Enphase Energy (NASDAQ:ENPH) Shares Gap Down Following Analyst Downgrade

Posted by Defense World Staff on Jul 21st, 2023

Enphase Energy, Inc. (NASDAQ:ENPH – Get Free Report)’s stock price gapped down prior to trading on Thursday after Wolfe Research downgraded the stock from an outperform rating to a peer perform rating. The stock had previously closed at $185.49, but opened at $178.62. Enphase Energy shares last traded at $176.36, with a volume of 744,693 shares trading hands.

A number of other research analysts also recently issued reports on the company. Deutsche Bank Aktiengesellschaft decreased their price objective on Enphase Energy from $280.00 to $240.00 in a report on Thursday, April 27th. StockNews.com assumed coverage on Enphase Energy in a research note on Thursday, May 18th. They issued a “hold” rating on the stock. KeyCorp lifted their target price on Enphase Energy from $260.00 to $267.00 in a report on Wednesday. The Goldman Sachs Group dropped their price target on Enphase Energy from $285.00 to $250.00 and set a “buy” rating on the stock in a research note on Wednesday. Finally, JPMorgan Chase & Co. decreased their price objective on Enphase Energy from $258.00 to $224.00 in a report on Wednesday. One research analyst has rated the stock with a sell rating, seven have given a hold rating and twenty-three have issued a buy rating to the stock. According to data from MarketBeat, the stock has an average rating of “Moderate Buy” and a consensus target price of $268.66.

Insider Transactions at Enphase Energy

In other Enphase Energy news, EVP David A. Ranhoff sold 1,791 shares of the stock in a transaction that occurred on Tuesday, May 30th. The shares were sold at an average price of $175.10, for a total value of $313,604.10. Following the transaction, the executive vice president now directly owns 82,644 shares in the company, valued at $14,470,964.40. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. In other news, EVP David A. Ranhoff sold 1,791 shares of the firm’s stock in a transaction that occurred on Tuesday, May 30th. The shares were sold at an average price of $175.10, for a total transaction of $313,604.10. Following the transaction, the executive vice president now directly owns 82,644 shares in the company, valued at $14,470,964.40. The sale was disclosed in a legal filing with the SEC, which is accessible through this hyperlink. Also, CFO Mandy Yang acquired 3,500 shares of the stock in a transaction that occurred on Tuesday, May 2nd. The stock was purchased at an average price of $156.86 per share, for a total transaction of $549,010.00. Following the completion of the transaction, the chief financial officer now owns 99,043 shares in the company, valued at $15,535,884.98. The disclosure for this purchase can be found here. Corporate insiders own 4.20% of the company’s stock.

Institutional Inflows and Outflows

Several hedge funds and other institutional investors have recently made changes to their positions in the company. Agur Provident & Training Funds Management Ltd. acquired a new position in shares of Enphase Energy during the 1st quarter valued at about $25,000. GPS Wealth Strategies Group LLC purchased a new position in shares of Enphase Energy during the 1st quarter valued at approximately $26,000. NewSquare Capital LLC purchased a new position in shares of Enphase Energy during the 4th quarter valued at approximately $28,000. KB Financial Partners LLC bought a new position in Enphase Energy during the first quarter worth $28,000. Finally, Resurgent Financial Advisors LLC bought a new position in Enphase Energy during the fourth quarter worth $29,000. Institutional investors and hedge funds own 71.94% of the company’s stock.

Enphase Energy Price Performance

The company has a quick ratio of 3.24, a current ratio of 3.45 and a debt-to-equity ratio of 1.24. The company has a 50 day moving average of $171.94 and a 200-day moving average of $195.97. The stock has a market capitalization of $24.10 billion, a P/E ratio of 51.44, a PEG ratio of 1.83 and a beta of 1.44.

Enphase Energy (NASDAQ:ENPH – Get Free Report) last issued its quarterly earnings results on Tuesday, April 25th. The semiconductor company reported $1.10 EPS for the quarter, beating analysts’ consensus estimates of $0.83 by $0.27. The company had revenue of $726.02 million for the quarter, compared to analyst estimates of $723.44 million. Enphase Energy had a return on equity of 74.86% and a net margin of 18.83%. Sell-side analysts predict that Enphase Energy, Inc. will post 4.09 EPS for the current year.

Enphase Energy Company Profile

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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 services.