Enphase Energy Inc (NASDAQ:ENPH) announced a $10 million strategic investment in the Company by T.J. Rodgers, founder and former CEO of Cypress Semiconductor, and John Doerr, chairman of Kleiner Perkins Caulfield & Byers. As part of the new investment, Mr. Rodgers will be appointed to Enphase’s Board of Directors. Enphase anticipates using a portion of this investment for consulting services to optimize operating performance while supporting the growing global demand for its energy management systems.
Shares of Enphase Energy reacted to the news, jumping nearly 19% to $1.35 in after-market trading. ENPH has a 1-year high of $3.43 and a 1-year low of $0.95. The stock’s 50-day moving average is $1.16 and its 200-day moving average is $1.46.
On the ratings front, ENPH has been the subject of a number of recent research reports. In a report issued on December 5, Roth Capital analyst Philip Shen reiterated a Hold rating on ENPH, with a price target of $1.14, which represents a slight upside potential from current levels. Separately, on November 2, Oppenheimer’s Colin Rusch upgraded the stock to Buy and has a price target of $2.00.
According to TipRanks.com, which ranks over 7,500 financial analysts and bloggers to gauge the performance of their past recommendations, Philip Shen and Colin Rusch have a yearly average loss of -17.5% and a return of 8.3% respectively. Shen has a success rate of 24% and is ranked #4271 out of 4347 analysts, while Rusch has a success rate of 45% and is ranked #580.
Enphase Energy, Inc. delivers energy management solutions which advance the worldwide potential of renewable energy. Its semiconductor-based microinverter system converts direct current electricity to alternating current electricity at the individual solar module level, and brings a system-based, high technology approach to solar energy generation leveraging its design expertise across power electronics, semiconductors, networking, and cloud-based software technologies. The company was founded by Raghuveer R. Belur and Martin Fornage in March 2006 and is headquartered in Petaluma, CA.