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

Enphase Energy, Inc. (NASDAQ:ENPH)’s share price gapped down prior to trading 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.

ENPH has been the topic of several other research reports. Oppenheimer lifted their target price on shares of Enphase Energy from $133.00 to $134.00 and gave the stock an “outperform” rating in a research note on Wednesday, April 24th. BMO Capital Markets reduced their target price on Enphase Energy from $118.00 to $113.00 and set a “market perform” rating on the stock in a research report on Wednesday, April 24th. Guggenheim cut shares of Enphase Energy from a “neutral” rating to a “sell” rating and set a $92.00 price objective for the company. in a research report on Wednesday, April 24th. Roth Mkm reaffirmed a “buy” rating and issued a $140.00 target price on shares of Enphase Energy in a research report on Wednesday, April 24th. Finally, Canaccord Genuity Group upped their price objective on Enphase Energy from $130.00 to $150.00 and gave the stock a “buy” rating in a research report on Friday, May 31st. Three analysts have rated the stock with a sell rating, twelve have given a hold rating and seventeen have given a buy rating to the company. According to MarketBeat.com, the company currently has a consensus rating of “Hold” and a consensus target price of $136.55.

Insiders Place Their Bets

In other Enphase Energy news, CFO Mandy Yang acquired 4,000 shares of the business’s stock in a transaction on Thursday, May 2nd. The stock was purchased at an average price of $104.24 per share, for a total transaction of $416,960.00. Following the completion of the transaction, the chief financial officer now owns 62,973 shares of the company’s stock, valued at approximately $6,564,305.52. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this link. In other news, CFO Mandy Yang bought 4,000 shares of the firm’s stock in a transaction on Thursday, May 2nd. The shares were bought at an average cost of $104.24 per share, for a total transaction of $416,960.00. Following the completion of the transaction, the chief financial officer now owns 62,973 shares in the company, valued at $6,564,305.52. The purchase was disclosed in a filing with the Securities & Exchange Commission, which is available through the SEC website. Also, Director Thurman J. Rodgers sold 319,526 shares of the firm’s stock in a transaction dated 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 transaction, the director now owns 1,984,562 shares of the company’s stock, valued at $251,106,629.86. The disclosure for this sale can be found here. In the last quarter, insiders sold 349,526 shares of company stock worth $43,721,225. 3.40% of the stock is owned by insiders.

Institutional Investors Weigh In On Enphase Energy

A number of hedge funds and other institutional investors have recently modified their holdings of the company. Kestra Advisory Services LLC grew its holdings in Enphase Energy by 11.5% in the 3rd quarter. Kestra Advisory Services LLC now owns 4,713 shares of the semiconductor company’s stock valued at $566,000 after buying an additional 486 shares during the period. QRG Capital Management Inc. purchased a new stake in Enphase Energy during the 3rd quarter worth $795,000. Envestnet Portfolio Solutions Inc. acquired a new stake in Enphase Energy in the 3rd quarter valued at $373,000. Aigen Investment Management LP purchased a new position in Enphase Energy in the third quarter valued at about $376,000. Finally, V Square Quantitative Management LLC acquired a new position in shares of Enphase Energy during the third quarter worth about $193,000. 72.12% of the stock is currently owned by hedge funds and other institutional investors.

Enphase Energy Trading Down 8.8 %

The firm has a fifty day moving average of $117.91 and a 200 day moving average of $117.99. The firm has a market capitalization of $14.77 billion, a PE ratio of 56.55, a P/E/G ratio of 4.58 and a beta of 1.77. The company has a debt-to-equity ratio of 1.30, a quick ratio of 3.78 and a current ratio of 4.16.

Enphase Energy (NASDAQ:ENPH) last issued its quarterly earnings data on Tuesday, April 23rd. The semiconductor company reported ($0.06) EPS for the quarter, missing analysts’ consensus estimates of $0.11 by ($0.17). Enphase Energy had a return on equity of 31.89% and a net margin of 15.10%. The firm had revenue of $263.34 million during the quarter, compared to analyst estimates of $280.06 million. Equities 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.