HSBC Downgrades Enphase Energy (NASDAQ:ENPH) to Hold

Enphase Energy (NASDAQ:ENPH) was downgraded by equities researchers at HSBC from a “buy” rating to a “hold” rating in a research note issued to investors on Friday, MarketBeat.com reports. They presently have a $81.00 target price on the semiconductor company’s stock, down from their prior target price of $154.00. HSBC’s target price indicates a potential upside of 21.08% from the company’s previous close.

ENPH has been the subject of several other research reports. William Blair started coverage on Enphase Energy in a research report on Thursday, August 29th. They set a “market perform” rating for the company. Raymond James cut their price objective on shares of Enphase Energy from $140.00 to $130.00 and set an “outperform” rating for the company in a report on Wednesday, October 23rd. Truist Financial lowered their target price on shares of Enphase Energy from $130.00 to $110.00 and set a “buy” rating on the stock in a report on Wednesday, October 16th. Northland Securities dropped their target price on shares of Enphase Energy from $150.00 to $110.00 and set an “outperform” rating for the company in a research report on Thursday, October 24th. Finally, Guggenheim downgraded shares of Enphase Energy from a “neutral” rating to a “sell” rating and set a $73.00 price target on the stock. in a report on Wednesday, October 23rd. Four investment analysts have rated the stock with a sell rating, sixteen have issued a hold rating and fourteen have issued a buy rating to the stock. According to data from MarketBeat, Enphase Energy currently has an average rating of “Hold” and a consensus target price of $104.03.

Enphase Energy Price Performance

Shares of NASDAQ:ENPH opened at $66.90 on Friday. The company has a market capitalization of $9.04 billion, a P/E ratio of 152.05, a P/E/G ratio of 8.40 and a beta of 1.77. Enphase Energy has a 1-year low of $65.66 and a 1-year high of $141.63. The firm’s 50 day simple moving average is $100.48 and its two-hundred day simple moving average is $109.45. The company has a debt-to-equity ratio of 1.29, a current ratio of 4.16 and a quick ratio of 3.88.

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. Research analysts expect that Enphase Energy will post 0.92 EPS for the current fiscal year.

Institutional Trading of Enphase Energy

A number of hedge funds and other institutional investors have recently added to or reduced their stakes in the company. Swedbank AB purchased a new position in shares of Enphase Energy during the first quarter valued at approximately $424,130,000. Baillie Gifford & Co. lifted its stake in shares of Enphase Energy by 57.9% during the 2nd quarter. Baillie Gifford & Co. now owns 6,285,059 shares of the semiconductor company’s stock worth $626,683,000 after acquiring an additional 2,304,408 shares during the last quarter. Electron Capital Partners LLC boosted its holdings 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 valued at $118,028,000 after acquiring an additional 1,078,154 shares during the period. Anomaly Capital Management LP purchased a new position in Enphase Energy during the 2nd quarter valued at $51,582,000. Finally, Canada Pension Plan Investment Board bought a new position in Enphase Energy in the 1st quarter valued at $59,128,000. 72.12% of the stock is owned by hedge funds and other 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.