Enphase Energy (ENPH) Received its Third Buy in a Row

After Roth Capital and Cowen & Co. gave Enphase Energy (NASDAQ: ENPH) a Buy rating last month, the company received another Buy, this time from Needham. Analyst Mike Cikos initiated coverage with a Buy rating on Enphase Energy yesterday and set a price target of $53.00. The company’s shares closed last Monday at $47.45.

Enphase Energy has an analyst consensus of Strong Buy, with a price target consensus of $55.63, implying a 20.9% upside from current levels. In a report issued on June 18, Roth Capital also maintained a Buy rating on the stock with a $60.00 price target.

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The company has a one-year high of $70.36 and a one-year low of $16.32. Currently, Enphase Energy has an average volume of 7.07M.

Based on the recent corporate insider activity of 64 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. Most recently, in March 2020, Benjamin John Kortlang, a Director at ENPH bought 27,428 shares for a total of $205,710.

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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.