Enphase Energy (NASDAQ:ENPH) Given New $74.00 Price Target at Morgan Stanley

Enphase Energy (NASDAQ:ENPH) had its price target lowered by Morgan Stanley from $93.00 to $74.00 in a research note issued to investors on Friday,Benzinga reports. Morgan Stanley currently has an equal weight rating on the semiconductor company’s stock.

A number of other brokerages also recently commented on ENPH. Truist Financial lowered their price objective on Enphase Energy from $130.00 to $110.00 and set a “buy” rating for the company in a research note on Wednesday, October 16th. Piper Sandler reduced their target price on shares of Enphase Energy from $105.00 to $85.00 and set a “neutral” rating for the company in a research note on Wednesday, October 23rd. HSBC lowered shares of Enphase Energy from a “buy” rating to a “hold” rating and dropped their price target for the company from $154.00 to $81.00 in a research note on Friday, November 8th. Royal Bank of Canada lowered their target price on Enphase Energy from $100.00 to $85.00 and set a “sector perform” rating on the stock in a research report on Wednesday, October 23rd. Finally, JPMorgan Chase & Co. reduced their price target on Enphase Energy from $130.00 to $120.00 and set an “overweight” rating for the company in a research report on Wednesday, October 23rd. Four analysts have rated the stock with a sell rating, sixteen have assigned a hold rating and fourteen have given a buy rating to the stock. According to MarketBeat, Enphase Energy has an average rating of “Hold” and an average target price of $102.76.

Enphase Energy Stock Performance

Shares of ENPH stock traded down $4.04 on Friday, hitting $59.52. 6,882,178 shares of the stock traded hands, compared to its average volume of 4,042,153. The company’s fifty day moving average is $95.27 and its 200 day moving average is $107.76. Enphase Energy has a 1-year low of $59.12 and a 1-year high of $141.63. The company has a market capitalization of $8.04 billion, a PE ratio of 135.27, a PEG ratio of 6.80 and a beta of 1.77. The company has a debt-to-equity ratio of 1.29, a current ratio of 4.16 and a quick ratio of 3.88.

Enphase Energy (NASDAQ:ENPH) last issued its 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). 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 period last year, the company posted $0.84 earnings per share. The firm’s revenue for the quarter was down 30.9% on a year-over-year basis. On average, equities research analysts predict that Enphase Energy will post 0.92 earnings per share for the current fiscal year.

Institutional Investors Weigh In On Enphase Energy

Several hedge funds and other institutional investors have recently made changes to their positions in the business. Geode Capital Management LLC grew its stake in shares of Enphase Energy by 0.6% in the third quarter. Geode Capital Management LLC now owns 3,382,316 shares of the semiconductor company’s stock worth $381,030,000 after acquiring an additional 20,579 shares during the last quarter. Resources Management Corp CT ADV raised its position in shares of Enphase Energy by 6.8% during the third quarter. Resources Management Corp CT ADV now owns 4,542 shares of the semiconductor company’s stock valued at $513,000 after buying an additional 290 shares during the last quarter. M&T Bank Corp grew its position in Enphase Energy by 4.0% during the third quarter. M&T Bank Corp now owns 18,907 shares of the semiconductor company’s stock worth $2,137,000 after buying an additional 726 shares in the last quarter. Duff & Phelps Investment Management Co. increased its stake in Enphase Energy by 40.6% during the third quarter. Duff & Phelps Investment Management Co. now owns 22,427 shares of the semiconductor company’s stock valued at $2,535,000 after acquiring an additional 6,478 shares during the period. Finally, Public Employees Retirement System of Ohio raised its holdings in Enphase Energy by 4.1% in the 3rd quarter. Public Employees Retirement System of Ohio now owns 61,366 shares of the semiconductor company’s stock valued at $6,936,000 after acquiring an additional 2,438 shares in the last quarter. 72.12% of the stock is owned by institutional investors and hedge funds.

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.