Bank of America Cuts Enphase Energy (NASDAQ:ENPH) Price Target to $62.00

Enphase Energy (NASDAQ:ENPH) had its price target trimmed by Bank of America from $72.00 to $62.00 in a report issued on Thursday morning,Benzinga reports. They currently have an underperform rating on the semiconductor company’s stock.

A number of other research analysts have also recently issued reports on ENPH. Citigroup cut their price target on Enphase Energy from $114.00 to $99.00 and set a “neutral” rating for the company in a report on Tuesday, October 22nd. Morgan Stanley reduced their target price on Enphase Energy from $102.00 to $93.00 and set an “equal weight” rating on the stock in a report on Wednesday, October 23rd. Guggenheim lowered shares of Enphase Energy from a “neutral” rating to a “sell” rating and set a $73.00 price target on the stock. in a report on Wednesday, October 23rd. Barclays decreased their target price on shares of Enphase Energy from $129.00 to $114.00 and set an “overweight” rating on the stock in a research note on Wednesday, October 23rd. Finally, Canaccord Genuity Group downgraded Enphase Energy from a “buy” rating to a “hold” rating in a report on Wednesday, October 23rd. Four investment analysts have rated the stock with a sell rating, fifteen have given a hold rating and fourteen have issued a buy rating to the stock. According to data from MarketBeat, the stock has an average rating of “Hold” and a consensus target price of $104.03.

Enphase Energy Stock Performance

ENPH traded down $4.69 on Thursday, hitting $66.90. 11,776,619 shares of the stock traded hands, compared to its average volume of 3,943,370. The business has a fifty day moving average price of $101.56 and a two-hundred day moving average price of $109.78. 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 has a market capitalization of $9.04 billion, a PE ratio of 152.05, a P/E/G ratio of 9.82 and a beta of 1.77. Enphase Energy has a 52 week low of $65.66 and a 52 week high of $141.63.

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

Institutional Inflows and Outflows

A number of institutional investors and hedge funds have recently added to or reduced their stakes in the stock. Manchester Capital Management LLC grew its stake in shares of Enphase Energy by 1,068.4% in the first quarter. Manchester Capital Management LLC now owns 222 shares of the semiconductor company’s stock worth $27,000 after acquiring an additional 203 shares during the last quarter. Chilton Capital Management LLC grew its position in Enphase Energy by 2,733.3% during the 1st quarter. Chilton Capital Management LLC now owns 255 shares of the semiconductor company’s stock valued at $31,000 after purchasing an additional 246 shares during the last quarter. Avior Wealth Management LLC increased its stake in Enphase Energy by 6,975.0% during the 3rd quarter. Avior Wealth Management LLC now owns 283 shares of the semiconductor company’s stock valued at $32,000 after purchasing an additional 279 shares in the last quarter. UMB Bank n.a. raised its holdings in Enphase Energy by 784.8% in the third quarter. UMB Bank n.a. now owns 292 shares of the semiconductor company’s stock worth $33,000 after buying an additional 259 shares during the last quarter. Finally, nVerses Capital LLC bought a new position in shares of Enphase Energy in the third quarter worth approximately $34,000. Institutional investors own 72.12% of the company’s stock.

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.