JPMorgan Chase & Co. Issues Pessimistic Forecast for Enphase Energy (NASDAQ:ENPH) Stock Price

Enphase Energy (NASDAQ:ENPH) had its target price reduced by analysts at JPMorgan Chase & Co. from $37.00 to $33.00 in a research report issued to clients and investors on Monday,Benzinga reports. The brokerage currently has a “neutral” rating on the semiconductor company’s stock. JPMorgan Chase & Co.‘s price target indicates a potential upside of 4.60% from the company’s previous close.

ENPH has been the subject of several other reports. Jefferies Financial Group reiterated a “hold” rating and issued a $41.00 price target on shares of Enphase Energy in a research report on Monday, September 29th. Citigroup reduced their target price on Enphase Energy from $32.00 to $31.00 and set a “sell” rating for the company in a report on Wednesday, October 29th. Loop Capital set a $31.00 price target on Enphase Energy in a research report on Thursday, October 30th. Mizuho lowered shares of Enphase Energy from an “outperform” rating to a “neutral” rating and cut their price objective for the company from $50.00 to $37.00 in a research report on Thursday, October 23rd. Finally, Barclays boosted their price objective on shares of Enphase Energy from $29.00 to $33.00 and gave the company an “underweight” rating in a research note on Wednesday, October 8th. Five analysts have rated the stock with a Buy rating, twelve have given a Hold rating and thirteen have issued a Sell rating to the stock. Based on data from MarketBeat.com, Enphase Energy presently has a consensus rating of “Reduce” and a consensus price target of $39.75.

Enphase Energy Stock Performance

NASDAQ ENPH opened at $31.55 on Monday. The company’s 50 day moving average is $32.26 and its 200-day moving average is $36.12. Enphase Energy has a 12-month low of $25.77 and a 12-month high of $76.90. The company has a quick ratio of 1.88, a current ratio of 2.04 and a debt-to-equity ratio of 0.57. The firm has a market cap of $4.13 billion, a P/E ratio of 21.76 and a beta of 1.43.

Enphase Energy (NASDAQ:ENPH) last released its quarterly earnings data on Tuesday, October 28th. The semiconductor company reported $0.90 EPS for the quarter, topping the consensus estimate of $0.60 by $0.30. Enphase Energy had a net margin of 12.93% and a return on equity of 25.67%. The company had revenue of $410.43 million during the quarter, compared to the consensus estimate of $364.64 million. During the same period last year, the firm earned $0.65 EPS. Enphase Energy’s revenue for the quarter was up 7.8% on a year-over-year basis. Sell-side analysts predict that Enphase Energy will post 2.08 earnings per share for the current year.

Insiders Place Their Bets

In other news, CEO Badrinarayanan Kothandaraman bought 10,000 shares of Enphase Energy stock in a transaction that occurred on Friday, October 31st. The shares were acquired at an average price of $30.93 per share, with a total value of $309,300.00. Following the completion of the purchase, the chief executive officer directly owned 1,630,632 shares in the company, valued at $50,435,447.76. The trade was a 0.62% increase in their ownership of the stock. The purchase was disclosed in a filing with the SEC, which is available through this hyperlink. Also, Director Thurman J. Rodgers sold 150,000 shares of Enphase Energy stock in a transaction dated Tuesday, December 2nd. The stock was sold at an average price of $29.13, for a total value of $4,369,500.00. Following the sale, the director directly owned 1,733,596 shares of the company’s stock, valued at approximately $50,499,651.48. This trade represents a 7.96% decrease in their position. The disclosure for this sale is available in the SEC filing. 3.10% of the stock is owned by corporate insiders.

Institutional Trading of Enphase Energy

Several hedge funds and other institutional investors have recently bought and sold shares of the company. Invesco Ltd. raised its stake in shares of Enphase Energy by 28.1% during the second quarter. Invesco Ltd. now owns 6,743,674 shares of the semiconductor company’s stock worth $267,387,000 after acquiring an additional 1,479,153 shares in the last quarter. Geode Capital Management LLC grew its holdings in shares of Enphase Energy by 2.1% during the 2nd quarter. Geode Capital Management LLC now owns 3,542,878 shares of the semiconductor company’s stock valued at $140,217,000 after purchasing an additional 73,459 shares during the last quarter. Coatue Management LLC raised its position in Enphase Energy by 95.3% in the 3rd quarter. Coatue Management LLC now owns 1,647,893 shares of the semiconductor company’s stock worth $58,319,000 after purchasing an additional 803,945 shares during the period. Federated Hermes Inc. lifted its stake in Enphase Energy by 9.6% in the third quarter. Federated Hermes Inc. now owns 1,619,109 shares of the semiconductor company’s stock worth $57,300,000 after purchasing an additional 141,358 shares during the last quarter. Finally, Assenagon Asset Management S.A. boosted its position in Enphase Energy by 827.3% during the second quarter. Assenagon Asset Management S.A. now owns 1,152,546 shares of the semiconductor company’s stock valued at $45,698,000 after buying an additional 1,028,259 shares during the period. Hedge funds and other 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.