KeyCorp Comments on Enphase Energy, Inc.’s Q1 2024 Earnings (NASDAQ:ENPH)

Enphase Energy, Inc. (NASDAQ:ENPH) – Analysts at KeyCorp issued their Q1 2024 earnings per share (EPS) estimates for Enphase Energy in a research note issued to investors on Monday, April 22nd. KeyCorp analyst S. Karp forecasts that the semiconductor company will post earnings per share of $0.03 for the quarter. KeyCorp currently has a “Sector Weight” rating on the stock. The consensus estimate for Enphase Energy’s current full-year earnings is $2.01 per share. KeyCorp also issued estimates for Enphase Energy’s Q2 2024 earnings at $0.21 EPS, Q3 2024 earnings at $0.88 EPS and Q4 2024 earnings at $0.92 EPS.

Enphase Energy (NASDAQ:ENPH) last announced its earnings results on Tuesday, February 6th. The semiconductor company reported $0.29 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.24 by $0.05. Enphase Energy had a return on equity of 31.34% and a net margin of 15.10%. The business had revenue of $302.57 million for the quarter, compared to analyst estimates of $327.06 million.

Other analysts also recently issued reports about the company. Susquehanna reiterated a “positive” rating and set a $140.00 target price on shares of Enphase Energy in a research report on Friday, April 5th. Royal Bank of Canada lowered their price target on Enphase Energy from $140.00 to $130.00 and set an “outperform” rating for the company in a report on Wednesday. Guggenheim cut Enphase Energy from a “neutral” rating to a “sell” rating and set a $92.00 price target for the company. in a report on Wednesday. TD Cowen boosted their price target on Enphase Energy from $140.00 to $145.00 and gave the stock a “buy” rating in a report on Wednesday. Finally, BMO Capital Markets lowered their price target on Enphase Energy from $118.00 to $113.00 and set a “market perform” rating for the company in a report on Wednesday. Three equities research analysts have rated the stock with a sell rating, fourteen have assigned a hold rating and fifteen have given a buy rating to the stock. According to MarketBeat, the stock has a consensus rating of “Hold” and an average target price of $141.00.

Enphase Energy Stock Performance

Shares of NASDAQ ENPH opened at $107.83 on Thursday. The company has a current ratio of 4.59, a quick ratio of 4.19 and a debt-to-equity ratio of 1.32. Enphase Energy has a 12 month low of $73.49 and a 12 month high of $192.22. The stock has a 50 day moving average of $118.79 and a 200-day moving average of $111.93. The company has a market capitalization of $14.66 billion, a P/E ratio of 53.47, a P/E/G ratio of 3.24 and a beta of 1.47.

Insider Activity

In other Enphase Energy news, CEO Badrinarayanan Kothandaraman purchased 4,000 shares of the stock in a transaction on Tuesday, February 27th. The shares were bought at an average cost of $120.54 per share, with a total value of $482,160.00. Following the completion of the acquisition, the chief executive officer now owns 1,655,171 shares in the company, valued at $199,514,312.34. The purchase was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this link. In related news, CEO Badrinarayanan Kothandaraman purchased 4,000 shares of Enphase Energy stock in a transaction that occurred on Tuesday, February 27th. The stock was purchased at an average price of $120.54 per share, for a total transaction of $482,160.00. Following the transaction, the chief executive officer now directly owns 1,655,171 shares in the company, valued at $199,514,312.34. The acquisition was disclosed in a document filed with the SEC, which is available at this link. Also, Director Richard Mora sold 24,285 shares of the company’s stock in a transaction dated Friday, February 9th. The stock was sold at an average price of $120.59, for a total transaction of $2,928,528.15. Following the transaction, the director now owns 3,126 shares of the company’s stock, valued at approximately $376,964.34. The disclosure for this sale can be found here. Insiders have sold 34,285 shares of company stock valued at $4,054,428 over the last ninety days. 3.40% of the stock is currently owned by insiders.

Hedge Funds Weigh In On Enphase Energy

A number of hedge funds have recently made changes to their positions in ENPH. Bogart Wealth LLC acquired a new stake in Enphase Energy during the 4th quarter worth approximately $26,000. CVA Family Office LLC acquired a new stake in shares of Enphase Energy in the 4th quarter valued at $31,000. Parkside Financial Bank & Trust raised its stake in Enphase Energy by 131.3% during the 3rd quarter. Parkside Financial Bank & Trust now owns 310 shares of the semiconductor company’s stock worth $37,000 after acquiring an additional 176 shares in the last quarter. Covestor Ltd raised its stake in Enphase Energy by 61.6% during the 3rd quarter. Covestor Ltd now owns 349 shares of the semiconductor company’s stock worth $42,000 after acquiring an additional 133 shares in the last quarter. Finally, Addison Advisors LLC raised its stake in Enphase Energy by 1,447.6% during the 4th quarter. Addison Advisors LLC now owns 325 shares of the semiconductor company’s stock worth $43,000 after acquiring an additional 304 shares in the last quarter. Hedge funds and other 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.