Enphase Energy (NASDAQ:ENPH) Shares Gap Up – Here’s Why

Enphase Energy, Inc. (NASDAQ:ENPH)’s share price gapped up prior to trading on Wednesday . The stock had previously closed at $65.67, but opened at $68.14. Enphase Energy shares last traded at $69.81, with a volume of 915,815 shares trading hands.

Analysts Set New Price Targets

Several research analysts recently issued reports on the stock. Roth Mkm cut their target price on shares of Enphase Energy from $130.00 to $100.00 and set a “buy” rating on the stock in a research note on Wednesday, October 23rd. Craig Hallum cut their price objective on Enphase Energy from $123.00 to $101.00 and set a “buy” rating for the company in a research report on Wednesday, February 5th. Wells Fargo & Company dropped their target price on Enphase Energy from $83.00 to $77.00 and set an “overweight” rating for the company in a research note on Thursday, February 6th. Canaccord Genuity Group upgraded shares of Enphase Energy from a “hold” rating to a “buy” rating and upped their target price for the company from $76.00 to $82.00 in a research note on Wednesday, February 5th. Finally, The Goldman Sachs Group decreased their target price on shares of Enphase Energy from $121.00 to $105.00 and set a “buy” rating for the company in a research report on Wednesday, January 22nd. Three equities research analysts have rated the stock with a sell rating, sixteen have given a hold rating and fourteen have assigned a buy rating to the company. According to data from MarketBeat.com, the stock presently has a consensus rating of “Hold” and an average price target of $90.42.

Enphase Energy Stock Up 3.8 %

The company has a debt-to-equity ratio of 1.44, a current ratio of 3.53 and a quick ratio of 3.28. The company has a 50 day moving average of $67.18 and a 200-day moving average of $85.75. The company has a market cap of $9.03 billion, a P/E ratio of 92.34 and a beta of 1.68.

Enphase Energy (NASDAQ:ENPH) last announced its earnings results on Tuesday, February 4th. The semiconductor company reported $0.57 earnings per share (EPS) for the quarter, missing the consensus estimate of $0.72 by ($0.15). Enphase Energy had a return on equity of 15.62% and a net margin of 7.72%. On average, equities analysts predict that Enphase Energy, Inc. will post 2.08 earnings per share for the current year.

Institutional Inflows and Outflows

Several institutional investors and hedge funds have recently modified their holdings of the business. Avior Wealth Management LLC lifted its holdings in shares of Enphase Energy by 6,975.0% in the 3rd quarter. Avior Wealth Management LLC now owns 283 shares of the semiconductor company’s stock worth $32,000 after acquiring an additional 279 shares during the last quarter. nVerses Capital LLC purchased a new position in Enphase Energy during the third quarter worth approximately $34,000. Stone House Investment Management LLC purchased a new position in Enphase Energy in the 3rd quarter valued at about $34,000. Quarry LP bought a new stake in shares of Enphase Energy in the 3rd quarter worth about $37,000. Finally, Venturi Wealth Management LLC lifted its holdings in Enphase Energy by 318.1% in the fourth quarter. Venturi Wealth Management LLC now owns 669 shares of the semiconductor company’s stock worth $46,000 after purchasing an additional 509 shares during the period. 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.