Bank of America Issues Pessimistic Forecast for Enphase Energy (NASDAQ:ENPH) Stock Price

Enphase Energy (NASDAQ:ENPH) had its price objective reduced by equities research analysts at Bank of America from $72.00 to $62.00 in a note issued to investors on Thursday,Benzinga reports. The firm presently has an “underperform” rating on the semiconductor company’s stock. Bank of America‘s price objective would suggest a potential downside of 7.32% from the company’s current price.

Other equities analysts also recently issued reports about the company. The Goldman Sachs Group lowered their target price on Enphase Energy from $170.00 to $145.00 and set a “buy” rating on the stock in a research report on Wednesday, October 23rd. Morgan Stanley reduced their price objective on Enphase Energy from $102.00 to $93.00 and set an “equal weight” rating on the stock in a research note on Wednesday, October 23rd. Piper Sandler cut their target price on Enphase Energy from $105.00 to $85.00 and set a “neutral” rating on the stock in a research note on Wednesday, October 23rd. Oppenheimer lowered their target price on Enphase Energy from $134.00 to $101.00 and set an “outperform” rating for the company in a report on Wednesday, October 23rd. Finally, Citigroup decreased their price objective on Enphase Energy from $114.00 to $99.00 and set a “neutral” rating for the company in a report on Tuesday, October 22nd. Four research analysts have rated the stock with a sell rating, sixteen have given a hold rating and fourteen have assigned a buy rating to the stock. According to data from MarketBeat.com, the stock currently has an average rating of “Hold” and an average target price of $104.03.

Enphase Energy Stock Down 6.6 %

ENPH stock traded down $4.69 on Thursday, reaching $66.90. 11,887,495 shares of the company traded hands, compared to its average volume of 5,490,872. Enphase Energy has a one year low of $65.66 and a one year high of $141.63. The company has a debt-to-equity ratio of 1.29, a current ratio of 4.16 and a quick ratio of 3.88. The company has a market cap of $9.04 billion, a P/E ratio of 152.05, a price-to-earnings-growth ratio of 8.40 and a beta of 1.77. The firm has a fifty day simple moving average of $100.48 and a 200-day simple moving average of $109.48.

Enphase Energy (NASDAQ:ENPH) last posted its earnings results on Tuesday, October 22nd. The semiconductor company reported $0.65 EPS for the quarter, missing analysts’ consensus estimates of $0.77 by ($0.12). Enphase Energy had a return on equity of 10.56% and a net margin of 4.91%. The business had revenue of $380.90 million during the quarter, compared to the consensus estimate of $392.51 million. During the same period in the previous year, the business posted $0.84 EPS. The firm’s revenue for the quarter was down 30.9% on a year-over-year basis. Research analysts anticipate that Enphase Energy will post 0.92 earnings per share for the current year.

Institutional Investors Weigh In On Enphase Energy

Several institutional investors have recently modified their holdings of ENPH. Harbor Capital Advisors Inc. acquired a new stake in shares of Enphase Energy during the third quarter worth about $1,273,000. Swedbank AB boosted its holdings in shares of Enphase Energy by 0.3% in the 3rd quarter. Swedbank AB now owns 3,463,475 shares of the semiconductor company’s stock valued at $391,442,000 after purchasing an additional 11,890 shares during the last quarter. Impax Asset Management Group plc raised its stake in shares of Enphase Energy by 15.9% in the 3rd quarter. Impax Asset Management Group plc now owns 226,109 shares of the semiconductor company’s stock valued at $25,555,000 after acquiring an additional 31,008 shares during the period. International Assets Investment Management LLC purchased a new position in shares of Enphase Energy in the 3rd quarter valued at $6,387,000. Finally, DekaBank Deutsche Girozentrale increased its stake in Enphase Energy by 48.6% during the 1st quarter. DekaBank Deutsche Girozentrale now owns 88,696 shares of the semiconductor company’s stock worth $10,658,000 after buying an additional 29,013 shares during the period. 72.12% 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, 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.