Royal Bank of Canada Lowers Enphase Energy (NASDAQ:ENPH) Price Target to $85.00

Enphase Energy (NASDAQ:ENPH) had its price objective reduced by stock analysts at Royal Bank of Canada from $100.00 to $85.00 in a report released on Wednesday, Benzinga reports. The brokerage presently has a “sector perform” rating on the semiconductor company’s stock. Royal Bank of Canada’s price target would indicate a potential upside of 4.81% from the company’s current price.

Several other brokerages have also issued reports on ENPH. Truist Financial cut their target price on shares of Enphase Energy from $130.00 to $110.00 and set a “buy” rating for the company in a research report on Wednesday, October 16th. Raymond James reduced their price objective on Enphase Energy from $140.00 to $130.00 and set an “outperform” rating for the company in a research note on Wednesday. Susquehanna downgraded Enphase Energy from a “positive” rating to a “neutral” rating and lowered their target price for the company from $147.00 to $104.00 in a research report on Wednesday, October 16th. Glj Research initiated coverage on Enphase Energy in a report on Tuesday, June 25th. They set a “sell” rating and a $45.82 price target for the company. Finally, BNP Paribas raised Enphase Energy from a “neutral” rating to an “outperform” rating and raised their price objective for the stock from $120.00 to $144.00 in a research note on Wednesday, August 7th. Three research analysts have rated the stock with a sell rating, fourteen have assigned a hold rating and sixteen have issued a buy rating to the company. Based on data from MarketBeat.com, the stock currently has a consensus rating of “Hold” and an average target price of $111.26.

Enphase Energy Price Performance

NASDAQ ENPH opened at $81.10 on Wednesday. The stock has a market capitalization of $11.03 billion, a price-to-earnings ratio of 42.24, a PEG ratio of 5.57 and a beta of 1.72. Enphase Energy has a 1-year low of $73.49 and a 1-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. The business’s fifty day moving average price is $109.09 and its 200-day moving average price is $112.01.

Enphase Energy (NASDAQ:ENPH) last posted its earnings results on Tuesday, October 22nd. The semiconductor company reported $0.65 earnings per share for the quarter, missing analysts’ consensus estimates 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 firm’s revenue was down 30.9% compared to the same quarter last year. During the same period in the prior year, the company posted $0.84 EPS. On average, equities analysts predict that Enphase Energy will post 1.19 earnings per share for the current year.

Institutional Investors Weigh In On Enphase Energy

Hedge funds have recently bought and sold shares of the business. Swedbank AB increased its holdings in shares of Enphase Energy by 0.3% in the 3rd quarter. Swedbank AB now owns 3,463,475 shares of the semiconductor company’s stock worth $391,442,000 after buying an additional 11,890 shares during the last quarter. DekaBank Deutsche Girozentrale increased its stake in Enphase Energy by 48.6% during the first quarter. DekaBank Deutsche Girozentrale now owns 88,696 shares of the semiconductor company’s stock worth $10,658,000 after acquiring an additional 29,013 shares during the last quarter. Allspring Global Investments Holdings LLC raised its position in Enphase Energy by 364.6% during the first quarter. Allspring Global Investments Holdings LLC now owns 108,674 shares of the semiconductor company’s stock valued at $13,147,000 after purchasing an additional 85,284 shares during the period. Doheny Asset Management CA bought a new stake in shares of Enphase Energy in the 2nd quarter valued at approximately $8,095,000. Finally, Envestnet Asset Management Inc. boosted its holdings in shares of Enphase Energy by 54.9% in the 2nd quarter. Envestnet Asset Management Inc. now owns 44,510 shares of the semiconductor company’s stock worth $4,438,000 after purchasing an additional 15,776 shares during the period. Hedge funds and other institutional investors own 72.12% of the company’s stock.

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.