Enphase Energy (ENPH) Raised to “Buy” at Zacks Investment Research

Enphase Energy (NASDAQ:ENPH) was upgraded by Zacks Investment Research from a “hold” rating to a “buy” rating in a research report issued on Friday. The brokerage presently has a $2.25 price objective on the semiconductor company’s stock. Zacks Investment Research‘s target price would indicate a potential upside of 15.38% from the stock’s current price.

According to Zacks, “Enphase Energy, Inc. delivers microinverter technology for the solar industry, which increases productivity and reliability of solar modules. The Company builds a semiconductor-based microinverter system that converts direct current electricity to alternating current electricity at the individual solar module level. Enphase sells its microinverter systems primarily to distributors who resell them to solar installers. It also sells directly to installers, as well as through original equipment manufacturers. Enphase Energy, Inc. is headquartered in Petaluma, California. “

Several other research firms also recently commented on ENPH. ValuEngine downgraded Enphase Energy from a “sell” rating to a “strong sell” rating in a research note on Friday, December 1st. Craig Hallum reaffirmed a “buy” rating and issued a $4.00 price objective on shares of Enphase Energy in a research note on Monday, November 20th. Cowen reaffirmed a “buy” rating and issued a $2.25 price objective on shares of Enphase Energy in a research note on Friday, November 10th. Finally, Needham & Company LLC reaffirmed a “hold” rating on shares of Enphase Energy in a research note on Tuesday, September 26th. One research analyst has rated the stock with a sell rating, three have issued a hold rating and three have assigned a buy rating to the company. The stock has a consensus rating of “Hold” and an average target price of $2.10.

Enphase Energy (ENPH) opened at $1.95 on Friday. Enphase Energy has a 1-year low of $0.65 and a 1-year high of $3.45. The company has a debt-to-equity ratio of -4.75, a current ratio of 1.59 and a quick ratio of 1.30. The firm has a market capitalization of $167.65, a PE ratio of -2.64 and a beta of 1.49.

Enphase Energy (NASDAQ:ENPH) last posted its earnings results on Tuesday, November 7th. The semiconductor company reported ($0.01) earnings per share for the quarter, beating analysts’ consensus estimates of ($0.05) by $0.04. Enphase Energy had a negative return on equity of 1,232.10% and a negative net margin of 18.66%. The company had revenue of $77.00 million for the quarter, compared to the consensus estimate of $77.13 million. During the same quarter in the prior year, the company earned ($0.28) earnings per share. Enphase Energy’s revenue was down 13.2% on a year-over-year basis. equities research analysts forecast that Enphase Energy will post -0.57 EPS for the current year.

In related news, CEO Badrinarayanan Kothandaraman acquired 40,677 shares of the firm’s stock in a transaction dated Thursday, November 9th. The shares were purchased at an average price of $1.78 per share, with a total value of $72,405.06. Following the completion of the purchase, the chief executive officer now directly owns 40,677 shares of the company’s stock, valued at $72,405.06. The purchase was disclosed in a document filed with the SEC, which can be accessed through the SEC website. Also, Director John Howard Weber sold 55,526 shares of the firm’s stock in a transaction dated Tuesday, November 21st. The stock was sold at an average price of $2.64, for a total value of $146,588.64. Following the completion of the transaction, the director now directly owns 35,326 shares in the company, valued at approximately $93,260.64. The disclosure for this sale can be found here. 17.37% of the stock is owned by company insiders.

Several large investors have recently added to or reduced their stakes in ENPH. First Trust Advisors LP grew its position in shares of Enphase Energy by 55.4% during the second quarter. First Trust Advisors LP now owns 125,973 shares of the semiconductor company’s stock worth $109,000 after purchasing an additional 44,908 shares in the last quarter. Northern Trust Corp grew its position in shares of Enphase Energy by 4.6% during the second quarter. Northern Trust Corp now owns 125,328 shares of the semiconductor company’s stock worth $108,000 after purchasing an additional 5,479 shares in the last quarter. Vanguard Group Inc. grew its position in shares of Enphase Energy by 4.6% during the second quarter. Vanguard Group Inc. now owns 1,939,428 shares of the semiconductor company’s stock worth $1,678,000 after purchasing an additional 84,549 shares in the last quarter. K2 Principal Fund L.P. grew its position in shares of Enphase Energy by 470.1% during the second quarter. K2 Principal Fund L.P. now owns 440,810 shares of the semiconductor company’s stock worth $381,000 after purchasing an additional 363,490 shares in the last quarter. Finally, Goldman Sachs Group Inc. grew its position in shares of Enphase Energy by 10,872.8% during the second quarter. Goldman Sachs Group Inc. now owns 1,846,393 shares of the semiconductor company’s stock worth $1,597,000 after purchasing an additional 1,829,566 shares in the last quarter. Hedge funds and other institutional investors own 22.88% of the company’s stock.

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Enphase Energy Company Profile

Enphase Energy, Inc is a provider of energy management solutions. The Company is engaged in designing, developing, manufacturing and selling microinverter systems for the solar photovoltaic industry. Its semiconductor-based microinverter system converts direct current (DC) electricity to alternating current (AC) electricity.

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