Enphase Energy (NASDAQ:ENPH) Stock Price Up 6.1% – Should You Buy?

Shares of Enphase Energy, Inc. (NASDAQ:ENPH) were up 6.1% during trading on Tuesday . The stock traded as high as $76.50 and last traded at $75.75. Approximately 1,025,021 shares traded hands during trading, a decline of 54% from the average daily volume of 2,245,612 shares. The stock had previously closed at $71.38.

Analyst Ratings Changes

A number of brokerages have recently issued reports on ENPH. HSBC cut shares of Enphase Energy from a “buy” rating to a “hold” rating and cut their price objective for the company from $154.00 to $81.00 in a research note on Friday, November 8th. Oppenheimer cut their price target on shares of Enphase Energy from $134.00 to $101.00 and set an “outperform” rating for the company in a research report on Wednesday, October 23rd. Royal Bank of Canada decreased their price objective on Enphase Energy from $85.00 to $71.00 and set a “sector perform” rating on the stock in a report on Friday, November 22nd. Guggenheim cut Enphase Energy from a “neutral” rating to a “sell” rating and set a $73.00 target price for the company. in a report on Wednesday, October 23rd. Finally, Canaccord Genuity Group cut Enphase Energy from a “buy” rating to a “hold” rating in a research note on Wednesday, October 23rd. Four investment analysts have rated the stock with a sell rating, fifteen have given a hold rating and fourteen have given a buy rating to the stock. According to data from MarketBeat, the stock currently has a consensus rating of “Hold” and a consensus price target of $97.86.

Enphase Energy Price Performance

The company has a debt-to-equity ratio of 1.29, a current ratio of 4.16 and a quick ratio of 3.88. The company has a market capitalization of $9.41 billion, a P/E ratio of 158.32, a price-to-earnings-growth ratio of 22.03 and a beta of 1.68. The firm’s 50-day moving average is $71.13 and its 200-day moving average is $94.68.

Enphase Energy (NASDAQ:ENPH) last issued its quarterly earnings results on Tuesday, October 22nd. The semiconductor company reported $0.65 EPS for the quarter, missing analysts’ consensus estimates of $0.77 by ($0.12). The company had revenue of $380.90 million during the quarter, compared to analysts’ expectations of $392.51 million. Enphase Energy had a return on equity of 10.56% and a net margin of 4.91%. The business’s quarterly revenue was down 30.9% compared to the same quarter last year. During the same quarter in the previous year, the company earned $0.84 EPS. Analysts predict that Enphase Energy, Inc. will post 0.94 EPS for the current fiscal year.

Hedge Funds Weigh In On Enphase Energy

Several hedge funds have recently modified their holdings of ENPH. Nordea Investment Management AB boosted its position in shares of Enphase Energy by 131.6% during the 4th quarter. Nordea Investment Management AB now owns 2,214,999 shares of the semiconductor company’s stock valued at $155,360,000 after acquiring an additional 1,258,778 shares during the last quarter. Electron Capital Partners LLC lifted its stake in shares of 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 valued at $118,028,000 after purchasing an additional 1,078,154 shares during the last quarter. Anomaly Capital Management LP purchased a new position in shares of Enphase Energy in the 2nd quarter worth approximately $51,582,000. Mizuho Securities USA LLC increased its position in shares of Enphase Energy by 4,177.9% during the 3rd quarter. Mizuho Securities USA LLC now owns 448,918 shares of the semiconductor company’s stock valued at $50,737,000 after purchasing an additional 438,424 shares during the last quarter. Finally, Aspex Management HK Ltd purchased a new stake in Enphase Energy during the 3rd quarter valued at $48,442,000. Hedge funds and other 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.