of hedge funds have recently made changes to their positions in the company. abrdn plc raised its holdings in Enphase Energy by 37.0% in the 3rd quarter. abrdn plc now owns 571,481 shares of the semiconductor company’s stock valued at $64,749,000 after buying an additional 154,231 shares during the last quarter. State of Alaska Department of Revenue increased its position in Enphase Energy by 6.6% in the 3rd quarter. State of Alaska Department of Revenue now owns 15,729 shares of the semiconductor company’s stock valued at $1,777,000 after acquiring an additional 975 shares during the period. Clear Harbor Asset Management LLC raised its stake in shares of Enphase Energy by 2.0% during the third quarter. Clear Harbor Asset Management LLC now owns 178,814 shares of the semiconductor company’s stock valued at $20,210,000 after acquiring an additional 3,447 shares during the last quarter. Wealth Enhancement Advisory Services LLC lifted its holdings in shares of Enphase Energy by 19.4% during the third quarter. Wealth Enhancement Advisory Services LLC now owns 7,111 shares of the semiconductor company’s stock worth $804,000 after purchasing an additional 1,156 shares during the period. Finally, Mirae Asset Global Investments Co. Ltd. grew its stake in shares of Enphase Energy by 23.4% in the third quarter. Mirae Asset Global Investments Co. Ltd. now owns 99,860 shares of the semiconductor company’s stock worth $11,484,000 after purchasing an additional 18,960 shares during the last quarter. 72.12% of the stock is owned by institutional investors and hedge funds.

Enphase Energy Company Profile

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.