Bank of America Issues Pessimistic Forecast for Enphase Energy (NASDAQ:ENPH) Stock Price

Enphase Energy (NASDAQ:ENPH) had its price target decreased by equities researchers at Bank of America from $72.00 to $62.00 in a research note issued to investors on Thursday, Benzinga reports. The brokerage currently has an “underperform” rating on the semiconductor company’s stock. Bank of America‘s price objective indicates a potential downside of 17.12% from the stock’s current price.

Other equities analysts have also recently issued reports about the stock. Roth Mkm decreased their target price on shares of Enphase Energy from $130.00 to $100.00 and set a “buy” rating for the company in a research note on Wednesday, October 23rd. Canaccord Genuity Group lowered shares of Enphase Energy from a “buy” rating to a “hold” rating in a research note on Wednesday, October 23rd. Oppenheimer dropped their target price on Enphase Energy from $134.00 to $101.00 and set an “outperform” rating on the stock in a research report on Wednesday, October 23rd. Northland Securities reduced their price target on Enphase Energy from $150.00 to $110.00 and set an “outperform” rating for the company in a report on Thursday, October 24th. Finally, Jefferies Financial Group lowered Enphase Energy from a “hold” rating to an “underperform” rating and dropped their price objective for the company from $93.00 to $61.00 in a report on Thursday. Four investment analysts have rated the stock with a sell rating, thirteen have issued a hold rating and sixteen have given a buy rating to the stock. Based on data from MarketBeat, the stock has a consensus rating of “Hold” and a consensus target price of $108.73.

Enphase Energy Price Performance

NASDAQ:ENPH opened at $74.81 on Thursday. The firm’s fifty day moving average is $102.56 and its two-hundred day moving average is $110.05. The firm has a market cap of $10.11 billion, a price-to-earnings ratio of 170.02, a PEG ratio of 9.82 and a beta of 1.77. Enphase Energy has a one year low of $71.38 and a one year high of $141.63. The company has a debt-to-equity ratio of 1.29, a quick ratio of 3.88 and a current ratio of 4.16.

Enphase Energy (NASDAQ:ENPH) last issued its earnings results on Tuesday, October 22nd. The semiconductor company reported $0.65 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 return on equity of 10.56% and a net margin of 4.91%. The firm’s quarterly revenue was down 30.9% compared to the same quarter last year. During the same quarter in the previous year, the company earned $0.84 EPS. Research analysts expect that Enphase Energy will post 0.92 EPS for the current year.

Hedge Funds Weigh In On Enphase Energy

Several hedge funds have recently added to or reduced their stakes in the stock. Manchester Capital Management LLC grew its position in shares of Enphase Energy by 1,068.4% in the 1st quarter. Manchester Capital Management LLC now owns 222 shares of the semiconductor company’s stock valued at $27,000 after buying an additional 203 shares during the last quarter. Chilton Capital Management LLC boosted its stake in Enphase Energy by 2,733.3% in the first quarter. Chilton Capital Management LLC now owns 255 shares of the semiconductor company’s stock valued at $31,000 after acquiring an additional 246 shares in the last quarter. UMB Bank n.a. grew 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 last quarter. nVerses Capital LLC acquired a new stake in shares of Enphase Energy during the third quarter worth about $34,000. Finally, Blue Trust Inc. lifted its holdings in shares of Enphase Energy by 109.1% in the 3rd quarter. Blue Trust Inc. now owns 437 shares of the semiconductor company’s stock valued at $49,000 after purchasing an additional 228 shares during the last quarter. 72.12% of the stock is currently owned by hedge funds and other institutional investors.

Enphase Energy Company Profile

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.