Enphase Energy (NASDAQ:ENPH) Shares Up 6.1% – What’s Next?

Enphase Energy, Inc. (NASDAQ:ENPH) shot up 6.1% during trading on Thursday . The stock traded as high as $65.00 and last traded at $64.07. 4,657,551 shares changed hands during trading, an increase of 16% from the average session volume of 4,007,202 shares. The stock had previously closed at $60.39.

Wall Street Analysts Forecast Growth

Several brokerages have recently commented on ENPH. Oppenheimer cut their price objective on Enphase Energy from $134.00 to $101.00 and set an “outperform” rating for the company in a report on Wednesday, October 23rd. The Goldman Sachs Group cut their target price on Enphase Energy from $170.00 to $145.00 and set a “buy” rating for the company in a research note on Wednesday, October 23rd. TD Cowen cut their target price on Enphase Energy from $130.00 to $120.00 and set a “buy” rating for the company in a research note on Wednesday, October 23rd. Jefferies Financial Group lowered Enphase Energy from a “hold” rating to an “underperform” rating and cut their target price for the stock from $93.00 to $61.00 in a research note on Thursday, November 7th. Finally, Roth Mkm cut their target price on shares of Enphase Energy from $130.00 to $100.00 and set a “buy” rating on the stock in a report on Wednesday, October 23rd. Four research analysts have rated the stock with a sell rating, sixteen have issued a hold rating and fourteen have given a buy rating to the stock. According to data from MarketBeat, the stock has an average rating of “Hold” and a consensus price target of $102.76.

Enphase Energy Price Performance

The firm has a fifty day moving average of $95.27 and a 200 day moving average of $107.76. The company has a market capitalization of $8.04 billion, a P/E ratio of 135.27, a P/E/G ratio of 6.80 and a beta of 1.77. The company has a current ratio of 4.16, a quick ratio of 3.88 and a debt-to-equity ratio of 1.29.

Enphase Energy (NASDAQ:ENPH) last released its quarterly earnings data on Tuesday, October 22nd. The semiconductor company reported $0.65 EPS for the quarter, missing the consensus estimate of $0.77 by ($0.12). Enphase Energy had a return on equity of 10.56% and a net margin of 4.91%. The business had revenue of $380.90 million during the quarter, compared to the consensus estimate of $392.51 million. During the same quarter in the previous year, the business posted $0.84 earnings per share. Enphase Energy’s quarterly revenue was down 30.9% compared to the same quarter last year. On average, equities research analysts anticipate that Enphase Energy, Inc. will post 0.92 EPS for the current year.

Institutional Investors Weigh In On Enphase Energy

A number of large investors have recently made changes to their positions in ENPH. Avantax Advisory Services Inc. grew its stake in shares of Enphase Energy by 23.8% during the 1st quarter. Avantax Advisory Services Inc. now owns 8,306 shares of the semiconductor company’s stock valued at $1,005,000 after purchasing an additional 1,599 shares during the period. State Board of Administration of Florida Retirement System lifted its position in shares of Enphase Energy by 4.5% during the 1st quarter. State Board of Administration of Florida Retirement System now owns 146,954 shares of the semiconductor company’s stock valued at $17,778,000 after buying an additional 6,275 shares in the last quarter. Mitsubishi UFJ Asset Management Co. Ltd. lifted its position in shares of Enphase Energy by 17.3% during the 1st quarter. Mitsubishi UFJ Asset Management Co. Ltd. now owns 165,014 shares of the semiconductor company’s stock valued at $19,963,000 after buying an additional 24,317 shares in the last quarter. Banco Santander S.A. lifted its position in shares of Enphase Energy by 7.8% during the 1st quarter. Banco Santander S.A. now owns 29,895 shares of the semiconductor company’s stock valued at $3,617,000 after buying an additional 2,155 shares in the last quarter. Finally, M&G Plc purchased a new position in shares of Enphase Energy during the 1st quarter valued at about $7,244,000. 72.12% of the stock is currently owned by institutional investors.

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.