Enphase Energy (NASDAQ:ENPH) Reaches New 12-Month Low After Analyst Downgrade

Enphase Energy, Inc. (NASDAQ:ENPH)’s share price hit a new 52-week low on Tuesday after Canaccord Genuity Group lowered their price target on the stock from $95.00 to $76.00. Canaccord Genuity Group currently has a hold rating on the stock. Enphase Energy traded as low as $60.82 and last traded at $60.95, with a volume of 1186257 shares changing hands. The stock had previously closed at $63.66.

Other equities analysts have also issued research reports about the company. BMO Capital Markets cut their price target 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. Roth Mkm reduced their target price on shares of Enphase Energy from $130.00 to $100.00 and set a “buy” rating on the stock in a research note on Wednesday, October 23rd. William Blair assumed coverage on shares of Enphase Energy in a research report on Thursday, August 29th. They set a “market perform” rating for the company. TD Cowen reduced their price objective on shares of Enphase Energy from $130.00 to $120.00 and set a “buy” rating on the stock in a research note on Wednesday, October 23rd. Finally, JPMorgan Chase & Co. lowered their target price on shares of Enphase Energy from $130.00 to $120.00 and set an “overweight” rating for the company in a report on Wednesday, October 23rd. Four equities research analysts have rated the stock with a sell rating, sixteen have given a hold rating and fourteen have given a buy rating to the company. According to MarketBeat, the company presently has a consensus rating of “Hold” and a consensus target price of $103.39.

Hedge Funds Weigh In On Enphase Energy

Several hedge funds have recently modified their holdings of the stock. Baillie Gifford & Co. grew its stake in Enphase Energy by 0.9% in the third quarter. Baillie Gifford & Co. now owns 6,343,099 shares of the semiconductor company’s stock valued at $716,897,000 after purchasing an additional 58,040 shares in the last quarter. Swedbank AB bought a new position in shares of Enphase Energy in the first quarter valued at $424,130,000. Electron Capital Partners LLC increased its holdings in Enphase Energy by 1,021.4% during the second quarter. Electron Capital Partners LLC now owns 1,183,713 shares of the semiconductor company’s stock worth $118,028,000 after buying an additional 1,078,154 shares during the last quarter. Charles Schwab Investment Management Inc. raised its position in Enphase Energy by 1.9% during the third quarter. Charles Schwab Investment Management Inc. now owns 880,340 shares of the semiconductor company’s stock worth $99,496,000 after acquiring an additional 16,234 shares in the last quarter. Finally, Montrusco Bolton Investments Inc. raised its position in Enphase Energy by 93.4% during the third 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 in the last quarter. Institutional investors own 72.12% of the company’s stock.

Enphase Energy Trading Down 5.6 %

The business’s 50 day simple moving average is $98.28 and its 200 day simple moving average is $108.79. The stock has a market cap of $8.12 billion, a price-to-earnings ratio of 136.57, a PEG ratio of 7.51 and a beta of 1.77. The company has a quick ratio of 3.88, a current ratio of 4.16 and a debt-to-equity ratio of 1.29.

Enphase Energy (NASDAQ:ENPH) last issued its earnings results on Tuesday, October 22nd. The semiconductor company reported $0.65 earnings per share (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 analyst estimates of $392.51 million. Enphase Energy had a net margin of 4.91% and a return on equity of 10.56%. The company’s revenue for the quarter was down 30.9% on a year-over-year basis. During the same quarter last year, the business posted $0.84 earnings per share. On average, research analysts expect that Enphase Energy, Inc. will post 0.92 EPS for the current fiscal 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.