Enphase Energy (NASDAQ:ENPH) Shares Gap Down After Earnings Miss

Enphase Energy, Inc. (NASDAQ:ENPH)’s share price gapped down before the market opened on Wednesday following a weaker than expected earnings announcement. The stock had previously closed at $92.23, but opened at $76.85. Enphase Energy shares last traded at $79.07, with a volume of 4,966,259 shares traded.

The semiconductor company reported $0.65 EPS for the quarter, missing the consensus estimate of $0.77 by ($0.12). The firm had revenue of $380.90 million during the quarter, compared to the consensus estimate of $392.51 million. Enphase Energy had a net margin of 9.12% and a return on equity of 17.30%. The company’s revenue was down 30.9% on a year-over-year basis. During the same quarter in the previous year, the firm posted $0.84 EPS.

Analyst Upgrades and Downgrades

Several research analysts have recently weighed in on the stock. Guggenheim lowered shares of Enphase Energy from a “neutral” rating to a “sell” rating and set a $73.00 price objective on the stock. in a research note on Wednesday. Morgan Stanley lowered their price target on Enphase Energy from $102.00 to $93.00 and set an “equal weight” rating on the stock in a research report on Wednesday. Canaccord Genuity Group restated a “hold” rating and issued a $95.00 price objective (down previously from $140.00) on shares of Enphase Energy in a research note on Wednesday. BMO Capital Markets dropped their price objective on Enphase Energy from $114.00 to $104.00 and set a “market perform” rating on the stock in a research note on Monday, October 14th. Finally, William Blair started coverage on Enphase Energy in a research note on Thursday, August 29th. They issued a “market perform” rating on the stock. Four equities research analysts have rated the stock with a sell rating, fourteen have issued a hold rating and fifteen have assigned a buy rating to the company’s stock. Based on data from MarketBeat.com, the company presently has an average rating of “Hold” and an average target price of $111.56.

Institutional Trading of Enphase Energy

Institutional investors have recently added to or reduced their stakes in the business. Manchester Capital Management LLC boosted its position in Enphase Energy by 1,068.4% during the first quarter. Manchester Capital Management LLC now owns 222 shares of the semiconductor company’s stock valued at $27,000 after buying an additional 203 shares during the period. Chilton Capital Management LLC raised its stake in shares of Enphase Energy by 2,733.3% during the first quarter. Chilton Capital Management LLC now owns 255 shares of the semiconductor company’s stock valued at $31,000 after acquiring an additional 246 shares during the last quarter. UMB Bank n.a. raised its stake in shares of Enphase Energy by 784.8% during the third quarter. UMB Bank n.a. now owns 292 shares of the semiconductor company’s stock valued at $33,000 after acquiring an additional 259 shares during the last quarter. nVerses Capital LLC bought a new position in shares of Enphase Energy during the third quarter valued at about $34,000. Finally, Quest Partners LLC raised its stake in shares of Enphase Energy by 11,525.0% during the second quarter. Quest Partners LLC now owns 465 shares of the semiconductor company’s stock valued at $46,000 after acquiring an additional 461 shares during the last quarter. 72.12% of the stock is currently owned by hedge funds and other institutional investors.

Enphase Energy Trading Down 14.9 %

The stock has a market capitalization of $10.68 billion, a P/E ratio of 40.87, a P/E/G ratio of 5.57 and a beta of 1.72. The firm’s 50 day moving average price is $109.81 and its 200 day moving average price is $112.23. The company has a debt-to-equity ratio of 1.36, a current ratio of 4.23 and a quick ratio of 3.90.

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.