Wells Fargo & Company Cuts Enphase Energy (NASDAQ:ENPH) Price Target to $83.00

Enphase Energy (NASDAQ:ENPH) had its price target reduced by Wells Fargo & Company from $101.00 to $83.00 in a research report report published on Wednesday,Benzinga reports. They currently have an overweight rating on the semiconductor company’s stock.

Several other analysts have also recently commented on the stock. Royal Bank of Canada decreased their price target on shares of Enphase Energy from $85.00 to $71.00 and set a “sector perform” rating on the stock in a research note on Friday, November 22nd. BNP Paribas cut shares of Enphase Energy from an “outperform” rating to a “neutral” rating and set a $88.00 price target on the stock. in a research note on Friday, November 8th. OTR Global upgraded shares of Enphase Energy from a “negative” rating to a “mixed” rating in a research note on Friday, December 20th. Raymond James decreased their price target on shares of Enphase Energy from $140.00 to $130.00 and set an “outperform” rating on the stock in a research note on Wednesday, October 23rd. Finally, Truist Financial decreased their price target on shares of Enphase Energy from $130.00 to $110.00 and set a “buy” rating on the stock in a research note on Wednesday, October 16th. Four research analysts have rated the stock with a sell rating, fifteen have issued a hold rating and fourteen have given a buy rating to the company’s stock. According to data from MarketBeat, Enphase Energy presently has a consensus rating of “Hold” and an average price target of $97.86.

Enphase Energy Stock Down 5.2 %

ENPH opened at $69.66 on Wednesday. The company has a debt-to-equity ratio of 1.29, a quick ratio of 3.88 and a current ratio of 4.16. Enphase Energy has a fifty-two week low of $58.33 and a fifty-two week high of $141.63. The firm’s fifty day moving average is $71.13 and its 200 day moving average is $94.68. The stock has a market cap of $9.41 billion, a price-to-earnings ratio of 158.32, a price-to-earnings-growth ratio of 22.03 and a beta of 1.68.

Enphase Energy (NASDAQ:ENPH) last released its earnings results on Tuesday, October 22nd. The semiconductor company reported $0.65 earnings per share for the quarter, missing analysts’ consensus estimates of $0.77 by ($0.12). Enphase Energy had a net margin of 4.91% and a return on equity of 10.56%. The firm had revenue of $380.90 million for the quarter, compared to analysts’ expectations of $392.51 million. During the same quarter last year, the firm posted $0.84 EPS. The firm’s quarterly revenue was down 30.9% compared to the same quarter last year. On average, sell-side analysts forecast that Enphase Energy will post 0.94 earnings per share for the current fiscal year.

Hedge Funds Weigh In On Enphase Energy

A number of hedge funds have recently added to or reduced their stakes in ENPH. Natixis Advisors LLC bought a new position in Enphase Energy in the 2nd quarter worth about $1,076,000. TD Asset Management Inc grew its stake in Enphase Energy by 2.6% in the 2nd quarter. TD Asset Management Inc now owns 47,350 shares of the semiconductor company’s stock worth $4,721,000 after acquiring an additional 1,209 shares in the last quarter. National Bank of Canada FI grew its stake in Enphase Energy by 30.2% in the 2nd quarter. National Bank of Canada FI now owns 42,459 shares of the semiconductor company’s stock worth $4,129,000 after acquiring an additional 9,857 shares in the last quarter. Private Advisor Group LLC grew its stake in Enphase Energy by 20.1% in the 2nd quarter. Private Advisor Group LLC now owns 19,046 shares of the semiconductor company’s stock worth $1,899,000 after acquiring an additional 3,182 shares in the last quarter. Finally, Acadian Asset Management LLC bought a new position in Enphase Energy in the 2nd quarter worth about $431,000. 72.12% of the stock is currently owned by institutional investors.

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.