The stock of Enphase Energy, Inc. (NASDAQ:ENPH) is now priced at $59.12 and the shares are 1.89 points up or 3.3% higher compared to its previous closing price of $57.23. The stock had 3.073 million contracts set over the past session. ENPH shares’ daily volume is compared to its average trading volume at 6.821 million shares. However, it has a float of 114 million and although its performance was -6.33% over the week, it’s one to watch. Analysts have given the ENPH stock a yearly average price target of $54.93 per share. It means the stock’s downside potential is -7.09% with the ENPH share price recently placing at $57.05 to $61.84. However, some brokerage firms have priced the stock below the average, including one that has called $40.
The shorts are running away from the Enphase Energy, Inc. stock, with the latest data on short interest released on July 15, 2020, showing that short interest numbers in the ENPH shares have declined. Short interest in the stock represents just 10.16% of its float, but the volume has dropped by -209113. The volume of shorted shares dropped to 11.625 million from 11.834 million shares over the last two weeks. The average intraday trading volume has been 3.094 million shares, which means that days to cover moved to roughly 3.757652.
In the last trading session, Enphase Energy, Inc. (NASDAQ:ENPH) dropped by -$2.96 over the week and gained $11.55 on its 20-day. The stock’s high in the recent session is lower when compared to its 52-week high of $70.36. The stock recorded its established 52-week high on 05/19/20.
Since 11/04/19, the stock has traded to a low of $17.18 at 244.12%, an encouraging piece of data likely to interest most investors out to exploit the stock’s recent surge. The stock has a beta allocation of 1.12. Being above 1 means that the stock’s volatility is higher than the market and traders are keenly watching it.
Looking at current readings, Enphase Energy, Inc.’s two-week RSI is 53.52. This suggests that the stock is neutral at the moment and that ENPH shares’ price movement remains stable. The stochastic readings are equally revealing at 58.28% meaning the ENPH share price is currently in neutral territory.
The technical chart shows that the ENPH stock will likely settle at between $60.36 and $63.5 per share. However, if the stock dips below $55.57, then its market would become much weaker. Any downside could see the stock price sliding to levels as low as $53.92.
Currently, the stock is trading in the red of MACD, with a reading of -1.13. Investors always pay attention to any move above or below the zero-line, mainly because the indicator points to the position of the stock’s short-term average relative to its long-term measure. A MACD -a reading above the zero line means that the short-term is above the long-term average. This scenario implies that there is an upward momentum. The opposite is true when the MACD falls below the zero-line.
Analysts at Maxim Group assigned ENPH a rating of Mkt Perform in their intiating review released on July 24. Needham analysts see the stock as a Buy with a target price of $53 in a flash note released to investors on June 29 initiating covering the stock. Johnson Rice seeing the improvements upgraded the stock from Accumulate to Buy on June 18, placing it at $68.
The average rating for the ENPH equity is 2.29 and is currently gathering a bullish momentum. Of 15 analysts tracking Enphase Energy, Inc. polled by Reuters, 5 rated ENPH as a hold. The remaining 10 analysts were split evenly. However, the split wasn’t equal as a majority (10) rated it as a buy or strong buy. 0 analyst advised investors against buying the stock or to sell if they own any of the stock.
Elsewhere, the ENPH stock price is 38.44X ahead of its 12-month Consensus earnings per share estimates. The stocks P/S ratio currently stands at 33.5below the group’s average of 51.5. Enphase Energy, Inc. has its P/E ratio at 22.7, which means that the stock is currently trading at a premium relative to the 3.4 industry average.
Zacks Consensus Estimate forecasts that the current-quarter revenues for Enphase Energy, Inc. (NASDAQ:ENPH) will decrease by about -99.94%, which will see them reach $123.2 million. The company’s full-year revenues are, however, expected to increase by about 13.82%, up from $623.33 million to $709.45 million. ENPH’s expected adjusted earnings should drop almost -22.22% to end up at $0.14 per share, while for the fiscal year, analysts project the company’s earnings to grow by about 13.68% to record $1.08/share.