Wells Fargo & Company Cuts Enphase Energy (NASDAQ:ENPH) Price Target to $83.00

Enphase Energy (NASDAQ:ENPH) had its target price cut by Wells Fargo & Company from $101.00 to $83.00 in a research report report published on Wednesday,Benzinga reports. They currently have an overweight rating on the semiconductor company’s stock.

Other research analysts have also recently issued reports about the stock. Roth Mkm decreased their price objective on shares of Enphase Energy from $130.00 to $100.00 and set a “buy” rating for the company in a report on Wednesday, October 23rd. Craig Hallum cut their price objective on Enphase Energy from $153.00 to $123.00 and set a “buy” rating for the company in a report on Wednesday, October 23rd. Bank of America lowered their target price on Enphase Energy from $72.00 to $62.00 and set an “underperform” rating on the stock in a report on Thursday, November 7th. Truist Financial cut their price target on shares of Enphase Energy from $130.00 to $110.00 and set a “buy” rating for the company in a report on Wednesday, October 16th. Finally, Royal Bank of Canada lowered their price objective on shares of Enphase Energy from $85.00 to $71.00 and set a “sector perform” rating on the stock in a research note on Friday, November 22nd. 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 company. According to data from MarketBeat.com, Enphase Energy has an average rating of “Hold” and a consensus price target of $97.86.

Enphase Energy Stock Performance

Shares of NASDAQ ENPH opened at $66.74 on Wednesday. Enphase Energy has a 12-month low of $58.33 and a 12-month high of $141.63. The company has a market cap of $9.02 billion, a PE ratio of 151.68, a P/E/G ratio of 21.92 and a beta of 1.69. The stock has a 50 day simple moving average of $70.87 and a 200-day simple moving average of $94.51. The company has a current ratio of 4.16, a quick ratio of 3.88 and a debt-to-equity ratio of 1.29.

Enphase Energy (NASDAQ:ENPH) last announced its quarterly earnings results on Tuesday, October 22nd. The semiconductor company reported $0.65 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $0.77 by ($0.12). Enphase Energy had a return on equity of 10.56% and a net margin of 4.91%. The business had revenue of $380.90 million for the quarter, compared to analyst estimates of $392.51 million. During the same quarter last year, the firm posted $0.84 EPS. The company’s revenue was down 30.9% compared to the same quarter last year. On average, equities research analysts forecast that Enphase Energy will post 0.94 EPS for the current year.

Institutional Trading of Enphase Energy

Institutional investors have recently modified their holdings of the company. Nordea Investment Management AB lifted its position in Enphase Energy by 131.6% in the fourth quarter. Nordea Investment Management AB now owns 2,214,999 shares of the semiconductor company’s stock worth $155,360,000 after purchasing an additional 1,258,778 shares during the period. Everence Capital Management Inc. acquired a new position in shares of Enphase Energy in the 4th quarter valued at $470,000. GAMMA Investing LLC boosted its position in shares of Enphase Energy by 131.9% during the 4th quarter. GAMMA Investing LLC now owns 4,940 shares of the semiconductor company’s stock valued at $339,000 after acquiring an additional 2,810 shares in the last quarter. Peapack Gladstone Financial Corp bought a new stake in Enphase Energy in the third quarter valued at about $292,000. Finally, Tidal Investments LLC raised its position in Enphase Energy by 121.4% in the third quarter. Tidal Investments LLC now owns 122,929 shares of the semiconductor company’s stock worth $13,893,000 after purchasing an additional 67,411 shares in the last quarter. Institutional investors and hedge funds 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.