In a report released today, Amit Dayal from H.C. Wainwright maintained a Buy rating on Enphase Energy (ENPH), with a price target of $9. The company’s shares closed yesterday at $5.15.
“We were pleased to see IQ7 shipments at 78% of all microinverters, in line with management’s guidance of exceeding 65% by year end. It appears that the company is enjoying a favorable demand environment but continues to be hampered by component shortages, resulting in it being unable to fulfill $10M worth of demand in 3Q18, which we believe has now been pushed out to future periods. Management commented that the company is fully booked for 4Q18 and any new customer orders coming in now will only be shipped in 1Q19 and beyond. In line with this, management indicated that component supply issues should be resolved by 1Q19 with a dedicated production coming online by January 2019.”
According to TipRanks.com, Dayal ‘s ranking currently consits of no stars on a 0-5 ranking scale, with an average return of -8.9% and a 34.4% success rate. Dayal covers the Industrial Goods sector, focusing on stocks such as Ballard Power Systems, Capstone Turbine Corp, and Orion Energy Systems.
Enphase Energy has an analyst consensus of Strong Buy, with a price target consensus of $7.83, implying a 52.0% upside from current levels. In a report issued on October 29, B.Riley FBR also assigned a Buy rating to the stock with a $7.50 price target.
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The company has a one-year high of $7.60 and a one-year low of $1.56. Currently, Enphase Energy has an average volume of 2.58M.
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.
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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.