Enphase Energy (NASDAQ:ENPH) Trading 8.4% Higher on Analyst Upgrade

Enphase Energy Inc (NASDAQ:ENPH)’s stock price rose 8.4% during mid-day trading on Thursday after BidaskClub upgraded the stock from a buy rating to a strong-buy rating. The stock traded as high as $89.52 and last traded at $89.51. Approximately 4,030,664 shares were traded during mid-day trading, a decline of 32% from the average daily volume of 5,914,867 shares. The stock had previously closed at $82.59.

Other analysts have also recently issued reports about the company. TheStreet cut Enphase Energy from a “b” rating to a “c+” rating in a research report on Thursday, June 18th. Zacks Investment Research raised Enphase Energy from a “hold” rating to a “buy” rating and set a $52.00 price target for the company in a report on Monday, July 6th. Oppenheimer initiated coverage on shares of Enphase Energy in a research note on Tuesday, August 11th. They issued a “buy” rating and a $77.00 price target on the stock. JPMorgan Chase & Co. increased their price objective on Enphase Energy from $80.00 to $92.00 and gave the stock an “overweight” rating in a research report on Wednesday. They noted that the move was a valuation call. Finally, Barclays lifted their price objective on shares of Enphase Energy from $80.00 to $90.00 in a research note on Wednesday, August 5th. One research analyst has rated the stock with a sell rating, four have issued a hold rating, thirteen have issued a buy rating and one has given a strong buy rating to the company. The stock has a consensus rating of “Buy” and an average target price of $74.40.

In related news, COO Jeff Mcneil sold 7,500 shares of the firm’s stock in a transaction dated Tuesday, September 1st. The stock was sold at an average price of $78.61, for a total value of $589,575.00. Following the sale, the chief operating officer now directly owns 262,535 shares of the company’s stock, valued at $20,637,876.35. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this link. 7.10% of the stock is owned by corporate insiders.

A number of hedge funds have recently added to or reduced their stakes in the stock. Assetmark Inc. acquired a new stake in Enphase Energy in the second quarter valued at approximately $25,000. Captrust Financial Advisors bought a new position in shares of Enphase Energy in the 2nd quarter valued at $37,000. IFP Advisors Inc boosted its holdings in shares of Enphase Energy by 282.4% during the 2nd quarter. IFP Advisors Inc now owns 937 shares of the semiconductor company’s stock valued at $45,000 after acquiring an additional 692 shares in the last quarter. Beese Fulmer Investment Management Inc. bought a new stake in Enphase Energy during the 2nd quarter worth $48,000. Finally, Federated Hermes Inc. increased its holdings in Enphase Energy by 51,600.0% in the 1st quarter. Federated Hermes Inc. now owns 1,551 shares of the semiconductor company’s stock worth $50,000 after purchasing an additional 1,548 shares in the last quarter. Institutional investors and hedge funds own 68.15% of the company’s stock.

The firm has a 50-day simple moving average of $71.55 and a 200 day simple moving average of $54.25. The stock has a market capitalization of $11.28 billion, a P/E ratio of 71.28 and a beta of 1.05. The company has a debt-to-equity ratio of 0.68, a current ratio of 3.39 and a quick ratio of 3.25.

Enphase Energy (NASDAQ:ENPH) last issued its quarterly earnings data on Tuesday, August 4th. The semiconductor company reported $0.17 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.14 by $0.03. Enphase Energy had a net margin of 23.49% and a return on equity of 34.22%. The business had revenue of $125.54 million during the quarter, compared to analyst estimates of $123.24 million. During the same quarter last year, the business earned $0.18 EPS. The firm’s quarterly revenue was down 6.4% on a year-over-year basis. Sell-side analysts anticipate that Enphase Energy Inc will post 0.95 earnings per share for the current fiscal year.

About Enphase Energy (NASDAQ:ENPH)

Enphase Energy, Inc, together with its subsidiaries, designs, develops, and sells home energy solutions for the solar photovoltaic industry in the United States and internationally. The company offers semiconductor-based microinverter that converts energy at the individual solar module level and combines with its proprietary networking and software technologies to provide energy monitoring and control services.

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