Enphase Energy Reaches New 1-Year High on Analyst Upgrade (ENPH)
Enphase Energy (NASDAQ:ENPH) shares reached a new 52-week high during trading on Tuesday after Northland Securities raised their price target on the stock from $13.00 to $17.00, Analyst Ratings.Net reports. Northland Securities currently has an outperform rating on the stock. Enphase Energy traded as high as $15.25 and last traded at $15.20, with a volume of 749,513 shares. The stock had previously closed at $13.75.
A number of other firms have also recently commented on ENPH. Analysts at Needham & Company LLC initiated coverage on shares of Enphase Energy in a research note on Monday. They set a “buy” rating and a $20.00 price target on the stock. Separately, analysts at Imperial Capital raised their price target on shares of Enphase Energy from $12.00 to $13.00 in a research note on Wednesday, August 6th. They now have an “outperform” rating on the stock. Finally, analysts at Deutsche Bank reiterated a “hold” rating on shares of Enphase Energy in a research note on Wednesday, August 6th. They now have a $12.00 price target on the stock, up previously from $11.00. Two equities research analysts have rated the stock with a hold rating and four have issued a buy rating to the company. Enphase Energy has a consensus rating of “Buy” and an average price target of $14.83.
In other Enphase Energy news, major shareholder Madrone Partners, L.P. sold 800,000 shares of the stock on the open market in a transaction that occurred on Tuesday, August 19th. The stock was sold at an average price of $10.03, for a total value of $8,024,000.00. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at this link. Large shareholders that own 10% or more of a company’s stock are required to disclose their sales and purchases with the SEC.
The stock has a 50-day moving average of $11.02 and a 200-day moving average of $8.84. The company’s market cap is $649.7 million.
Enphase Energy (NASDAQ:ENPH) last released its earnings data on Tuesday, August 5th. The company reported ($0.01) earnings per share for the quarter, beating the analysts’ consensus estimate of ($0.02) by $0.01. The company had revenue of $82.00 million for the quarter, compared to the consensus estimate of $71.11 million. During the same quarter last year, the company posted ($0.12) earnings per share. Enphase Energy’s revenue was up 40.9% compared to the same quarter last year. Analysts expect that Enphase Energy will post $0.04 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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