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

by · The Markets Daily

Enphase Energy (NASDAQ:ENPH – Free Report) 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.

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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 – Get Free Report) 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

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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.

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