B.Riley FBR analyst Carter Driscoll maintained a Buy rating on Enphase Energy (ENPH) today and set a price target of $7.50. The company’s shares closed yesterday at $5.15.
Driscoll wrote:
“IQ8 on track; profitability and cash generation are improving. Enphase (ENPH—Buy, $7.50 PT) reported in-line 3Q18 results with revenues near the midpoint of guidance ($76-82M), gross margin above expectations, but opex as well. Management estimated that component shortages cost it $10M in 3Q18 sales and expects a similar impact in 4Q18. 4Q18 revenue guidance was a bit wider ($80-90M) than expected with the midpoint implying 9% growth Q/Q, mostly due to the component shortages plaguing all inverter suppliers. The iQ7 microinverter roll out (22% in 2Q, 78% in 3Q18 and fully rolled out in 4Q18) is a bit ahead of schedule.”
According to TipRanks.com, Driscoll has currently no stars on a ranking scale of 0-5 stars, with an average return of -8.8% and a 33.5% success rate. Driscoll covers the Industrial Goods sector, focusing on stocks such as Ballard Power Systems, Amer Superconductor, and Canadian Solar Inc.
Currently, the analyst consensus on Enphase Energy is a Strong Buy with an average price target of $7.83, implying a 52.0% upside from current levels. In a report released today, H.C. Wainwright also maintained a Buy rating on the stock with a $9 price target.
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Based on Enphase Energy’s latest earnings release for the quarter ending June 30, the company reported a quarterly GAAP net loss of $3.74 million. In comparison, last year the company had a GAAP net loss of $6.85 million.
Based on the recent corporate insider activity of 23 insiders, corporate insider sentiment is positive on the stock. This means that over the past quarter there has been an increase of insiders buying their shares of ENPH in relation to earlier this year. Most recently, in August 2018, Richard Mora, a Director at ENPH bought 60,000 shares for a total of $42,000.
TipRanks has tracked 36,000 company insiders and found that a few of them are better than others when it comes to timing their transactions. See which 3 stocks are most likely to make moves following their insider activities.
Enphase Energy, Inc. engages in the design, development, manufacture, and sale of microinverter systems for the solar photovoltaic industry. Its products include IQ 7 Microinverter Series, IQ Battery, IQ Envoy, IQ Microinverter Accessories, IQ Envoy Accessories, and Enlighten and Apps.
