Enphase Energy (ENPH) Rating Increased 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 note issued to investors on Friday. The firm currently has a $2.75 price objective on the semiconductor company’s stock. Zacks Investment Research‘s price target points to a potential upside of 22.77% from the company’s previous close.

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. “

ENPH has been the subject of several other reports. ValuEngine lowered Enphase Energy from a “sell” rating to a “strong sell” rating in a research report on Friday, December 1st. Craig Hallum reissued a “buy” rating and issued a $4.00 price target on shares of Enphase Energy in a research report on Monday, November 20th. Cowen reissued a “buy” rating and issued a $2.25 price target on shares of Enphase Energy in a research report on Friday, November 10th. Finally, Needham & Company LLC reissued a “hold” rating on shares of Enphase Energy in a research report on Tuesday, September 26th. One investment analyst has rated the stock with a sell rating, three have assigned a hold rating and three have assigned a buy rating to the company. Enphase Energy has a consensus rating of “Hold” and an average price target of $2.20.

Shares of Enphase Energy (NASDAQ:ENPH) traded down $0.16 during mid-day trading on Friday, hitting $2.24. The company’s stock had a trading volume of 810,846 shares, compared to its average volume of 784,222. Enphase Energy has a twelve month low of $0.65 and a twelve month high of $3.45. The stock has a market cap of $190.08, a PE ratio of -3.03 and a beta of 1.49. The company has a quick ratio of 1.30, a current ratio of 1.59 and a debt-to-equity ratio of -4.75.

Enphase Energy (NASDAQ:ENPH) last issued its earnings results on Tuesday, November 7th. The semiconductor company reported ($0.01) earnings per share for the quarter, topping the Thomson Reuters’ consensus estimate 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 business had revenue of $77.00 million during the quarter, compared to analysts’ expectations of $77.13 million. During the same period in the prior year, the business earned ($0.28) EPS. The business’s revenue for the quarter was down 13.2% compared to the same quarter last year. analysts forecast that Enphase Energy will post -0.57 EPS for the current fiscal year.

In related news, Director John Howard Weber sold 55,526 shares of the company’s stock in a transaction dated Tuesday, November 21st. The stock was sold at an average price of $2.64, for a total transaction of $146,588.64. Following the transaction, the director now directly owns 35,326 shares of the company’s stock, valued at approximately $93,260.64. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at this link. Also, CEO Badrinarayanan Kothandaraman bought 40,677 shares of Enphase Energy stock in a transaction that occurred on Thursday, November 9th. The shares were acquired at an average cost of $1.78 per share, for a total transaction of $72,405.06. Following the completion of the transaction, the chief executive officer now directly owns 40,677 shares in the company, valued at $72,405.06. The disclosure for this purchase can be found here. Corporate insiders own 15.92% of the company’s stock.

Large investors have recently made changes to their positions in the stock. Goldman Sachs Group Inc. increased its position in Enphase Energy by 10,872.8% during the 2nd quarter. Goldman Sachs Group Inc. now owns 1,846,393 shares of the semiconductor company’s stock valued at $1,597,000 after buying an additional 1,829,566 shares in the last quarter. Tenzing Global Management LLC increased its position in Enphase Energy by 600.0% during the 3rd quarter. Tenzing Global Management LLC now owns 4,200,000 shares of the semiconductor company’s stock valued at $6,384,000 after buying an additional 3,600,000 shares in the last quarter. Old West Investment Management LLC increased its position in Enphase Energy by 55.1% during the 3rd quarter. Old West Investment Management LLC now owns 1,619,108 shares of the semiconductor company’s stock valued at $2,461,000 after buying an additional 575,453 shares in the last quarter. Gilder Gagnon Howe & Co. LLC increased its position in Enphase Energy by 119.2% during the 3rd quarter. Gilder Gagnon Howe & Co. LLC now owns 1,672,927 shares of the semiconductor company’s stock valued at $2,543,000 after buying an additional 909,801 shares in the last quarter. Finally, KBC Group NV increased its position in Enphase Energy by 101.3% during the 3rd quarter. KBC Group NV now owns 180,137 shares of the semiconductor company’s stock valued at $274,000 after buying an additional 90,665 shares in the last quarter. 22.88% of the stock is currently owned by institutional investors.

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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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