Enphase Energy (NASDAQ:ENPH) Cut to “Hold” at Canaccord Genuity Group

Canaccord Genuity Group downgraded shares of Enphase Energy (NASDAQ:ENPH) from a buy rating to a hold rating in a research note issued to investors on Wednesday morning, Marketbeat.com reports.

Other equities analysts also recently issued research reports about the stock. Morgan Stanley increased their price target on shares of Enphase Energy from $100.00 to $102.00 and gave the stock an “equal weight” rating in a research note on Wednesday, October 9th. BNP Paribas upgraded Enphase Energy from a “neutral” rating to an “outperform” rating and lifted their target price for the company from $120.00 to $144.00 in a report on Wednesday, August 7th. Jefferies Financial Group restated a “hold” rating and set a $115.00 price target (up from $111.00) on shares of Enphase Energy in a research note on Wednesday, September 4th. Citigroup reduced their price objective on Enphase Energy from $114.00 to $99.00 and set a “neutral” rating on the stock in a research note on Tuesday. Finally, Truist Financial dropped their target price on shares of Enphase Energy from $130.00 to $110.00 and set a “buy” rating for the company in a research report on Wednesday, October 16th. Three investment analysts have rated the stock with a sell rating, fourteen have issued a hold rating and sixteen have issued a buy rating to the company. According to MarketBeat, the stock has a consensus rating of “Hold” and a consensus price target of $111.26.

Enphase Energy Price Performance

Shares of NASDAQ:ENPH opened at $83.83 on Wednesday. Enphase Energy has a 52 week low of $73.49 and a 52 week high of $141.63. The company has a 50-day moving average price of $108.44 and a 200 day moving average price of $111.79. The company has a market cap of $11.41 billion, a P/E ratio of 43.66, a PEG ratio of 5.57 and a beta of 1.72. The company has a quick ratio of 3.90, a current ratio of 4.23 and a debt-to-equity ratio of 1.36.

Enphase Energy (NASDAQ:ENPH) last announced its quarterly earnings results on Tuesday, October 22nd. The semiconductor company reported $0.65 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $0.77 by ($0.12). The company had revenue of $380.90 million during the quarter, compared to analysts’ expectations of $392.51 million. Enphase Energy had a net margin of 9.12% and a return on equity of 17.30%. The business’s revenue for the quarter was down 30.9% compared to the same quarter last year. During the same quarter in the prior year, the business earned $0.84 EPS. Research analysts predict that Enphase Energy will post 1.19 earnings per share for the current year.

Institutional Inflows and Outflows

Large investors have recently bought and sold shares of the company. Manchester Capital Management LLC raised its position in shares of Enphase Energy by 1,068.4% during the 1st quarter. Manchester Capital Management LLC now owns 222 shares of the semiconductor company’s stock valued at $27,000 after acquiring an additional 203 shares in the last quarter. Chilton Capital Management LLC increased its stake in Enphase Energy by 2,733.3% during the first quarter. Chilton Capital Management LLC now owns 255 shares of the semiconductor company’s stock valued at $31,000 after purchasing an additional 246 shares during the last quarter. UMB Bank n.a. raised its holdings in shares of Enphase Energy by 784.8% during the third quarter. UMB Bank n.a. now owns 292 shares of the semiconductor company’s stock worth $33,000 after purchasing an additional 259 shares during the period. nVerses Capital LLC bought a new position in shares of Enphase Energy in the 3rd quarter worth about $34,000. Finally, Quest Partners LLC grew its position in shares of Enphase Energy by 11,525.0% during the 2nd quarter. Quest Partners LLC now owns 465 shares of the semiconductor company’s stock valued at $46,000 after buying an additional 461 shares during the last quarter. Institutional investors 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.