Enphase Energy Inc. (NASDAQ:ENPH) shares have been popping over the last twelve months which was buoyed by its growth strategies and robust demand for energy solutions. The company connects solar generation, energy storage, and management on one intelligent platform.
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Share price growth of 650% in the last twelve months indicates trader’s strong confidence in Enphase Energy. Its stock has a 52-week trading range of $0.76 – $6.37 – with a market cap of $579 million. Enphase Energy shares are currently trading around $6 a share while analysts are seeing further upside in the days to come.
Analysts Issues Higher Price Targets
Wainwright issued a price target of $8 for Enphase Energy stock with a ‘Buy’ rating, saying: “ENPH’s pace of new product launches, emphasis on cost reductions, and focus on expanding its addressable markets as key drivers that should support near-term growth and profitability.”
Riley has also set their price target at $8.00 for Enphase Energy with the ‘Buy’ rating, in a research report sent to investors.
Growth Strategies are Strengthening Traders Confidence
Its revenue grew 28% year over year in the first quarter of 2018. Enphase Energy’s gross margin also improved 230 basis points from the year-ago period, and the earnings exceeded analysts’ consensus estimate by $0.03 per share.
The year over year increase in Enphase Energy’s financial numbers was due to its investment in growth opportunities. The company expects to sustain momentum in the following quarters amid its latest acquisitions and the substantial demand for energy products.
Enphase Energy Inc recently announced that it will acquire SunPower’s (NASDAQ:SPWR) microinverter business in a cash and stock deal. The company expects the acquisition to add $60M-$70M in annual revenue in the second half of FY2019. It also appears to be in a stable position to support its investments in growth opportunities.
The company ended the latest quarter with $53.3 million in cash.
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