Wells Fargo & Company Has Lowered Expectations for Enphase Energy (NASDAQ:ENPH) Stock Price

Enphase Energy (NASDAQ:ENPH) had its price objective cut by analysts at Wells Fargo & Company from $77.00 to $75.00 in a note issued to investors on Thursday,Benzinga reports. The firm currently has an “overweight” rating on the semiconductor company’s stock. Wells Fargo & Company‘s price target would suggest a potential upside of 24.69% from the stock’s current price.

Several other equities analysts have also commented on ENPH. Craig Hallum decreased their price objective on shares of Enphase Energy from $123.00 to $101.00 and set a “buy” rating on the stock in a report on Wednesday, February 5th. BMO Capital Markets lowered their price target on Enphase Energy from $69.00 to $66.00 and set a “market perform” rating for the company in a research report on Wednesday, February 5th. Truist Financial reiterated a “hold” rating and issued a $65.00 price objective (down previously from $100.00) on shares of Enphase Energy in a report on Thursday, January 16th. TD Cowen lowered their target price on Enphase Energy from $120.00 to $100.00 and set a “buy” rating for the company in a report on Monday, January 27th. Finally, Canaccord Genuity Group upgraded shares of Enphase Energy from a “hold” rating to a “buy” rating and boosted their price target for the stock from $76.00 to $82.00 in a research note on Wednesday, February 5th. Four equities research analysts have rated the stock with a sell rating, sixteen have given a hold rating and fourteen have assigned a buy rating to the company. According to data from MarketBeat.com, the company presently has a consensus rating of “Hold” and an average price target of $90.36.

Enphase Energy Trading Down 4.2 %

Shares of ENPH stock opened at $60.15 on Thursday. Enphase Energy has a 1-year low of $51.63 and a 1-year high of $141.63. The company has a market cap of $7.97 billion, a price-to-earnings ratio of 81.28 and a beta of 2.12. The company has a debt-to-equity ratio of 1.44, a current ratio of 3.53 and a quick ratio of 3.28. The stock has a 50 day simple moving average of $62.34 and a 200-day simple moving average of $76.27.

Enphase Energy (NASDAQ:ENPH) last announced its quarterly earnings results on Tuesday, February 4th. The semiconductor company reported $0.57 EPS for the quarter, beating the consensus estimate of $0.43 by $0.14. Enphase Energy had a return on equity of 15.62% and a net margin of 7.72%. On average, equities research analysts expect that Enphase Energy will post 2.08 EPS for the current fiscal year.

Insider Activity at Enphase Energy

In other Enphase Energy news, Director Thurman J. Rodgers sold 100,000 shares of Enphase Energy stock in a transaction on Friday, March 7th. The shares were sold at an average price of $61.26, for a total value of $6,126,000.00. Following the transaction, the director now directly owns 1,881,760 shares in the company, valued at approximately $115,276,617.60. The trade was a 5.05 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Also, CFO Mandy Yang sold 1,319 shares of the firm’s stock in a transaction dated Monday, March 10th. The stock was sold at an average price of $63.32, for a total value of $83,519.08. Following the transaction, the chief financial officer now directly owns 78,524 shares in the company, valued at approximately $4,972,139.68. This represents a 1.65 % decrease in their position. The disclosure for this sale can be found here. Insiders own 3.40% of the company’s stock.

Hedge Funds Weigh In On Enphase Energy

Hedge funds and other institutional investors have recently bought and sold shares of the company. Quarry LP acquired a new stake in shares of Enphase Energy in the 3rd quarter worth $37,000. Venturi Wealth Management LLC raised its holdings in Enphase Energy by 318.1% during the fourth quarter. Venturi Wealth Management LLC now owns 669 shares of the semiconductor company’s stock worth $46,000 after purchasing an additional 509 shares in the last quarter. Pilgrim Partners Asia Pte Ltd acquired a new stake in Enphase Energy in the fourth quarter valued at about $47,000. Brooklyn Investment Group acquired a new position in Enphase Energy during the 3rd quarter worth approximately $55,000. Finally, GeoWealth Management LLC raised its stake in shares of Enphase Energy by 56.3% during the 4th quarter. GeoWealth Management LLC now owns 891 shares of the semiconductor company’s stock worth $61,000 after buying an additional 321 shares in the last quarter. 72.12% of the stock is currently owned by hedge funds and other 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.