Roth Capital Comments on Enphase Energy, Inc.’s Q2 2024 Earnings (NASDAQ:ENPH)

Enphase Energy, Inc. (NASDAQ:ENPH) – Equities researchers at Roth Capital boosted their Q2 2024 earnings estimates for Enphase Energy in a report released on Wednesday, April 24th. Roth Capital analyst P. Shen now expects that the semiconductor company will earn $0.25 per share for the quarter, up from their prior forecast of $0.14. The consensus estimate for Enphase Energy’s current full-year earnings is $1.56 per share. Roth Capital also issued estimates for Enphase Energy’s Q3 2024 earnings at $0.55 EPS, Q4 2024 earnings at $0.82 EPS, FY2024 earnings at $1.61 EPS, Q1 2025 earnings at $0.90 EPS, Q2 2025 earnings at $1.05 EPS, Q3 2025 earnings at $1.25 EPS, Q4 2025 earnings at $1.51 EPS and FY2025 earnings at $4.72 EPS.

Enphase Energy (NASDAQ:ENPH) last released its quarterly earnings data on Tuesday, February 6th. The semiconductor company reported $0.29 EPS for the quarter, beating analysts’ consensus estimates of $0.24 by $0.05. The company had revenue of $302.57 million during the quarter, compared to the consensus estimate of $327.06 million. Enphase Energy had a net margin of 15.10% and a return on equity of 31.89%.

ENPH has been the subject of several other reports. Morgan Stanley upped their target price on Enphase Energy from $97.00 to $106.00 and gave the company an “equal weight” rating in a report on Wednesday, February 7th. Citigroup cut shares of Enphase Energy from a “buy” rating to a “neutral” rating and cut their price objective for the stock from $126.00 to $121.00 in a research report on Friday, April 5th. JPMorgan Chase & Co. decreased their target price on shares of Enphase Energy from $141.00 to $128.00 and set an “overweight” rating on the stock in a report on Wednesday, April 24th. Jefferies Financial Group cut shares of Enphase Energy from a “buy” rating to a “hold” rating and dropped their price target for the company from $135.00 to $111.00 in a research note on Wednesday, April 24th. Finally, KeyCorp reaffirmed a “sector weight” rating on shares of Enphase Energy in a research report on Thursday, January 4th. Three analysts have rated the stock with a sell rating, thirteen have given a hold rating and sixteen have assigned a buy rating to the company. According to data from MarketBeat, Enphase Energy currently has a consensus rating of “Hold” and a consensus target price of $137.41.

Enphase Energy Price Performance

NASDAQ:ENPH opened at $111.93 on Monday. Enphase Energy has a one year low of $73.49 and a one year high of $192.22. The stock has a market cap of $15.23 billion, a PE ratio of 58.30, a P/E/G ratio of 3.29 and a beta of 1.47. The company has a debt-to-equity ratio of 1.30, a quick ratio of 4.19 and a current ratio of 4.16. The stock has a 50 day moving average price of $117.82 and a 200 day moving average price of $111.63.

Insider Activity

In other news, EVP David A. Ranhoff sold 5,000 shares of the business’s stock in a transaction that occurred on Friday, March 15th. The shares were sold at an average price of $108.89, for a total transaction of $544,450.00. Following the completion of the sale, the executive vice president now owns 124,948 shares in the company, valued at approximately $13,605,587.72. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this link. In related news, EVP David A. Ranhoff sold 5,000 shares of the firm’s stock in a transaction that occurred on Friday, March 15th. The stock was sold at an average price of $108.89, for a total transaction of $544,450.00. Following the transaction, the executive vice president now owns 124,948 shares in the company, valued at approximately $13,605,587.72. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Also, Director Steven J. Gomo sold 20,000 shares of the business’s stock in a transaction that occurred on Thursday, April 25th. The shares were sold at an average price of $104.69, for a total value of $2,093,800.00. Following the completion of the sale, the director now owns 118,360 shares of the company’s stock, valued at approximately $12,391,108.40. The disclosure for this sale can be found here. In the last 90 days, insiders have sold 54,285 shares of company stock worth $6,148,228. 3.40% of the stock is currently owned by insiders.

Institutional Trading of Enphase Energy

Large investors have recently bought and sold shares of the business. Baillie Gifford & Co. boosted its stake in shares of Enphase Energy by 387,343.1% during the fourth quarter. Baillie Gifford & Co. now owns 4,079,776 shares of the semiconductor company’s stock worth $539,102,000 after buying an additional 4,078,723 shares during the period. Norges Bank acquired a new stake in Enphase Energy during the 4th quarter worth approximately $149,425,000. Nordea Investment Management AB grew its stake in shares of Enphase Energy by 158.8% in the 4th quarter. Nordea Investment Management AB now owns 817,164 shares of the semiconductor company’s stock valued at $109,083,000 after purchasing an additional 501,385 shares during the last quarter. Westfield Capital Management Co. LP acquired a new position in shares of Enphase Energy in the fourth quarter valued at approximately $41,068,000. Finally, Panagora Asset Management Inc. raised its stake in shares of Enphase Energy by 3,396.9% during the fourth quarter. Panagora Asset Management Inc. now owns 262,687 shares of the semiconductor company’s stock worth $34,711,000 after purchasing an additional 255,175 shares during the last quarter. 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.