KeyCorp Comments on Enphase Energy, Inc.’s Q1 2024 Earnings (NASDAQ:ENPH)

Enphase Energy, Inc. (NASDAQ:ENPH) – Equities researchers at KeyCorp issued their Q1 2024 earnings per share (EPS) estimates for Enphase Energy in a report issued on Monday, April 22nd. KeyCorp analyst S. Karp forecasts that the semiconductor company will post earnings of $0.03 per share for the quarter. KeyCorp currently has a “Sector Weight” rating on the stock. The consensus estimate for Enphase Energy’s current full-year earnings is $2.01 per share. KeyCorp also issued estimates for Enphase Energy’s Q2 2024 earnings at $0.21 EPS, Q3 2024 earnings at $0.88 EPS and Q4 2024 earnings at $0.92 EPS.

Several other equities research analysts have also recently issued reports on ENPH. Citigroup cut Enphase Energy from a “buy” rating to a “neutral” rating and decreased their price objective for the stock from $126.00 to $121.00 in a report on Friday, April 5th. Morgan Stanley lifted their target price on Enphase Energy from $97.00 to $106.00 and gave the stock an “equal weight” rating in a research report on Wednesday, February 7th. JPMorgan Chase & Co. dropped their target price on Enphase Energy from $141.00 to $128.00 and set an “overweight” rating on the stock in a research report on Wednesday. Canaccord Genuity Group decreased their price target on Enphase Energy from $132.00 to $130.00 and set a “buy” rating for the company in a research note on Wednesday. Finally, Barclays lifted their price target on Enphase Energy from $106.00 to $115.00 and gave the stock an “equal weight” rating in a research note on Thursday, February 8th. Three equities research analysts have rated the stock with a sell rating, fourteen have issued a hold rating and fifteen have given a buy rating to the company’s stock. Based on data from MarketBeat, the company has an average rating of “Hold” and a consensus price target of $141.00.

Enphase Energy Stock Performance

NASDAQ ENPH opened at $107.83 on Thursday. Enphase Energy has a 1-year low of $73.49 and a 1-year high of $192.22. The company has a market capitalization of $14.66 billion, a P/E ratio of 53.47, a PEG ratio of 3.24 and a beta of 1.47. The business has a 50 day moving average price of $118.79 and a 200 day moving average price of $111.93. The company has a debt-to-equity ratio of 1.32, a current ratio of 4.59 and a quick ratio of 4.19.

Enphase Energy (NASDAQ:ENPH) last released its quarterly earnings data on Tuesday, February 6th. The semiconductor company reported $0.29 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.24 by $0.05. The business had revenue of $302.57 million during the quarter, compared to analysts’ expectations of $327.06 million. Enphase Energy had a return on equity of 31.34% and a net margin of 15.10%.

Insider Activity at Enphase Energy

In related news, Director Richard Mora sold 24,285 shares of the company’s stock in a transaction dated Friday, February 9th. The shares were sold at an average price of $120.59, for a total value of $2,928,528.15. Following the transaction, the director now owns 3,126 shares in the company, valued at approximately $376,964.34. The sale was disclosed in a document filed with the SEC, which can be accessed through this link. In other Enphase Energy news, Director Richard Mora sold 24,285 shares of the business’s stock in a transaction dated Friday, February 9th. The shares were sold at an average price of $120.59, for a total value of $2,928,528.15. Following the completion of the sale, the director now owns 3,126 shares of the company’s stock, valued at approximately $376,964.34. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, CEO Badrinarayanan Kothandaraman purchased 4,000 shares of the business’s stock in a transaction dated Tuesday, February 27th. The shares were purchased at an average cost of $120.54 per share, with a total value of $482,160.00. Following the acquisition, the chief executive officer now owns 1,655,171 shares in the company, valued at approximately $199,514,312.34. The disclosure for this purchase can be found here. In the last 90 days, insiders have sold 34,285 shares of company stock worth $4,054,428. Insiders own 3.40% of the company’s stock.

Hedge Funds Weigh In On Enphase Energy

Several institutional investors and hedge funds have recently added to or reduced their stakes in the stock. Donoghue Forlines LLC lifted its stake in Enphase Energy by 4.8% in the 4th quarter. Donoghue Forlines LLC now owns 1,953 shares of the semiconductor company’s stock valued at $258,000 after purchasing an additional 90 shares during the last quarter. Fermata Advisors LLC increased its position in Enphase Energy by 1.4% in the 1st quarter. Fermata Advisors LLC now owns 7,070 shares of the semiconductor company’s stock valued at $855,000 after acquiring an additional 100 shares during the period. Fulton Breakefield Broenniman LLC increased its position in Enphase Energy by 0.9% in the 4th quarter. Fulton Breakefield Broenniman LLC now owns 11,386 shares of the semiconductor company’s stock valued at $1,505,000 after acquiring an additional 107 shares during the period. VitalStone Financial LLC increased its position in Enphase Energy by 14.3% in the 4th quarter. VitalStone Financial LLC now owns 888 shares of the semiconductor company’s stock valued at $117,000 after acquiring an additional 111 shares during the period. Finally, E Fund Management Co. Ltd. increased its position in Enphase Energy by 5.5% in the 3rd quarter. E Fund Management Co. Ltd. now owns 2,526 shares of the semiconductor company’s stock valued at $303,000 after acquiring an additional 131 shares during the period. Institutional investors 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.