Enphase Energy (NASDAQ:ENPH) Shares Gap Up - Here's What Happened

Shares of Enphase Energy, Inc. (NASDAQ:ENPH - Get Free Report) gapped up before the market opened on Wednesday . The stock had previously closed at $65.67, but opened at $68.14. Enphase Energy shares last traded at $69.81, with a volume of 915,815 shares.

Analysts Set New Price Targets

A number of research firms recently commented on ENPH. BMO Capital Markets decreased their price objective on shares of Enphase Energy from $69.00 to $66.00 and set a "market perform" rating on the stock in a report on Wednesday, February 5th. Wells Fargo & Company decreased their price objective on shares of Enphase Energy from $83.00 to $77.00 and set an "overweight" rating on the stock in a report on Thursday, February 6th. Bank of America decreased their price objective on shares of Enphase Energy from $72.00 to $62.00 and set an "underperform" rating on the stock in a report on Thursday, November 7th. Truist Financial reaffirmed a "hold" rating and issued a $65.00 price target (down previously from $100.00) on shares of Enphase Energy in a report on Thursday, January 16th. Finally, Craig Hallum reduced their price target on shares of Enphase Energy from $123.00 to $101.00 and set a "buy" rating on the stock in a report on Wednesday, February 5th. Three analysts have rated the stock with a sell rating, sixteen have issued a hold rating and fourteen have given a buy rating to the stock. Based on data from MarketBeat.com, Enphase Energy has an average rating of "Hold" and a consensus target price of $90.42.

Enphase Energy Stock Down 2.0 %

The firm's 50-day moving average price is $66.89 and its 200-day moving average price is $85.48. The company has a market cap of $8.59 billion, a price-to-earnings ratio of 87.64 and a beta of 1.68. The company has a debt-to-equity ratio of 1.44, a current ratio of 3.53 and a quick ratio of 3.28.

Enphase Energy (NASDAQ:ENPH - Get Free Report) last released its quarterly earnings data on Tuesday, February 4th. The semiconductor company reported $0.57 earnings per share (EPS) for the quarter, missing the consensus estimate of $0.72 by ($0.15). Enphase Energy had a return on equity of 15.62% and a net margin of 7.72%. Sell-side analysts forecast that Enphase Energy, Inc. will post 2.08 earnings per share for the current fiscal year.

Institutional Investors Weigh In On Enphase Energy

Several large investors have recently made changes to their positions in the business. Creative Financial Designs Inc. ADV increased its position in shares of Enphase Energy by 19.3% in the third quarter. Creative Financial Designs Inc. ADV now owns 771 shares of the semiconductor company's stock worth $87,000 after acquiring an additional 125 shares in the last quarter. Empirical Finance LLC boosted its stake in shares of Enphase Energy by 3.9% in the third quarter. Empirical Finance LLC now owns 3,673 shares of the semiconductor company's stock valued at $415,000 after purchasing an additional 137 shares during the period. OVERSEA CHINESE BANKING Corp Ltd boosted its stake in shares of Enphase Energy by 5.2% in the third quarter. OVERSEA CHINESE BANKING Corp Ltd now owns 3,119 shares of the semiconductor company's stock valued at $354,000 after purchasing an additional 153 shares during the period. Farther Finance Advisors LLC boosted its stake in shares of Enphase Energy by 19.1% in the third quarter. Farther Finance Advisors LLC now owns 1,085 shares of the semiconductor company's stock valued at $123,000 after purchasing an additional 174 shares during the period. Finally, Asset Management One Co. Ltd. boosted its stake in shares of Enphase Energy by 0.3% in the third quarter. Asset Management One Co. Ltd. now owns 54,912 shares of the semiconductor company's stock valued at $6,206,000 after purchasing an additional 190 shares during the period. Institutional investors and hedge funds own 72.12% of the company's stock.

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.