Enphase Energy (NASDAQ:ENPH) Price Target Cut to $62.00 by Analysts at Bank of America

Enphase Energy (NASDAQ:ENPH) had its price objective lowered by Bank of America from $72.00 to $62.00 in a research note issued to investors on Thursday morning,Benzinga reports. The firm currently has an underperform rating on the semiconductor company’s stock.

Several other brokerages have also commented on ENPH. Jefferies Financial Group lowered Enphase Energy from a “hold” rating to an “underperform” rating and cut their price target for the company from $93.00 to $61.00 in a research note on Thursday. The Goldman Sachs Group lowered their price target on shares of Enphase Energy from $170.00 to $145.00 and set a “buy” rating for the company in a research report on Wednesday, October 23rd. Canaccord Genuity Group downgraded shares of Enphase Energy from a “buy” rating to a “hold” rating in a research note on Wednesday, October 23rd. Oppenheimer reduced their price target on Enphase Energy from $134.00 to $101.00 and set an “outperform” rating for the company in a research report on Wednesday, October 23rd. Finally, Susquehanna cut their target price on Enphase Energy from $104.00 to $85.00 and set a “neutral” rating on the stock in a research note on Thursday, October 24th. Four analysts have rated the stock with a sell rating, fifteen have issued a hold rating and fourteen have assigned a buy rating to the stock. Based on data from MarketBeat, Enphase Energy currently has a consensus rating of “Hold” and an average price target of $104.03.

Enphase Energy Stock Down 6.6 %

ENPH traded down $4.69 on Thursday, hitting $66.90. The company had a trading volume of 11,776,619 shares, compared to its average volume of 3,943,370. Enphase Energy has a 52-week low of $65.66 and a 52-week high of $141.63. The stock has a fifty day simple moving average of $101.56 and a 200-day simple moving average of $109.78. The company has a debt-to-equity ratio of 1.29, a current ratio of 4.16 and a quick ratio of 3.88. The firm has a market capitalization of $9.04 billion, a P/E ratio of 152.05, a P/E/G ratio of 9.82 and a beta of 1.77.

Enphase Energy (NASDAQ:ENPH) last announced 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). Enphase Energy had a net margin of 4.91% and a return on equity of 10.56%. The business had revenue of $380.90 million for the quarter, compared to the consensus estimate of $392.51 million. During the same quarter last year, the firm posted $0.84 EPS. The business’s quarterly revenue was down 30.9% on a year-over-year basis. As a group, equities analysts expect that Enphase Energy will post 0.92 EPS for the current fiscal year.

Institutional Inflows and Outflows

Hedge funds and other institutional investors have recently added to or reduced their stakes in the company. Prospera Private Wealth LLC acquired a new position in shares of Enphase Energy during the third quarter worth approximately $62,000. Avior Wealth Management LLC increased its holdings in shares of Enphase Energy by 6,975.0% during the third quarter. Avior Wealth Management LLC now owns 283 shares of the semiconductor company’s stock valued at $32,000 after purchasing an additional 279 shares during the period. PNC Financial Services Group Inc. raised its stake in shares of Enphase Energy by 12.3% during the third quarter. PNC Financial Services Group Inc. now owns 16,085 shares of the semiconductor company’s stock valued at $1,818,000 after purchasing an additional 1,757 shares in the last quarter. B. Metzler seel. Sohn & Co. Holding AG bought a new position in Enphase Energy in the 3rd quarter valued at about $572,000. Finally, Caprock Group LLC bought a new stake in shares of Enphase Energy during the 3rd quarter worth about $231,000. 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.