Oppenheimer analyst Colin Rusch assigned a Buy rating to Enphase Energy (ENPH) today and set a price target of $77.00. The company’s shares closed last Tuesday at $69.80, close to its 52-week high of $76.75.
According to TipRanks.com, Rusch is a top 100 analyst with an average return of 30.1% and a 57.6% success rate. Rusch covers the Industrial Goods sector, focusing on stocks such as American Superconductor, SolarEdge Technologies, and Westport Fuel Systems.
The word on The Street in general, suggests a Moderate Buy analyst consensus rating for Enphase Energy with a $73.81 average price target, a 2.9% upside from current levels. In a report issued on July 27, Roth Capital also maintained a Buy rating on the stock with a $70.00 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 revenue of $126 million and GAAP net loss of $47.29 million. In comparison, last year the company earned revenue of $134 million and had a net profit of $10.62 million.
Based on the recent corporate insider activity of 66 insiders, corporate insider sentiment is negative on the stock. This means that over the past quarter there has been an increase of insiders selling their shares of ENPH in relation to earlier this year.
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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 & Apps. The company was founded by Raghuveer R. Belur and Martin Fornage in March 2006 and is headquartered in Fremont, CA.
