Northland Securities began coverage on shares of Enphase Energy (NASDAQ:ENPH) in a research report released on Wednesday, June 26th, AnalystRatings.com reports. The firm issued an outperform rating and a $24.00 target price on the semiconductor company’s stock.
“We believe the killer application for solar is grid independence. ENPH is a leading supplier of energy efficient microinverters that are used to convert electricity from solar panels to AC. ENPH Ensemble 1.0 product offering enables solar systems to be grid independent. Early next year, ENPH will enable grid independence without storage as it launches its iQ8 inverter. Its Ensemble 2.0 product offering enabled by iQ8 increases its revenue opportunity per home from $2K to $10K.”,” Northland Securities’ analyst commented.
Several other equities analysts also recently weighed in on ENPH. Roth Capital set a $14.00 target price on Enphase Energy and gave the company a buy rating in a research report on Thursday, March 21st. ValuEngine cut Zosano Pharma from a buy rating to a hold rating in a research note on Wednesday, May 1st. Craig Hallum lifted their target price on 1-800-Flowers.Com from $26.00 to $20.00 and gave the company a buy rating in a report on Wednesday, May 1st. Raymond James reaffirmed a buy rating on shares of Cineplex in a report on Tuesday, March 19th. Finally, Zacks Investment Research downgraded GP Strategies from a hold rating to a sell rating in a report on Friday, March 1st. One equities research analyst has rated the stock with a sell rating, three have assigned a hold rating, five have given a buy rating and two have given a strong buy rating to the stock. The company currently has a consensus rating of Buy and a consensus target price of $16.69.
Enphase Energy (NASDAQ:ENPH) last posted its earnings results on Tuesday, April 30th. The semiconductor company reported $0.08 EPS for the quarter, topping the consensus estimate of $0.05 by $0.03. The company had revenue of $100.15 million for the quarter, compared to analyst estimates of $92.26 million. The firm’s revenue was up 43.1% on a year-over-year basis. During the same period last year, the business earned ($0.01) earnings per share. Analysts expect that Enphase Energy will post 0.35 earnings per share for the current year.
In related news, VP David A. Ranhoff sold 63,516 shares of the company’s stock in a transaction that occurred on Thursday, May 16th. The stock was sold at an average price of $14.62, for a total value of $928,603.92. Following the sale, the vice president now owns 790,517 shares of the company’s stock, valued at approximately $11,557,358.54. The transaction was disclosed in a filing with the SEC, which is available through this link. 12.46% of the stock is currently owned by corporate insiders.
A number of hedge funds and other institutional investors have recently modified their holdings of ENPH. Raymond James Financial Services Advisors Inc. boosted its stake in Enphase Energy by 24.7% in the 4th quarter. Raymond James Financial Services Advisors Inc. now owns 12,605 shares of the semiconductor company’s stock worth $60,000 after purchasing an additional 2,500 shares during the period. LPL Financial LLC acquired a new stake in shares of Enphase Energy in the 4th quarter valued at $66,000. CoreCommodity Management LLC lifted its stake in shares of Enphase Energy by 27.2% in the 4th quarter. CoreCommodity Management LLC now owns 24,381 shares of the semiconductor company’s stock valued at $115,000 after purchasing an additional 5,214 shares during the last quarter. Cambridge Trust Co. acquired a new stake in shares of Enphase Energy in the 1st quarter valued at $115,000. Finally, SG Americas Securities LLC acquired a new stake in shares of Enphase Energy in the 1st quarter valued at $124,000. 48.38% of the stock is currently owned by hedge funds and other institutional investors.
About Enphase Energy
Enphase Energy, Inc, together with its subsidiaries, designs, develops, and sells home energy solutions for the solar photovoltaic industry in the United States and internationally. The company offers semiconductor-based microinverter that converts energy at the individual solar module level and combines with its proprietary networking and software technologies to provide energy monitoring and control services.
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