Enphase Energy (ENPH) Upgraded to Buy at Zacks Investment Research

Zacks Investment Research upgraded shares of Enphase Energy (NASDAQ:ENPH) from a hold rating to a buy rating in a report released on Friday morning. The brokerage currently has $2.75 price target on the semiconductor company’s stock.

According to Zacks, “Enphase Energy, Inc. delivers microinverter technology for the solar industry, which increases productivity and reliability of solar modules. The Company builds a semiconductor-based microinverter system that converts direct current electricity to alternating current electricity at the individual solar module level. Enphase sells its microinverter systems primarily to distributors who resell them to solar installers. It also sells directly to installers, as well as through original equipment manufacturers. Enphase Energy, Inc. is headquartered in Petaluma, California. “

A number of other research analysts also recently commented on the stock. ValuEngine downgraded shares of Enphase Energy from a sell rating to a strong sell rating in a research note on Friday, December 1st. Craig Hallum reaffirmed a buy rating and set a $4.00 price objective on shares of Enphase Energy in a research note on Monday, November 20th. Cowen reaffirmed a buy rating and set a $2.25 price objective on shares of Enphase Energy in a research note on Friday, November 10th. Finally, Needham & Company LLC reaffirmed a hold rating on shares of Enphase Energy in a research note on Tuesday, September 26th. One analyst has rated the stock with a sell rating, three have given a hold rating and three have issued a buy rating to the company. Enphase Energy presently has an average rating of Hold and a consensus price target of $2.20.

Enphase Energy (NASDAQ ENPH) traded down $0.16 during midday trading on Friday, hitting $2.24. 810,846 shares of the stock were exchanged, compared to its average volume of 861,666. Enphase Energy has a one year low of $0.65 and a one year high of $3.45. The company has a debt-to-equity ratio of -4.75, a quick ratio of 1.30 and a current ratio of 1.59. The firm has a market cap of $191.59, a P/E ratio of -3.03 and a beta of 1.49.

Enphase Energy (NASDAQ:ENPH) last posted its quarterly earnings data on Tuesday, November 7th. The semiconductor company reported ($0.01) EPS for the quarter, beating the Zacks’ consensus estimate of ($0.05) by $0.04. Enphase Energy had a negative net margin of 18.66% and a negative return on equity of 1,232.10%. The company had revenue of $77.00 million during the quarter, compared to the consensus estimate of $77.13 million. During the same quarter in the prior year, the company posted ($0.28) EPS. The company’s quarterly revenue was down 13.2% compared to the same quarter last year. analysts expect that Enphase Energy will post -0.57 EPS for the current fiscal year.

In related news, Director John Howard Weber sold 55,526 shares of the stock in a transaction that occurred on Tuesday, November 21st. The shares were sold at an average price of $2.64, for a total transaction of $146,588.64. Following the completion of the sale, the director now owns 35,326 shares of the company’s stock, valued at approximately $93,260.64. The transaction was disclosed in a filing with the SEC, which can be accessed through the SEC website. Also, CEO Badrinarayanan Kothandaraman bought 40,677 shares of the company’s stock in a transaction that occurred on Thursday, November 9th. The shares were acquired at an average cost of $1.78 per share, with a total value of $72,405.06. Following the transaction, the chief executive officer now owns 40,677 shares in the company, valued at approximately $72,405.06. The disclosure for this purchase can be found here. 17.37% of the stock is currently owned by corporate insiders.

A number of institutional investors and hedge funds have recently bought and sold shares of the stock. Northern Trust Corp increased its position in Enphase Energy by 4.6% during the 2nd quarter. Northern Trust Corp now owns 125,328 shares of the semiconductor company’s stock worth $108,000 after purchasing an additional 5,479 shares in the last quarter. First Trust Advisors LP increased its position in Enphase Energy by 55.4% during the 2nd quarter. First Trust Advisors LP now owns 125,973 shares of the semiconductor company’s stock worth $109,000 after purchasing an additional 44,908 shares in the last quarter. K2 Principal Fund L.P. increased its position in Enphase Energy by 14.9% during the 3rd quarter. K2 Principal Fund L.P. now owns 506,570 shares of the semiconductor company’s stock worth $770,000 after purchasing an additional 65,760 shares in the last quarter. Vanguard Group Inc. increased its position in Enphase Energy by 4.6% during the 2nd quarter. Vanguard Group Inc. now owns 1,939,428 shares of the semiconductor company’s stock worth $1,678,000 after purchasing an additional 84,549 shares in the last quarter. Finally, KBC Group NV increased its position in Enphase Energy by 101.3% during the 3rd quarter. KBC Group NV now owns 180,137 shares of the semiconductor company’s stock worth $274,000 after purchasing an additional 90,665 shares in the last quarter. 22.88% of the stock is owned by hedge funds and other institutional investors.

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About Enphase Energy

Enphase Energy, Inc is a provider of energy management solutions. The Company is engaged in designing, developing, manufacturing and selling microinverter systems for the solar photovoltaic industry. Its semiconductor-based microinverter system converts direct current (DC) electricity to alternating current (AC) electricity.

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