Enphase Energy (NASDAQ:ENPH) Shares Gap Down Following Weak Earnings

Enphase Energy, Inc. (NASDAQ:ENPH)’s stock price gapped down prior to trading on Wednesday following a weaker than expected earnings announcement. The stock had previously closed at $92.23, but opened at $76.85. Enphase Energy shares last traded at $79.07, with a volume of 4,966,259 shares changing hands.

The semiconductor company reported $0.65 earnings per share (EPS) for the quarter, missing the consensus estimate of $0.77 by ($0.12). Enphase Energy had a return on equity of 17.30% and a net margin of 9.12%. The firm had revenue of $380.90 million for the quarter, compared to the consensus estimate of $392.51 million. During the same period last year, the company posted $0.84 earnings per share. The business’s revenue was down 30.9% compared to the same quarter last year.

Wall Street Analysts Forecast Growth

Several analysts have issued reports on ENPH shares. Oppenheimer dropped their price target on shares of Enphase Energy from $134.00 to $101.00 and set an “outperform” rating on the stock in a research report on Wednesday. Guggenheim lowered shares of Enphase Energy from a “neutral” rating to a “sell” rating and set a $73.00 price target on the stock. in a research report on Wednesday. Janney Montgomery Scott lowered shares of Enphase Energy from a “buy” rating to a “neutral” rating and set a $83.00 price target on the stock. in a research report on Wednesday. TD Cowen dropped their price objective on shares of Enphase Energy from $130.00 to $120.00 and set a “buy” rating on the stock in a research report on Wednesday. Finally, Jefferies Financial Group reissued a “hold” rating and issued a $115.00 price objective (up from $111.00) on shares of Enphase Energy in a research report on Wednesday, September 4th. Three equities research analysts have rated the stock with a sell rating, fourteen have assigned a hold rating and sixteen have issued a buy rating to the stock. According to MarketBeat, the stock currently has a consensus rating of “Hold” and a consensus price target of $111.26.

Institutional Investors Weigh In On Enphase Energy

Large investors have recently bought and sold shares of the company. Manchester Capital Management LLC grew its stake in Enphase Energy by 1,068.4% during the first quarter. Manchester Capital Management LLC now owns 222 shares of the semiconductor company’s stock worth $27,000 after buying an additional 203 shares in the last quarter. Chilton Capital Management LLC grew its stake in Enphase Energy by 2,733.3% during the first quarter. Chilton Capital Management LLC now owns 255 shares of the semiconductor company’s stock worth $31,000 after buying an additional 246 shares in the last quarter. UMB Bank n.a. grew its stake in Enphase Energy by 784.8% during the third 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 acquired a new stake in Enphase Energy during the third quarter worth about $34,000. Finally, Quest Partners LLC grew its stake in Enphase Energy by 11,525.0% during the second quarter. Quest Partners LLC now owns 465 shares of the semiconductor company’s stock worth $46,000 after buying an additional 461 shares in the last quarter. 72.12% of the stock is currently owned by institutional investors and hedge funds.

Enphase Energy Price Performance

The stock has a market capitalization of $11.03 billion, a price-to-earnings ratio of 42.24, a P/E/G ratio of 5.57 and a beta of 1.72. The company has a quick ratio of 3.90, a current ratio of 4.23 and a debt-to-equity ratio of 1.36. The business’s 50 day simple moving average is $109.09 and its 200-day simple moving average is $112.01.

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.