Enphase Energy (NASDAQ:ENPH) Shares Down 6.1%

Shares of Enphase Energy Inc (NASDAQ:ENPH) dropped 6.1% on Wednesday . The company traded as low as $29.21 and last traded at $30.22, approximately 5,833,256 shares traded hands during mid-day trading. An increase of 93% from the average daily volume of 3,022,770 shares. The stock had previously closed at $32.17.

ENPH has been the topic of a number of recent research reports. Northland Securities initiated coverage on Enphase Energy in a report on Wednesday, June 26th. They issued an “outperform” rating and a $24.00 target price on the stock. ValuEngine upgraded Enphase Energy from a “buy” rating to a “strong-buy” rating in a research report on Wednesday, May 1st. BidaskClub upgraded Enphase Energy from a “buy” rating to a “strong-buy” rating in a research report on Thursday, August 1st. Deutsche Bank upgraded Enphase Energy from a “hold” rating to a “buy” rating and upped their price target for the stock from $100.00 to $120.00 in a research report on Wednesday, July 31st. Finally, Oppenheimer upped their price target on Enphase Energy from $13.00 to $26.00 and gave the stock an “outperform” rating in a research report on Wednesday, July 31st. One investment analyst has rated the stock with a sell rating, two have issued a hold rating, seven have assigned a buy rating and three have given a strong buy rating to the company’s stock. The company currently has a consensus rating of “Buy” and an average price target of $32.25.

The company has a current ratio of 2.44, a quick ratio of 2.30 and a debt-to-equity ratio of 0.85. The stock has a 50-day moving average price of $22.87. The company has a market cap of $3.77 billion, a price-to-earnings ratio of -251.83 and a beta of 1.01.

Enphase Energy (NASDAQ:ENPH) last released its earnings results on Tuesday, July 30th. The semiconductor company reported $0.18 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.09 by $0.09. Enphase Energy had a return on equity of 31.17% and a net margin of 2.63%. The firm had revenue of $134.09 million during the quarter, compared to analysts’ expectations of $120.36 million. During the same quarter last year, the business posted $0.02 earnings per share. The firm’s revenue was up 76.7% on a year-over-year basis. As a group, analysts predict that Enphase Energy Inc will post 0.54 earnings per share for the current year.

In related news, VP David A. Ranhoff sold 63,516 shares of the stock in a transaction dated Thursday, May 16th. The stock was sold at an average price of $14.62, for a total transaction of $928,603.92. Following the completion of the sale, the vice president now owns 790,517 shares in the company, valued at $11,557,358.54. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. Company insiders own 12.46% of the company’s stock.

Large investors have recently added to or reduced their stakes in the stock. Aperio Group LLC purchased a new stake in shares of Enphase Energy during the second quarter worth about $26,000. Steward Partners Investment Advisory LLC purchased a new stake in shares of Enphase Energy during the second quarter worth about $54,000. Meeder Asset Management Inc. purchased a new stake in shares of Enphase Energy during the second quarter worth about $89,000. Cambridge Trust Co. purchased a new stake in shares of Enphase Energy during the first quarter worth about $115,000. Finally, SG Americas Securities LLC purchased a new stake in shares of Enphase Energy during the first quarter worth about $124,000. Hedge funds and other institutional investors own 43.65% of the company’s stock.

About Enphase Energy (NASDAQ:ENPH)

Enphase Energy, Inc, together with its subsidiaries, designs, develops, and sells home energy solutions for the solar photovoltaic industry in the United States and internationally. The company offers semiconductor-based microinverter that converts energy at the individual solar module level and combines with its proprietary networking and software technologies to provide energy monitoring and control services.

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