Enphase Energy (NASDAQ:ENPH) Stock Price Down 4.5% Following Analyst Downgrade

Enphase Energy, Inc. (NASDAQ:ENPH) shares dropped 4.5% during mid-day trading on Wednesday after BMO Capital Markets lowered their price target on the stock from $115.00 to $114.00. BMO Capital Markets currently has a market perform rating on the stock. Enphase Energy traded as low as $104.83 and last traded at $106.15. Approximately 171,787 shares traded hands during mid-day trading, a decline of 95% from the average daily volume of 3,751,107 shares. The stock had previously closed at $111.20.

Other research analysts also recently issued reports about the stock. William Blair assumed coverage on shares of Enphase Energy in a research report on Thursday, August 29th. They issued a “market perform” rating on the stock. Piper Sandler boosted their target price on shares of Enphase Energy from $111.00 to $120.00 and gave the company a “neutral” rating in a research note on Monday, July 22nd. BNP Paribas upgraded Enphase Energy from a “neutral” rating to an “outperform” rating and increased their target price for the company from $120.00 to $144.00 in a report on Wednesday, August 7th. Guggenheim lifted their price target on Enphase Energy from $92.00 to $93.00 and gave the company a “sell” rating in a report on Wednesday, July 24th. Finally, Glj Research started coverage on Enphase Energy in a research report on Tuesday, June 25th. They set a “sell” rating and a $45.82 price target on the stock. Four investment analysts have rated the stock with a sell rating, ten have given a hold rating and eighteen have given a buy rating to the company. According to data from MarketBeat, the company presently has an average rating of “Hold” and a consensus target price of $128.86.

Hedge Funds Weigh In On Enphase Energy

Several hedge funds and other institutional investors have recently added to or reduced their stakes in ENPH. SCP Investment LP acquired a new position in Enphase Energy in the 4th quarter valued at $355,000. Stifel Financial Corp increased its stake in shares of Enphase Energy by 25.0% in the fourth quarter. Stifel Financial Corp now owns 101,140 shares of the semiconductor company’s stock worth $13,365,000 after purchasing an additional 20,247 shares during the period. TFO Wealth Partners LLC lifted its position in shares of Enphase Energy by 6,720.0% during the 4th quarter. TFO Wealth Partners LLC now owns 341 shares of the semiconductor company’s stock worth $45,000 after purchasing an additional 336 shares during the last quarter. California State Teachers Retirement System boosted its stake in Enphase Energy by 3.6% during the 4th quarter. California State Teachers Retirement System now owns 223,535 shares of the semiconductor company’s stock valued at $29,538,000 after purchasing an additional 7,697 shares during the period. Finally, The Manufacturers Life Insurance Company grew its holdings in Enphase Energy by 2.6% in the 4th quarter. The Manufacturers Life Insurance Company now owns 112,077 shares of the semiconductor company’s stock valued at $14,811,000 after buying an additional 2,823 shares during the last quarter. Institutional investors and hedge funds own 72.12% of the company’s stock.

Enphase Energy Trading Down 3.5 %

The company has a market capitalization of $14.60 billion, a P/E ratio of 56.61, a P/E/G ratio of 6.19 and a beta of 1.72. The company has a 50-day simple moving average of $113.60 and a 200 day simple moving average of $114.13. The company has a debt-to-equity ratio of 1.36, a quick ratio of 3.90 and a current ratio of 4.23.

Enphase Energy (NASDAQ:ENPH) last announced its earnings results on Tuesday, July 23rd. The semiconductor company reported $0.43 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $0.49 by ($0.06). Enphase Energy had a return on equity of 17.30% and a net margin of 9.12%. The company had revenue of $303.80 million for the quarter, compared to the consensus estimate of $309.73 million. During the same period last year, the firm posted $1.16 EPS. The company’s revenue was down 57.3% compared to the same quarter last year. Sell-side analysts expect that Enphase Energy, Inc. will post 1.19 earnings per share for the current year.

Enphase Energy Company Profile

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.