Canaccord Genuity Group Cuts Enphase Energy (NASDAQ:ENPH) Price Target to $76.00

Enphase Energy (NASDAQ:ENPH) had its target price lowered by Canaccord Genuity Group from $95.00 to $76.00 in a research note published on Tuesday morning,Benzinga reports. The firm currently has a hold rating on the semiconductor company’s stock.

Other equities analysts also recently issued reports about the company. The Goldman Sachs Group cut 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. BMO Capital Markets cut their target price on Enphase Energy from $114.00 to $104.00 and set a “market perform” rating on the stock in a research report on Monday, October 14th. Truist Financial cut their price target on Enphase Energy from $130.00 to $110.00 and set a “buy” rating on the stock in a research report on Wednesday, October 16th. Oppenheimer cut their price target on Enphase Energy from $134.00 to $101.00 and set an “outperform” rating on the stock in a research report on Wednesday, October 23rd. Finally, Roth Mkm cut their price target on Enphase Energy from $130.00 to $100.00 and set a “buy” rating on the stock in a research report on Wednesday, October 23rd. Four equities research analysts have rated the stock with a sell rating, sixteen have issued a hold rating and fourteen have assigned a buy rating to the stock. According to data from MarketBeat, Enphase Energy currently has a consensus rating of “Hold” and a consensus target price of $102.76.

Enphase Energy Stock Down 1.7 %

Shares of ENPH traded down $1.07 during midday trading on Tuesday, hitting $62.49. 2,355,155 shares of the company’s stock traded hands, compared to its average volume of 4,021,903. The company has a current ratio of 4.16, a quick ratio of 3.88 and a debt-to-equity ratio of 1.29. The firm’s fifty day moving average is $96.25 and its 200-day moving average is $108.14. Enphase Energy has a 1 year low of $59.12 and a 1 year high of $141.63. The stock has a market capitalization of $8.44 billion, a price-to-earnings ratio of 144.45, a price-to-earnings-growth ratio of 6.80 and a beta of 1.77.

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

Institutional Inflows and Outflows

A number of hedge funds and other institutional investors have recently bought and sold shares of ENPH. Swedbank AB purchased a new position in Enphase Energy in the 1st quarter worth approximately $424,130,000. Baillie Gifford & Co. lifted its stake in Enphase Energy by 57.9% in the 2nd quarter. Baillie Gifford & Co. now owns 6,285,059 shares of the semiconductor company’s stock worth $626,683,000 after purchasing an additional 2,304,408 shares in the last quarter. Electron Capital Partners LLC lifted its stake in Enphase Energy by 1,021.4% in the 2nd quarter. Electron Capital Partners LLC now owns 1,183,713 shares of the semiconductor company’s stock worth $118,028,000 after purchasing an additional 1,078,154 shares in the last quarter. Anomaly Capital Management LP purchased a new position in Enphase Energy in the 2nd quarter worth approximately $51,582,000. Finally, Canada Pension Plan Investment Board purchased a new position in Enphase Energy in the 1st quarter worth approximately $59,128,000. 72.12% of the stock is owned by hedge funds and other institutional investors.

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.