Bank of America Lowers Enphase Energy (NASDAQ:ENPH) Price Target to $62.00

Enphase Energy (NASDAQ:ENPH) had its target price reduced by Bank of America from $72.00 to $62.00 in a report issued on Thursday, Benzinga reports. The brokerage presently has an “underperform” rating on the semiconductor company’s stock. Bank of America‘s price objective would suggest a potential downside of 17.12% from the stock’s previous close.

Several other research analysts have also recently weighed in on ENPH. Northland Securities dropped their price target on shares of Enphase Energy from $150.00 to $110.00 and set an “outperform” rating on the stock in a research note on Thursday, October 24th. Piper Sandler cut their price target on Enphase Energy from $105.00 to $85.00 and set a “neutral” rating for the company in a report on Wednesday, October 23rd. Truist Financial decreased their price objective on Enphase Energy from $130.00 to $110.00 and set a “buy” rating on the stock in a research note on Wednesday, October 16th. Oppenheimer cut their price objective on Enphase Energy from $134.00 to $101.00 and set an “outperform” rating for the company in a research note on Wednesday, October 23rd. Finally, Barclays reduced their target price on shares of Enphase Energy from $129.00 to $114.00 and set an “overweight” rating for the company in a report on Wednesday, October 23rd. Four research analysts have rated the stock with a sell rating, thirteen have issued a hold rating and sixteen have assigned a buy rating to the company’s stock. According to data from MarketBeat, the stock currently has a consensus rating of “Hold” and an average target price of $108.73.

Enphase Energy Price Performance

NASDAQ ENPH opened at $74.81 on Thursday. The stock has a market capitalization of $10.11 billion, a price-to-earnings ratio of 170.02, a PEG ratio of 9.82 and a beta of 1.77. Enphase Energy has a 1-year low of $71.38 and a 1-year high of $141.63. The company has a debt-to-equity ratio of 1.29, a current ratio of 4.16 and a quick ratio of 3.88. The business’s fifty day moving average price is $102.56 and its 200-day moving average price is $110.05.

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

Hedge Funds Weigh In On Enphase Energy

Several hedge funds have recently modified their holdings of the stock. Baillie Gifford & Co. lifted its stake in shares of Enphase Energy by 0.9% during the third quarter. Baillie Gifford & Co. now owns 6,343,099 shares of the semiconductor company’s stock worth $716,897,000 after buying an additional 58,040 shares during the period. Swedbank AB acquired a new stake in Enphase Energy during the 1st quarter worth about $424,130,000. Electron Capital Partners LLC lifted its position in Enphase Energy by 1,021.4% during the 2nd quarter. Electron Capital Partners LLC now owns 1,183,713 shares of the semiconductor company’s stock worth $118,028,000 after acquiring an additional 1,078,154 shares during the period. Thrivent Financial for Lutherans grew its stake in Enphase Energy by 17.6% during the 2nd quarter. Thrivent Financial for Lutherans now owns 826,742 shares of the semiconductor company’s stock valued at $82,434,000 after purchasing an additional 123,856 shares during the last quarter. Finally, Handelsbanken Fonder AB increased its holdings in shares of Enphase Energy by 71.0% in the third quarter. Handelsbanken Fonder AB now owns 714,364 shares of the semiconductor company’s stock valued at $80,737,000 after purchasing an additional 296,498 shares during the period. Institutional investors and hedge funds own 72.12% of the company’s stock.

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.