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

Shares of Enphase Energy, Inc. (NASDAQ:ENPH) gapped down prior to trading on Thursday . The stock had previously closed at $65.83, but opened at $63.70. Enphase Energy shares last traded at $63.99, with a volume of 487,891 shares changing hands.

Analyst Ratings Changes

Several research analysts have issued reports on the stock. Raymond James lowered their price target on shares of Enphase Energy from $140.00 to $130.00 and set an “outperform” rating for the company in a report on Wednesday, October 23rd. Jefferies Financial Group downgraded shares of Enphase Energy from a “hold” rating to an “underperform” rating and reduced their price objective for the stock from $93.00 to $61.00 in a research report on Thursday, November 7th. Barclays cut their target price on shares of Enphase Energy from $114.00 to $91.00 and set an “overweight” rating on the stock in a research note on Tuesday. BMO Capital Markets decreased their price target on shares of Enphase Energy from $114.00 to $104.00 and set a “market perform” rating for the company in a research note on Monday, October 14th. Finally, Oppenheimer reduced their target price on Enphase Energy from $134.00 to $101.00 and set an “outperform” rating for the company in a research note on Wednesday, October 23rd. Four research analysts have rated the stock with a sell rating, sixteen have given a hold rating and thirteen have assigned a buy rating to the company. According to data from MarketBeat.com, the company currently has an average rating of “Hold” and an average price target of $95.59.

Enphase Energy Trading Down 3.1 %

The stock has a market cap of $8.62 billion, a P/E ratio of 145.02, a P/E/G ratio of 7.87 and a beta of 1.68. 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 firm’s 50 day moving average price is $69.45 and its 200-day moving average price is $93.40.

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 the consensus estimate 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 during the quarter, compared to analysts’ expectations of $392.51 million. During the same quarter in the prior year, the firm earned $0.84 EPS. The firm’s revenue for the quarter was down 30.9% compared to the same quarter last year. As a group, equities research analysts forecast that Enphase Energy, Inc. will post 0.92 earnings per share for the current year.

Hedge Funds Weigh In On Enphase Energy

A number of institutional investors and hedge funds have recently modified their holdings of the company. Avior Wealth Management LLC grew its position in shares of 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 acquiring an additional 279 shares during the period. UMB Bank n.a. increased its stake in Enphase Energy by 784.8% in the 3rd quarter. UMB Bank n.a. now owns 292 shares of the semiconductor company’s stock worth $33,000 after buying an additional 259 shares in the last quarter. nVerses Capital LLC purchased a new position in shares of Enphase Energy in the third quarter valued at about $34,000. Stone House Investment Management LLC bought a new position in Enphase Energy in the 3rd quarter worth approximately $34,000. Finally, Quarry LP bought a new stake in Enphase Energy in the 3rd quarter valued at $37,000. 72.12% of the stock is currently owned by hedge funds and other institutional investors.

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.