Wells Fargo & Company Issues Pessimistic Forecast for Enphase Energy (NASDAQ:ENPH) Stock Price

Enphase Energy (NASDAQ:ENPH) had its target price lowered by equities research analysts at Wells Fargo & Company from $65.00 to $42.00 in a report issued on Friday,Benzinga reports. The firm currently has an “overweight” rating on the semiconductor company’s stock. Wells Fargo & Company‘s price target would indicate a potential upside of 17.15% from the company’s current price.

A number of other research firms have also recently commented on ENPH. Citigroup reduced their price objective on shares of Enphase Energy from $47.00 to $43.00 and set a “sell” rating for the company in a research report on Thursday, June 5th. Morgan Stanley cut shares of Enphase Energy from an “equal weight” rating to an “underweight” rating and set a $36.00 price objective for the company. in a research report on Wednesday, April 23rd. Jefferies Financial Group reduced their price objective on shares of Enphase Energy from $44.00 to $37.00 and set an “underperform” rating for the company in a research report on Wednesday, April 23rd. The Goldman Sachs Group reduced their price objective on shares of Enphase Energy from $90.00 to $77.00 and set a “buy” rating for the company in a research report on Wednesday, April 23rd. Finally, Royal Bank Of Canada set a $28.00 price objective on shares of Enphase Energy and gave the stock a “sector perform” rating in a research report on Wednesday. Twelve equities research analysts have rated the stock with a sell rating, eleven have issued a hold rating and twelve have issued a buy rating to the company’s stock. According to MarketBeat, Enphase Energy currently has a consensus rating of “Hold” and an average target price of $65.44.

Enphase Energy Price Performance

NASDAQ:ENPH opened at $35.85 on Friday. Enphase Energy has a 1-year low of $33.01 and a 1-year high of $130.08. The company has a current ratio of 1.90, a quick ratio of 1.77 and a debt-to-equity ratio of 0.70. The firm has a fifty day simple moving average of $45.12 and a 200 day simple moving average of $57.59. The stock has a market capitalization of $4.70 billion, a PE ratio of 33.19 and a beta of 1.69.

Insider Activity

In other news, CEO Badrinarayanan Kothandaraman bought 4,000 shares of the company’s stock in a transaction that occurred on Friday, April 25th. The stock was bought at an average price of $46.35 per share, for a total transaction of $185,400.00. Following the transaction, the chief executive officer now directly owns 1,598,696 shares of the company’s stock, valued at $74,099,559.60. This represents a 0.25% increase in their position. The acquisition was disclosed in a document filed with the Securities & Exchange Commission, which is available through this hyperlink. Corporate insiders own 3.10% of the company’s stock.

Institutional Trading of Enphase Energy

Hedge funds have recently bought and sold shares of the company. CX Institutional bought a new stake in Enphase Energy in the 1st quarter worth approximately $29,000. First Horizon Advisors Inc. lifted its position in Enphase Energy by 83.0% in the 1st quarter. First Horizon Advisors Inc. now owns 569 shares of the semiconductor company’s stock worth $35,000 after buying an additional 258 shares during the last quarter. SVB Wealth LLC bought a new stake in Enphase Energy in the 1st quarter worth approximately $38,000. Brooklyn Investment Group lifted its position in Enphase Energy by 124.7% in the first quarter. Brooklyn Investment Group now owns 663 shares of the semiconductor company’s stock valued at $41,000 after purchasing an additional 368 shares during the last quarter. Finally, Venturi Wealth Management LLC lifted its position in Enphase Energy by 318.1% in the fourth quarter. Venturi Wealth Management LLC now owns 669 shares of the semiconductor company’s stock valued at $46,000 after purchasing an additional 509 shares during the last quarter. 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.