.jpg "H.C. Wainwright Believes Enphase Energy (NASDAQ: ENPH) Still Has Room to Grow")
Enphase Energy (NASDAQ: ENPH) received a Buy rating and an $8 price target from H.C. Wainwright analyst Amit Dayal today. The company’s shares closed yesterday at $5.30, close to its 52-week high of $5.58.
Dayal said:
“We are initiating coverage on Enphase Energy, Inc. (ENPH) with a Buy rating and a 12- month price target of $8.00. Enphase has transformed itself into an energy management systems company catering to the residential and commercial & industrial (C&I) solar PV markets. The company’s global footprint of microinverter installations comprises solutions in approximately 739,000 systems in over 110 countries, with 70-80% of its revenues coming from the US market. Finance expects new solar installations to increase to over 100 GW during the next two years. We believe that: (1) the company’s pace of new product launches; (2) emphasis on cost reductions; and (3) focus on expanding its addressable markets, are key drivers that should support near term growth and profitability.”
According to TipRanks.com, Dayal is a 1-star analyst with an average return of -0.1% and a 40.4% success rate. Dayal covers the Consumer Goods sector, focusing on stocks such as Superconductor Technologies Inc, Pointer Telocation Ltd, and Pacific Ethanol.
Currently, the analyst consensus on Enphase Energy is Strong Buy and the average price target is $5.88, representing a 10.9% upside.
In a report issued on May 1, Oppenheimer also maintained a Buy rating on the stock with a $6 price target.
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Based on Enphase Energy’s latest earnings release for the quarter ending March 31, the company reported a quarterly GAAP net loss of $5.13 million. In comparison, last year the company had a GAAP net loss of $23.31 million.
Based on the recent corporate insider activity of 20 insiders, corporate insider sentiment is neutral on the stock. Most recently, in March 2018, John Howard Weber, a Director at ENPH sold 77,551 shares for a total of $300,122.
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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.
