Enphase Energy (NASDAQ:ENPH) Price Target Lowered to $71.00 at Royal Bank of Canada

Enphase Energy (NASDAQ:ENPH) had its price objective decreased by research analysts at Royal Bank of Canada from $85.00 to $71.00 in a research note issued to investors on Friday,Benzinga reports. The brokerage presently has a “sector perform” rating on the semiconductor company’s stock. Royal Bank of Canada’s target price would suggest a potential upside of 7.11% from the company’s previous close.

Several other analysts have also issued reports on ENPH. Janney Montgomery Scott lowered shares of Enphase Energy from a “buy” rating to a “neutral” rating and set a $83.00 target price for the company. in a research note on Wednesday, October 23rd. JPMorgan Chase & Co. decreased their price objective on shares of Enphase Energy from $130.00 to $120.00 and set an “overweight” rating for the company in a research note on Wednesday, October 23rd. Morgan Stanley cut their target price on Enphase Energy from $93.00 to $74.00 and set an “equal weight” rating on the stock in a research note on Friday, November 15th. Truist Financial dropped their price target on Enphase Energy from $130.00 to $110.00 and set a “buy” rating on the stock in a report on Wednesday, October 16th. Finally, Northland Securities reduced their price objective on Enphase Energy from $110.00 to $90.00 and set an “outperform” rating for the company in a research note on Tuesday, November 19th. Four investment analysts have rated the stock with a sell rating, sixteen have assigned a hold rating and fourteen have given a buy rating to the company’s stock. Based on data from MarketBeat.com, Enphase Energy presently has an average rating of “Hold” and an average target price of $101.13.

Enphase Energy Price Performance

ENPH stock opened at $66.29 on Friday. The company has a market capitalization of $8.96 billion, a P/E ratio of 150.66, a price-to-earnings-growth ratio of 19.49 and a beta of 1.77. 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 has a 52-week low of $58.33 and a 52-week high of $141.63. The business has a 50-day simple moving average of $90.93 and a two-hundred day simple moving average of $106.09.

Enphase Energy (NASDAQ:ENPH) last posted its earnings results on Tuesday, October 22nd. The semiconductor company reported $0.65 earnings per share for the quarter, missing analysts’ consensus estimates of $0.77 by ($0.12). Enphase Energy had a net margin of 4.91% and a return on equity of 10.56%. The company had revenue of $380.90 million during the quarter, compared to the consensus estimate of $392.51 million. During the same quarter in the prior year, the business earned $0.84 EPS. The firm’s revenue for the quarter was down 30.9% compared to the same quarter last year. Research analysts expect that Enphase Energy will post 0.91 EPS for the current fiscal year.

Institutional Trading of Enphase Energy

Several institutional investors and hedge funds have recently modified their holdings of ENPH. Swedbank AB bought a new position in shares of Enphase Energy in the first quarter worth approximately $424,130,000. Baillie Gifford & Co. raised its position in shares of Enphase Energy by 57.9% during the 2nd quarter. Baillie Gifford & Co. now owns 6,285,059 shares of the semiconductor company’s stock valued at $626,683,000 after buying an additional 2,304,408 shares in the last quarter. Electron Capital Partners LLC lifted its holdings in shares of Enphase Energy by 1,021.4% during the 2nd quarter. Electron Capital Partners LLC now owns 1,183,713 shares of the semiconductor company’s stock worth $118,028,000 after acquiring an additional 1,078,154 shares during the last quarter. Anomaly Capital Management LP purchased a new position in Enphase Energy in the second quarter worth $51,582,000. Finally, Canada Pension Plan Investment Board bought a new position in Enphase Energy in the first quarter valued at $59,128,000. Hedge funds and other institutional investors own 72.12% of the company’s stock.

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.