Bank of America Cuts Enphase Energy (NASDAQ:ENPH) Price Target to $30.00

Enphase Energy (NASDAQ:ENPH) had its price target cut by Bank of America from $31.00 to $30.00 in a research report released on Wednesday morning,Benzinga reports. They currently have an underperform rating on the semiconductor company’s stock.

Other equities analysts have also issued research reports about the stock. DZ Bank lowered shares of Enphase Energy from a “hold” rating to a “strong sell” rating in a report on Wednesday, April 23rd. Royal Bank Of Canada set a $28.00 target price on shares of Enphase Energy and gave the company a “sector perform” rating in a report on Wednesday, June 18th. BNP Paribas lowered shares of Enphase Energy from an “outperform” rating to an “underperform” rating in a report on Tuesday, May 13th. BNP Paribas Exane lowered shares of Enphase Energy from a “neutral” rating to an “underperform” rating and set a $40.00 price objective on the stock. in a report on Tuesday, May 13th. Finally, Susquehanna cut their price objective on shares of Enphase Energy from $51.00 to $40.00 and set a “neutral” rating on the stock in a report on Monday, July 21st. Thirteen equities research analysts have rated the stock with a sell rating, fourteen have assigned a hold rating and nine have issued a buy rating to the company’s stock. According to MarketBeat.com, the stock has an average rating of “Hold” and an average target price of $55.86.

Enphase Energy Stock Down 0.3%

Shares of NASDAQ ENPH opened at $35.41 on Wednesday. Enphase Energy has a 52-week low of $33.01 and a 52-week high of $130.08. The firm has a fifty day moving average of $40.95 and a 200-day moving average of $52.20. The stock has a market capitalization of $4.63 billion, a PE ratio of 27.66 and a beta of 1.67. The company has a quick ratio of 1.77, a current ratio of 1.97 and a debt-to-equity ratio of 0.65.

Enphase Energy (NASDAQ:ENPH) last announced its quarterly earnings data on Tuesday, July 22nd. The semiconductor company reported $0.69 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.62 by $0.07. The company had revenue of $363.15 million during the quarter, compared to analysts’ expectations of $359.14 million. Enphase Energy had a net margin of 11.78% and a return on equity of 24.55%. The business’s quarterly revenue was up 19.7% compared to the same quarter last year. During the same period in the previous year, the company earned $0.43 EPS. On average, analysts anticipate that Enphase Energy will post 2.08 EPS for the current year.

Institutional Inflows and Outflows

Hedge funds have recently made changes to their positions in the stock. CX Institutional acquired a new position in shares of Enphase Energy during the first quarter valued at approximately $29,000. First Horizon Advisors Inc. increased its stake in shares of Enphase Energy by 83.0% during the first quarter. First Horizon Advisors Inc. now owns 569 shares of the semiconductor company’s stock valued at $35,000 after acquiring an additional 258 shares during the period. SVB Wealth LLC acquired a new position in shares of Enphase Energy during the first quarter valued at approximately $38,000. Brooklyn Investment Group increased its stake in shares of Enphase Energy by 124.7% during the first quarter. Brooklyn Investment Group now owns 663 shares of the semiconductor company’s stock valued at $41,000 after acquiring an additional 368 shares during the period. Finally, Pilgrim Partners Asia Pte Ltd acquired a new position in shares of Enphase Energy during the fourth quarter valued at approximately $47,000. 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.