Enphase Energy Inc (NASDAQ:ENPH), a global energy technology company, today announced it has signed an extended asset-based credit facility with Wells Fargo Capital Finance. This new credit facility replaces a $50 million facility with Wells Fargo Capital Finance, extending the commitment period through November 7, 2019 to provide borrowing capacity and financial flexibility to support Enphase’s growth objectives. The new facility provides $50 million in committed working capital financing, and further provides for an uncommitted $25 million accordion feature pursuant to which Enphase may elect to extend the credit facility to provide for up to $75 million of borrowing capacity subject to the satisfaction of certain conditions.
“This extended working capital facility with Wells Fargo will provide us with the financial flexibility to execute on our growth strategy,” said Kris Sennesael, CFO of Enphase. “We appreciate the commitment and support from Wells Fargo to be a strategic partner with Enphase by providing us with an extended credit facility with lower interest rates and more attractive terms.”
Additional details regarding this transaction will be reported in a Form 8-K filed by Enphase Energy with the Security and Exchange Commission on December 22, 2015. (Original Source)
Shares of Enphase Energy Inc closed yesterday at $3.59, up $0.58 or 19.27%. ENPH has a 1-year high of $15.25 and a 1-year low of $1.63. The stock’s 50-day moving average is $2.24 and its 200-day moving average is $4.84.
On the ratings front, Enphase Energy has been the subject of a number of recent research reports. In a report issued on December 16, Roth Capital analyst Philip Shen upgraded ENPH to Buy, with a price target of $4, which implies an upside of 11.4% from current levels. Separately, on November 18, Canaccord Genuity’s Jonathan Dorsheimer maintained a Hold rating on the stock and has a price target of $2.20.
According to TipRanks.com, which ranks over 7,500 financial analysts and bloggers to gauge the performance of their past recommendations, Philip Shen and Jonathan Dorsheimer have a total average return of -6.4% and 0.8% respectively. Shen has a success rate of 36.1% and is ranked #3449 out of 3636 analysts, while Dorsheimer has a success rate of 45.2% and is ranked #1601.
Enphase Energy Inc delivers microinverter technology for solar industry that increases energy production, simplifies design and installation, improves system, reduces fire safety risk & provides a platform for intelligent energy management.