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Enphase Energy (NASDAQ:ENPH) shares hit a new 52-week high during mid-day trading on Thursday , AnalystRatings.NET reports. The stock traded as high as $9.39 and last traded at $9.31, with a volume of 376,050 shares traded. The stock had previously closed at $9.07.

Separately, analysts at Canaccord Genuity initiated coverage on shares of Enphase Energy in a research note on Wednesday. They set a “buy” rating and a $11.00 price target on the stock. One analyst has rated the stock with a hold rating and five have issued a buy rating to the company. The stock presently has a consensus rating of “Buy” and an average price target of $9.17.

The stock’s 50-day moving average is $8.53 and its 200-day moving average is $7.77. The company’s market cap is $398.9 million.

Enphase Energy (NASDAQ:ENPH) last announced its earnings results on Tuesday, May 6th. The company reported ($0.10) EPS for the quarter, beating the Thomson Reuters consensus estimate of ($0.13) by $0.03. The company had revenue of $57.58 million for the quarter, compared to the consensus estimate of $55.60 million. During the same quarter in the prior year, the company posted ($0.25) earnings per share. The company’s quarterly revenue was up 26.3% on a year-over-year basis. Analysts expect that Enphase Energy will post $-0.05 EPS for the current fiscal year.

Enphase Energy, Inc (NASDAQ:ENPH), designs, develops and sells microinverter systems for the solar photovoltaic industry.

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