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Is Enphase Energy Inc. (NASDAQ: ENPH) Stock Ready For A Higher Run In Its Share Price?

In the last trading session, 3.57 million Enphase Energy Inc. (NASDAQ:ENPH) shares changed hands as the company’s beta touched 1.52. With the company’s per share price at $117.16 changed hands at -$3.14 or -2.61% during last session, the market valuation stood at $16.24B. ENPH’s last price was a discount, traded about -190.13% off its 52-week high of $339.92. The share price had its 52-week low at $118.14, which suggests the last value was -0.84% down since then. When we look at Enphase Energy Inc.’s average trading volume, we note the 10-day average is 3.2 million shares, with the 3-month average coming to 3.80 million.

Analysts gave the Enphase Energy Inc. (ENPH) stock a consensus recommendation rating of an Overweight, calculated at a mean rating of 2.30. If we narrow down to specifics, the data shows that 0 out of 37 analysts rate the stock as a Sell, with a further 2 assigning it an Overweight rating. Of the remaining, 12 recommended ENPH as a Hold, 22 felt it is a Buy and 1 rated the stock as Underweight. Enphase Energy Inc.’s EPS for the current quarter is expected to be $1.01.

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Enphase Energy Inc. (NASDAQ:ENPH) trade information

Instantly ENPH was in red as seen at the end of in last trading. With action -4.12%, the performance over the past five days has been red. The drop to weekly highs of 124.39 on Monday, 09/18/23 subtracted -2.61% to the stock’s daily price. The company’s shares are showing year-to-date downside of -55.78%, with the 5-day performance at -4.12% in the red. However, in the 30-day time frame, Enphase Energy Inc. (NASDAQ:ENPH) is -10.86% down. Looking at the short shares, we see there were 10.69 million shares sold at short interest cover period of 3.2 days.

The consensus price target for the stock as assigned by Wall Street analysts is $190.48, meaning bulls need an upside of 38.49% from its current market value. According to analyst projections, ENPH’s forecast low is $135.00 with $262.00 as the target high. To hit the forecast high, the stock’s price needs a -123.63% plunge from its current level, while the stock would need to soar -15.23% for it to hit the projected low.

Enphase Energy Inc. (ENPH) estimates and forecasts

Data shows that the Enphase Energy Inc. share is performing relatively much not better than most of its peers within the same industry. As can be gleaned from the statistics, the company’s share value shot -36.20% over the past 6 months, a 9.31% in annual growth rate that is considerably lower than the industry average of 35.20%. Moreover, analysts have looked to lower expectations by upgrading its fiscal year 2023 revenue estimates. The rating firms predict current quarter revenue for Enphase Energy Inc. will fall -19.20%, while the growth in revenue is estimated to hit -20.50% for the next quarter. Year-over-year growth is forecast to reach 13.90% up from the last financial year.

Consensus estimates given by 23 financial analysts project the company’s revenue in the current quarter to hit an average of $574.27 million. 24 analysts are of the opinion that Enphase Energy Inc.’s revenue for the quarter ending Dec 2023 will be $643.8 million. The company’s revenue for the corresponding quarters a year ago was $612.21 million and $724.65 million respectively. According to analysts, the company will likely register a growth in its current quarter sales, forecast at -6.20%. The estimates for the next quarter sales put growth at -11.20%.

Looking at the company’s year-on-year earnings, data shows that the past 5-year has an earnings growth rate of 86.70%. The 2023 estimates are for Enphase Energy Inc. earnings to increase by 170.30%, but the outlook for the next 5-year period is at 25.56% per year.

ENPH Dividends

Enphase Energy Inc. is expected to release its next quarterly earnings report between October 23 and October 27.

Enphase Energy Inc. (NASDAQ:ENPH)’s Major holders

If we look at who the major shareholders are, we find that insiders hold 2.55% of Enphase Energy Inc. shares while 79.40% of the shares are in the hands of institutional holders. The share float percentage for the stock currently stands at 81.48%. There are 79.40% institutions holding the Enphase Energy Inc. stock share, with Vanguard Group Inc the top institutional holder. As of Jun 29, 2023, the company held 11.72% of the shares, roughly 15.98 million ENPH shares worth $1.87 billion.

Blackrock Inc. holds the second largest percentage of outstanding shares, with 10.42% or 14.2 million shares worth $1.66 billion as of Jun 29, 2023.

Among Mutual Funds, the top two as of Jun 29, 2023 were Vanguard Total Stock Market Index Fund and Vanguard 500 Index Fund. With 4.29 million shares estimated at $502.17 million under it, the former controlled 3.14% of total outstanding shares. On the other hand, Vanguard 500 Index Fund held about 2.39% of the shares, roughly 3.26 million shares worth around $382.31 million.

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