HC Wainwright Reiterates “$9.00” Price Target for Enphase Energy (ENPH)

HC Wainwright set a $9.00 price target on Enphase Energy (NASDAQ:ENPH) in a research note published on Wednesday. The brokerage currently has a buy rating on the semiconductor company’s stock.

Other equities research analysts have also recently issued reports about the stock. B. Riley set a $8.00 price objective on shares of Enphase Energy and gave the company a buy rating in a research report on Wednesday, August 1st. Zacks Investment Research raised shares of Enphase Energy from a hold rating to a buy rating and set a $7.50 price objective for the company in a research report on Wednesday, July 18th. ValuEngine raised shares of Enphase Energy from a sell rating to a hold rating in a research report on Tuesday, October 2nd. Finally, BidaskClub cut shares of Enphase Energy from a hold rating to a sell rating in a research report on Tuesday, July 31st. One investment analyst has rated the stock with a sell rating, two have given a hold rating and six have given a buy rating to the company’s stock. The stock currently has a consensus rating of Buy and an average target price of $7.21.

Enphase Energy stock traded up $0.17 during trading hours on Wednesday, hitting $5.81. The company had a trading volume of 1,761,475 shares, compared to its average volume of 2,559,710. The stock has a market cap of $498.77 million, a price-to-earnings ratio of -10.76 and a beta of 0.48. Enphase Energy has a 1 year low of $1.69 and a 1 year high of $7.60.

Enphase Energy (NASDAQ:ENPH) last released its quarterly earnings data on Tuesday, November 6th. The semiconductor company reported $0.04 earnings per share (EPS) for the quarter, meeting the consensus estimate of $0.04. The company had revenue of $78.00 million during the quarter, compared to analysts’ expectations of $79.55 million. Enphase Energy’s quarterly revenue was up 1.3% on a year-over-year basis. During the same period last year, the firm earned ($0.01) earnings per share. On average, research analysts predict that Enphase Energy will post -0.08 earnings per share for the current year.

In other Enphase Energy news, CFO Eric Branderiz purchased 19,880 shares of the stock in a transaction dated Thursday, August 23rd. The stock was purchased at an average price of $5.03 per share, with a total value of $99,996.40. Following the transaction, the chief financial officer now owns 19,880 shares of the company’s stock, valued at $99,996.40. The acquisition was disclosed in a legal filing with the SEC, which can be accessed through the SEC website. Also, CEO Badrinarayanan Kothandaraman purchased 15,000 shares of the stock in a transaction dated Monday, August 20th. The stock was acquired at an average cost of $4.88 per share, with a total value of $73,200.00. Following the transaction, the chief executive officer now directly owns 95,677 shares in the company, valued at approximately $466,903.76. The disclosure for this purchase can be found here. Insiders bought a total of 49,880 shares of company stock valued at $258,546 in the last ninety days. Corporate insiders own 13.52% of the company’s stock.

Institutional investors and hedge funds have recently made changes to their positions in the company. State Board of Administration of Florida Retirement System purchased a new stake in shares of Enphase Energy in the 2nd quarter worth approximately $115,000. SG Americas Securities LLC purchased a new stake in shares of Enphase Energy in the 2nd quarter worth approximately $121,000. PEAK6 Investments L.P. purchased a new stake in shares of Enphase Energy in the 2nd quarter worth approximately $193,000. Jane Street Group LLC purchased a new stake in shares of Enphase Energy in the 1st quarter worth approximately $133,000. Finally, Metropolitan Life Insurance Co. NY purchased a new stake in shares of Enphase Energy in the 2nd quarter worth approximately $202,000. 39.26% of the stock is owned by hedge funds and other institutional investors.

Enphase Energy Company Profile

Enphase Energy, Inc, together with its subsidiaries, designs, develops, and sells microinverter systems for residential and commercial markets in the United States and internationally. The company's semiconductor-based microinverter system converts direct current (DC) electricity to alternating current (AC) electricity at the individual solar module level.

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