The stock of Enphase Energy, Inc. (NASDAQ:ENPH) is now priced at $76.04 and the shares are 2.6 points up or 3.54% higher compared to its previous closing price of $73.44. The stock had 3.302 million contracts set over the past session. ENPH shares’ daily volume is compared to its average trading volume at 5.555 million shares. However, it has a float of 115 million and although its performance was 3.96% over the week, it’s one to watch. Analysts have given the ENPH stock a yearly average price target of $75.93 per share. It means the stock’s downside potential is -0.14% with the ENPH share price recently placing at $73.5401 to $78.53. However, some brokerage firms have priced the stock below the average, including one that has called $58.
The shorts are climbing into the Enphase Energy, Inc. stock, with the latest data on short interest released on August 14, 2020, showing that short interest numbers in the ENPH shares have risen. Short interest in the stock represents just 10.41% of its float, but the volume has raised by 984009. The volume of shorted shares rised to 11.963 million from 10.979 million shares over the last two weeks. The average intraday trading volume has been 4.436 million shares, which means that days to cover moved to roughly 2.696921.
In the last trading session, Enphase Energy, Inc. (NASDAQ:ENPH) raised by $2.9 over the week and gained $15.68 on its 20-day. The stock’s high in the recent session is lower when compared to its 52-week high of $78.53. The stock recorded its established 52-week high on 08/28/20.
Since 11/04/19, the stock has traded to a low of $17.18 at 342.61%, 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 1.01. 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 63.68. 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 68.42% meaning the ENPH share price is currently in neutral territory.
The technical chart shows that the ENPH stock will likely settle at between $78.53 and $81.03 per share. However, if the stock dips below $73.54, then its market would become much weaker. Any downside could see the stock price sliding to levels as low as $71.05.
Currently, the stock is trading in the green of MACD, with a reading of 0.36. 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 H.C. Wainwright though dropped target price of ENPH stock from $48 to $100 but maintained Buy recommendation in their August 06 review. JMP Securities analysts see the stock as a Mkt Perform in a flash note released to investors on July 24 initiating covering the stock. Needham analysts see the stock as Buy when the analysts initiated the share price coverage on June 29, placing it at $53.
The average rating for the ENPH equity is 2.27 and is currently gathering a bullish momentum. Of 16 analysts tracking Enphase Energy, Inc. polled by Reuters, 6 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 45.64X ahead of its 12-month Consensus earnings per share estimates. The stocks P/S ratio currently stands at 59.4 below the group’s average of 77.9. Enphase Energy, Inc. has its P/E ratio at 25.9, which means that the stock is currently trading at a premium relative to the 4.3 industry average.
Zacks Consensus Estimate forecasts that the current-quarter revenues for Enphase Energy, Inc. (NASDAQ:ENPH) will decrease by about -99.87%, which will see them reach $169 million. The company’s full-year revenues are, however, expected to increase by about 18%, up from $623 million to $736 million. ENPH’s expected adjusted earnings should drop almost -20% to end up at $0.24 per share, while for the fiscal year, analysts project the company’s earnings to grow by about 27.37% to record $1.21/share.