Enphase Energy (NASDAQ:ENPH) Price Target Lowered to $58.00 at TD Cowen

Enphase Energy (NASDAQ:ENPH) had its price objective decreased by equities researchers at TD Cowen from $78.00 to $58.00 in a research note issued on Wednesday,Briefing.com Automated Import reports. The brokerage currently has a “buy” rating on the semiconductor company’s stock. TD Cowen’s target price suggests a potential upside of 8.55% from the company’s previous close.

A number of other brokerages have also issued reports on ENPH. Glj Research reiterated a “sell” rating and set a $50.69 price target on shares of Enphase Energy in a research report on Tuesday, February 4th. Piper Sandler reduced their price target on shares of Enphase Energy from $65.00 to $47.00 and set a “neutral” rating for the company in a research note on Thursday, April 17th. Guggenheim upgraded Enphase Energy from a “sell” rating to a “neutral” rating and set a $62.00 target price for the company in a research report on Friday, January 31st. Morgan Stanley cut their price objective on Enphase Energy from $68.00 to $67.00 and set an “equal weight” rating for the company in a report on Wednesday, February 5th. Finally, Mizuho dropped their price target on shares of Enphase Energy from $81.00 to $65.00 and set an “outperform” rating on the stock in a research report on Tuesday. Four analysts have rated the stock with a sell rating, fifteen have assigned a hold rating and thirteen have assigned a buy rating to the stock. According to data from MarketBeat, the stock presently has a consensus rating of “Hold” and an average price target of $79.13.

Enphase Energy Stock Performance

Shares of ENPH stock opened at $53.43 on Wednesday. The company has a quick ratio of 3.28, a current ratio of 3.53 and a debt-to-equity ratio of 1.44. The business has a 50 day moving average of $58.95 and a two-hundred day moving average of $68.26. The company has a market cap of $7.08 billion, a P/E ratio of 72.20 and a beta of 1.94. Enphase Energy has a 52 week low of $46.60 and a 52 week high of $141.63.

Enphase Energy (NASDAQ:ENPH) last released its quarterly earnings results on Tuesday, February 4th. The semiconductor company reported $0.57 EPS for the quarter, topping the consensus estimate of $0.43 by $0.14. Enphase Energy had a net margin of 7.72% and a return on equity of 15.62%. As a group, analysts anticipate that Enphase Energy will post 2.08 EPS for the current year.

Insider Buying and Selling

In other news, Director Thurman J. Rodgers sold 100,000 shares of the stock in a transaction on Friday, March 7th. The stock was sold at an average price of $61.26, for a total transaction of $6,126,000.00. Following the sale, the director now owns 1,881,760 shares in the company, valued at approximately $115,276,617.60. This represents a 5.05 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Also, CFO Mandy Yang sold 1,319 shares of the company’s stock in a transaction dated Monday, March 10th. The stock was sold at an average price of $63.32, for a total transaction of $83,519.08. Following the transaction, the chief financial officer now owns 78,524 shares in the company, valued at approximately $4,972,139.68. This trade represents a 1.65 % decrease in their position. The disclosure for this sale can be found here. 3.10% of the stock is currently owned by corporate insiders.

Institutional Trading of Enphase Energy

Institutional investors and hedge funds have recently added to or reduced their stakes in the company. Generali Investments Towarzystwo Funduszy Inwestycyjnych raised its stake in shares of Enphase Energy by 72.7% during the fourth quarter. Generali Investments Towarzystwo Funduszy Inwestycyjnych now owns 19,000 shares of the semiconductor company’s stock worth $1,305,000 after buying an additional 8,000 shares during the last quarter. Norges Bank bought a new stake in shares of Enphase Energy in the 4th quarter valued at about $46,339,000. Nordea Investment Management AB raised its position in shares of Enphase Energy by 131.6% in the 4th quarter. Nordea Investment Management AB now owns 2,214,999 shares of the semiconductor company’s stock valued at $155,360,000 after acquiring an additional 1,258,778 shares during the period. Connor Clark & Lunn Investment Management Ltd. bought a new position in Enphase Energy during the 4th quarter worth approximately $5,324,000. Finally, Y Intercept Hong Kong Ltd acquired a new position in Enphase Energy during the fourth quarter valued at approximately $584,000. 72.12% of the stock is 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.