Enphase Energy (NASDAQ:ENPH) Raised to “Buy” at Canaccord Genuity Group

Enphase Energy (NASDAQ:ENPH) was upgraded by equities research analysts at Canaccord Genuity Group from a “hold” rating to a “buy” rating in a research note issued on Wednesday, Marketbeat Ratings reports. The brokerage presently has a $82.00 price objective on the semiconductor company’s stock, up from their previous price objective of $76.00. Canaccord Genuity Group’s price objective indicates a potential upside of 23.29% from the stock’s previous close.

A number of other brokerages have also recently weighed in on ENPH. BMO Capital Markets reduced their price objective on shares of Enphase Energy from $114.00 to $104.00 and set a “market perform” rating for the company in a research note on Monday, October 14th. Craig Hallum cut their target price on shares of Enphase Energy from $153.00 to $123.00 and set a “buy” rating for the company in a research note on Wednesday, October 23rd. HSBC cut shares of Enphase Energy from a “buy” rating to a “hold” rating and cut their target price for the company from $154.00 to $81.00 in a research note on Friday, November 8th. Royal Bank of Canada cut their target price on shares of Enphase Energy from $85.00 to $71.00 and set a “sector perform” rating for the company in a research note on Friday, November 22nd. Finally, Wells Fargo & Company cut their target price on shares of Enphase Energy from $101.00 to $83.00 and set an “overweight” rating for the company in a research note on Wednesday, January 8th. Three research analysts have rated the stock with a sell rating, sixteen have assigned a hold rating and fourteen have given a buy rating to the stock. Based on data from MarketBeat.com, the company currently has a consensus rating of “Hold” and a consensus price target of $90.42.

Enphase Energy Stock Performance

ENPH stock opened at $66.51 on Wednesday. The company has a quick ratio of 3.88, a current ratio of 4.16 and a debt-to-equity ratio of 1.29. The company has a market capitalization of $8.99 billion, a price-to-earnings ratio of 151.16, a P/E/G ratio of 8.22 and a beta of 1.68. Enphase Energy has a 12 month low of $58.33 and a 12 month high of $141.63. The firm has a 50 day moving average of $68.77 and a two-hundred day moving average of $88.79.

Enphase Energy (NASDAQ:ENPH) last posted its earnings results on Tuesday, February 4th. The semiconductor company reported $0.57 EPS for the quarter, missing the consensus estimate of $0.72 by ($0.15). Enphase Energy had a return on equity of 10.56% and a net margin of 4.91%. As a group, equities analysts anticipate that Enphase Energy will post 0.92 EPS for the current fiscal year.

Institutional Investors Weigh In On Enphase Energy

A number of hedge funds have recently added to or reduced their stakes in ENPH. Baillie Gifford & Co. grew its holdings in Enphase Energy by 32.0% during the 4th quarter. Baillie Gifford & Co. now owns 8,371,790 shares of the semiconductor company’s stock worth $574,975,000 after acquiring an additional 2,028,691 shares during the last quarter. Nordea Investment Management AB grew its holdings in Enphase Energy by 131.6% during the 4th quarter. Nordea Investment Management AB now owns 2,214,999 shares of the semiconductor company’s stock worth $155,360,000 after acquiring an additional 1,258,778 shares during the last quarter. Mizuho Securities USA LLC grew its holdings in Enphase Energy by 4,177.9% during the 3rd quarter. Mizuho Securities USA LLC now owns 448,918 shares of the semiconductor company’s stock worth $50,737,000 after acquiring an additional 438,424 shares during the last quarter. Aspex Management HK Ltd bought a new stake in Enphase Energy during the 3rd quarter worth about $48,442,000. Finally, Montrusco Bolton Investments Inc. grew its holdings in Enphase Energy by 93.4% during the 3rd quarter. Montrusco Bolton Investments Inc. now owns 878,558 shares of the semiconductor company’s stock worth $99,295,000 after acquiring an additional 424,327 shares during the last quarter. 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.