Enphase Energy Inc. (NASDAQ:ENPH) was downgraded by Zacks Investment Research from a “buy” rating to a “hold” rating in a note issued to investors on Tuesday.

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. “

Several other brokerages also recently commented on ENPH. Needham & Company LLC restated a “hold” rating on shares of Enphase Energy in a research report on Wednesday, August 31st. Canaccord Genuity restated a “hold” rating and set a $2.00 price objective on shares of Enphase Energy in a research report on Thursday, August 4th. JPMorgan Chase & Co. restated a “hold” rating on shares of Enphase Energy in a research report on Wednesday, August 3rd. Roth Capital set a $1.00 price objective on shares of Enphase Energy and gave the company a “hold” rating in a research report on Wednesday, November 2nd. Finally, Oppenheimer Holdings Inc. upgraded shares of Enphase Energy from a “market perform” rating to an “outperform” rating and set a $2.00 price objective for the company in a research report on Wednesday, November 2nd. One analyst has rated the stock with a sell rating, five have issued a hold rating, two have assigned a buy rating and one has given a strong buy rating to the stock. Enphase Energy currently has an average rating of “Hold” and a consensus target price of $2.48.

Analyst Recommendations for Enphase Energy (NASDAQ:ENPH)

Enphase Energy (NASDAQ:ENPH) traded down 0.88% on Tuesday, hitting $1.12. The stock had a trading volume of 196,333 shares. Enphase Energy has a 1-year low of $0.98 and a 1-year high of $4.50. The company’s 50 day moving average is $1.12 and its 200-day moving average is $1.64. The firm’s market capitalization is $69.34 million.

Enphase Energy (NASDAQ:ENPH) last released its quarterly earnings results on Tuesday, November 1st. The company reported ($0.28) earnings per share for the quarter, missing analysts’ consensus estimates of ($0.24) by $0.04. Enphase Energy had a negative net margin of 23.54% and a negative return on equity of 294.30%. The business earned $88.70 million during the quarter, compared to analyst estimates of $89.69 million. During the same quarter in the previous year, the firm posted $0.01 earnings per share. The firm’s quarterly revenue was down 13.8% on a year-over-year basis. On average, analysts forecast that Enphase Energy will post ($1.06) EPS for the current year.

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In other Enphase Energy news, Director Benjamin John Kortlang acquired 600,000 shares of Enphase Energy stock in a transaction that occurred on Friday, September 23rd. The shares were bought at an average price of $1.20 per share, with a total value of $720,000.00. Following the completion of the purchase, the director now directly owns 852,614 shares in the company, valued at approximately $1,023,136.80. The acquisition was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. 25.42% of the stock is currently owned by corporate insiders.

Several hedge funds have recently modified their holdings of ENPH. KCG Holdings Inc. boosted its stake in shares of Enphase Energy by 530.7% in the third quarter. KCG Holdings Inc. now owns 121,938 shares of the company’s stock valued at $144,000 after buying an additional 102,603 shares in the last quarter. Guinness Asset Management Ltd boosted its stake in shares of Enphase Energy by 50.0% in the second quarter. Guinness Asset Management Ltd now owns 83,400 shares of the company’s stock worth $166,000 after buying an additional 27,800 shares during the period. Paloma Partners Management Co purchased a new stake in shares of Enphase Energy during the second quarter worth approximately $205,000. Menta Capital LLC boosted its stake in shares of Enphase Energy by 98.7% in the second quarter. Menta Capital LLC now owns 165,064 shares of the company’s stock worth $328,000 after buying an additional 81,972 shares during the period. Finally, Guinness Atkinson Asset Management Inc boosted its stake in shares of Enphase Energy by 42.5% in the second quarter. Guinness Atkinson Asset Management Inc now owns 208,900 shares of the company’s stock worth $416,000 after buying an additional 62,300 shares during the period. 24.83% of the stock is currently owned by institutional investors.

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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