Enphase Energy, Inc. (NASDAQ:ENPH) has received a consensus rating of “Reduce” from analysts covering the stock, according to data from Marketbeat. Among the thirty-six analysts, thirteen have rated the stock as a sell, another thirteen as a hold, and ten have issued buy recommendations. The average target price for the next year is set at approximately $55.22.
Recent reports from various equities research firms highlight the mixed sentiment surrounding Enphase Energy. Bank of America adjusted its price target from $31.00 to $30.00, maintaining an “underperform” rating. Similarly, Piper Sandler revised its target from $47.00 to $42.00, also issuing a “neutral” rating. Susquehanna lowered its price target from $51.00 to $40.00 while keeping a “neutral” stance. KeyCorp reiterated an “underweight” rating with a target of $31.00, and BNP Paribas Exane changed its rating from “neutral” to “underperform,” setting a target price of $40.00.
Enphase Energy’s Financial Performance
Trading on Friday, July 22, 2023, Enphase Energy shares opened at $31.69. The company exhibits a current ratio of 1.97, a quick ratio of 1.82, and a debt-to-equity ratio of 0.65. With a market capitalization of $4.14 billion, the stock has a P/E ratio of 24.76 and a beta of 1.59. Over the past year, shares have fluctuated significantly, with a 12-month low of $31.13 and a high of $130.08. The company’s 50-day moving average stands at $39.65, while the 200-day moving average is $50.59.
Enphase Energy reported its quarterly earnings on July 22, 2023. The semiconductor company achieved earnings per share (EPS) of $0.69, surpassing the consensus estimate of $0.62 by $0.07. Revenue for the quarter reached $363.15 million, exceeding expectations of $359.14 million. The company’s net margin was reported at 11.78%, with a return on equity of 24.55%. Year-over-year, revenue has increased by 19.7%, compared to $0.43 EPS during the same quarter last year. Analysts anticipate that Enphase Energy will post an EPS of $2.08 for the current fiscal year.
Institutional Investor Activity
Recent transactions by institutional investors indicate a growing interest in Enphase Energy. Baillie Gifford & Co. increased its holdings by 32.0% in the first quarter, now owning 11,052,357 shares valued at approximately $685.8 million. Invesco Ltd. also raised its stake by 43.4% in the fourth quarter, accumulating 4,557,865 shares valued at around $313 million.
Assenagon Asset Management S.A. significantly expanded its holdings by 827.3% in the second quarter, now possessing 1,152,546 shares valued at $45.7 million. Meanwhile, AQR Capital Management LLC boosted its investment by an extraordinary 9,236.6% in the first quarter, owning 691,564 shares worth $41.5 million. Worldquant Millennium Advisors LLC also increased its stake by 531.4% in the fourth quarter, owning 805,791 shares valued at approximately $55.3 million. Currently, institutional investors and hedge funds own 72.12% of Enphase Energy’s stock.
Enphase Energy, based in the United States, designs, develops, manufactures, and sells home energy solutions specifically for the solar photovoltaic industry. The company is well-known for its semiconductor-based microinverters, which optimize energy conversion at the individual solar module level, integrating advanced networking and software technologies for energy monitoring and control.
