Wells Fargo & Company Issues Pessimistic Forecast for Enphase Energy (NASDAQ:ENPH) Stock Price

Enphase Energy (NASDAQ:ENPH) had its price objective dropped by investment analysts at Wells Fargo & Company from $75.00 to $65.00 in a research report issued on Thursday, Marketbeat Ratings reports. The brokerage currently has an “overweight” rating on the semiconductor company’s stock. Wells Fargo & Company‘s price target points to a potential upside of 38.80% from the company’s current price.

Several other analysts have also commented on the stock. Truist Financial reaffirmed a “hold” rating and issued a $65.00 price objective (down previously from $100.00) on shares of Enphase Energy in a research report on Thursday, January 16th. Canaccord Genuity Group dropped their price objective on Enphase Energy from $70.00 to $58.00 and set a “buy” rating on the stock in a research note on Thursday. Susquehanna reduced their price objective on Enphase Energy from $59.00 to $51.00 and set a “neutral” rating for the company in a report on Wednesday. Jefferies Financial Group lowered their target price on Enphase Energy from $44.00 to $37.00 and set an “underperform” rating on the stock in a research note on Wednesday. Finally, Royal Bank of Canada reiterated a “sector perform” rating and set a $54.00 price target (down previously from $59.00) on shares of Enphase Energy in a research note on Wednesday. Seven equities research analysts have rated the stock with a sell rating, thirteen have assigned a hold rating and thirteen have given a buy rating to the stock. Based on data from MarketBeat.com, Enphase Energy currently has a consensus rating of “Hold” and an average price target of $70.54.

Enphase Energy Stock Performance

ENPH stock opened at $46.83 on Thursday. The company has a quick ratio of 3.28, a current ratio of 3.53 and a debt-to-equity ratio of 1.44. The firm has a market cap of $6.20 billion, a PE ratio of 63.28 and a beta of 1.94. The business has a 50 day moving average of $57.84 and a 200-day moving average of $67.29. Enphase Energy has a 12-month low of $44.83 and a 12-month high of $141.63.

Enphase Energy (NASDAQ:ENPH) last announced its quarterly earnings data on Tuesday, February 4th. The semiconductor company reported $0.57 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.43 by $0.14. Enphase Energy had a return on equity of 15.62% and a net margin of 7.72%. As a group, sell-side analysts expect that Enphase Energy will post 2.08 earnings per share for the current year.

Insider Transactions at Enphase Energy

In other Enphase Energy news, Director Thurman J. Rodgers sold 100,000 shares of the firm’s stock in a transaction dated Friday, March 7th. The stock was sold at an average price of $61.26, for a total transaction of $6,126,000.00. Following the sale, the director now owns 1,881,760 shares in the company, valued at $115,276,617.60. This trade represents a 5.05 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is available at this hyperlink. Also, CFO Mandy Yang sold 1,319 shares of the company’s stock in a transaction dated Monday, March 10th. The stock was sold at an average price of $63.32, for a total value of $83,519.08. Following the completion of the transaction, the chief financial officer now owns 78,524 shares of the company’s stock, valued at $4,972,139.68. The trade was a 1.65 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders own 3.10% of the company’s stock.

Institutional Inflows and Outflows

Institutional investors and hedge funds have recently bought and sold shares of the business. Prakash Investment Advisors LLC grew its holdings in shares of Enphase Energy by 75.7% during the 1st quarter. Prakash Investment Advisors LLC now owns 13,000 shares of the semiconductor company’s stock valued at $807,000 after purchasing an additional 5,600 shares during the last quarter. Allspring Global Investments Holdings LLC grew its stake in shares of Enphase Energy by 523.2% during the first quarter. Allspring Global Investments Holdings LLC now owns 67,401 shares of the semiconductor company’s stock valued at $4,205,000 after buying an additional 56,586 shares during the last quarter. Lecap Asset Management Ltd. bought a new position in shares of Enphase Energy during the first quarter valued at about $1,382,000. Oppenheimer & Co. Inc. increased its holdings in shares of Enphase Energy by 94.2% in the first quarter. Oppenheimer & Co. Inc. now owns 20,703 shares of the semiconductor company’s stock worth $1,285,000 after buying an additional 10,041 shares during the period. Finally, Cambridge Investment Research Advisors Inc. lifted its stake in shares of Enphase Energy by 38.6% in the 1st quarter. Cambridge Investment Research Advisors Inc. now owns 18,188 shares of the semiconductor company’s stock valued at $1,129,000 after acquiring an additional 5,070 shares during the last quarter. 72.12% of the stock is currently owned by 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.