Craig Hallum Reiterates “$31.00” Price Target for Enphase Energy (NASDAQ:ENPH)

Craig Hallum set a $31.00 price target on Enphase Energy (NASDAQ:ENPH) in a research report sent to investors on Wednesday, The Fly reports. The firm currently has a buy rating on the semiconductor company’s stock.

A number of other research firms also recently issued reports on ENPH. TheStreet upgraded shares of Enphase Energy from a c rating to a b- rating in a research report on Tuesday, May 21st. Northland Securities began coverage on shares of Enphase Energy in a research report on Wednesday, June 26th. They set an outperform rating and a $24.00 target price on the stock. Roth Capital boosted their target price on shares of Enphase Energy from $17.00 to $23.00 and gave the company a buy rating in a research report on Monday, July 29th. B. Riley reiterated a buy rating and set a $21.00 target price on shares of Enphase Energy in a research report on Wednesday, June 12th. Finally, Zacks Investment Research upgraded shares of Enphase Energy from a hold rating to a strong-buy rating and set a $23.00 target price on the stock in a research report on Monday, July 8th. One investment analyst has rated the stock with a sell rating, two have assigned a hold rating, seven have assigned a buy rating and three have given a strong buy rating to the company’s stock. The company has an average rating of Buy and a consensus price target of $32.25.

Shares of Enphase Energy stock traded down $0.98 during trading on Wednesday, reaching $29.12. 6,589,816 shares of the company traded hands, compared to its average volume of 4,998,811. The company has a quick ratio of 1.42, a current ratio of 2.44 and a debt-to-equity ratio of 0.85. Enphase Energy has a 1-year low of $3.70 and a 1-year high of $31.17. The company has a 50 day moving average price of $19.81. The company has a market cap of $3.67 billion, a price-to-earnings ratio of -242.67 and a beta of 1.01.

Enphase Energy (NASDAQ:ENPH) last released its earnings results on Tuesday, July 30th. The semiconductor company reported $0.18 earnings per share (EPS) for the quarter, beating the Zacks’ consensus estimate of $0.09 by $0.09. Enphase Energy had a net margin of 2.63% and a return on equity of 31.17%. The company had revenue of $134.09 million for the quarter, compared to the consensus estimate of $120.36 million. During the same quarter in the previous year, the company earned $0.02 EPS. Enphase Energy’s quarterly revenue was up 76.7% compared to the same quarter last year. As a group, equities research analysts forecast that Enphase Energy will post 0.54 earnings per share for the current year.

In related news, VP David A. Ranhoff sold 63,516 shares of the company’s stock in a transaction dated Thursday, May 16th. The shares were sold at an average price of $14.62, for a total value of $928,603.92. Following the sale, the vice president now owns 790,517 shares in the company, valued at approximately $11,557,358.54. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at this hyperlink. Corporate insiders own 12.46% of the company’s stock.

Institutional investors and hedge funds have recently bought and sold shares of the stock. Aperio Group LLC acquired a new stake in shares of Enphase Energy in the 2nd quarter worth about $26,000. Steward Partners Investment Advisory LLC acquired a new stake in shares of Enphase Energy in the 2nd quarter worth about $54,000. Raymond James Financial Services Advisors Inc. raised its holdings in shares of Enphase Energy by 24.7% in the 4th quarter. Raymond James Financial Services Advisors Inc. now owns 12,605 shares of the semiconductor company’s stock worth $60,000 after acquiring an additional 2,500 shares during the last quarter. LPL Financial LLC acquired a new stake in shares of Enphase Energy in the 4th quarter worth about $66,000. Finally, Cambridge Trust Co. acquired a new stake in shares of Enphase Energy in the 1st quarter worth about $115,000. Institutional investors own 48.47% of the company’s stock.

About Enphase Energy

Enphase Energy, Inc, together with its subsidiaries, designs, develops, and sells home energy solutions for the solar photovoltaic industry in the United States and internationally. The company offers semiconductor-based microinverter that converts energy at the individual solar module level and combines with its proprietary networking and software technologies to provide energy monitoring and control services.

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