Enphase Energy, Inc. (NASDAQ:ENPH) Sees Large Increase in Short Interest

Enphase Energy, Inc. (NASDAQ:ENPHGet Rating) saw a large increase in short interest in July. As of July 31st, there was short interest totalling 4,760,000 shares, an increase of 5.8% from the July 15th total of 4,500,000 shares. Based on an average trading volume of 3,090,000 shares, the days-to-cover ratio is currently 1.5 days. Approximately 3.6% of the shares of the stock are short sold.

Analysts Set New Price Targets

Several brokerages recently issued reports on ENPH. Barclays began coverage on Enphase Energy in a research report on Friday, August 5th. They set an “equal weight” rating and a $292.00 target price for the company. KeyCorp lifted their price objective on Enphase Energy from $230.00 to $363.00 and gave the stock an “overweight” rating in a research report on Thursday, August 11th. Susquehanna Bancshares lifted their price objective on Enphase Energy from $250.00 to $260.00 and gave the stock a “positive” rating in a research report on Wednesday, July 27th. The Goldman Sachs Group reissued a “buy” rating and issued a $290.00 price objective (up from $244.00) on shares of Enphase Energy in a research report on Thursday, July 28th. Finally, Truist Financial lifted their price objective on Enphase Energy to $265.00 and gave the stock an “outperform” rating in a research report on Wednesday, July 27th. Five research analysts have rated the stock with a hold rating and twenty-one have issued a buy rating to the company. Based on data from MarketBeat, the company presently has a consensus rating of “Moderate Buy” and a consensus target price of $271.52.

Enphase Energy Stock Down 0.3 %

ENPH stock traded down $0.78 during mid-day trading on Wednesday, reaching $292.16. 69,863 shares of the company traded hands, compared to its average volume of 4,073,733. The stock has a market cap of $39.58 billion, a price-to-earnings ratio of 204.85, a P/E/G ratio of 2.47 and a beta of 1.50. The company has a quick ratio of 3.35, a current ratio of 3.62 and a debt-to-equity ratio of 2.66. Enphase Energy has a fifty-two week low of $113.40 and a fifty-two week high of $308.88. The firm’s 50 day moving average price is $225.55 and its 200 day moving average price is $190.01.

Enphase Energy (NASDAQ:ENPHGet Rating) last released its quarterly earnings results on Tuesday, July 26th. The semiconductor company reported $0.69 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.54 by $0.15. Enphase Energy had a return on equity of 56.60% and a net margin of 11.71%. The business had revenue of $530.20 million during the quarter, compared to the consensus estimate of $506.57 million. As a group, equities research analysts predict that Enphase Energy will post 2.86 EPS for the current fiscal year.

Insider Activity at Enphase Energy

In related news, CEO Badrinarayanan Kothandaraman sold 77,700 shares of the firm’s stock in a transaction on Friday, June 10th. The stock was sold at an average price of $196.42, for a total transaction of $15,261,834.00. Following the sale, the chief executive officer now owns 1,097,701 shares of the company’s stock, valued at approximately $215,610,430.42. The transaction was disclosed in a document filed with the SEC, which is available at this hyperlink. In related news, CFO Mandy Yang sold 1,687 shares of the firm’s stock in a transaction on Wednesday, August 10th. The stock was sold at an average price of $292.96, for a total transaction of $494,223.52. Following the completion of the transaction, the chief financial officer now directly owns 107,149 shares of the company’s stock, valued at approximately $31,390,371.04. The sale was disclosed in a filing with the SEC, which can be accessed through the SEC website. Also, CEO Badrinarayanan Kothandaraman sold 77,700 shares of the firm’s stock in a transaction on Friday, June 10th. The stock was sold at an average price of $196.42, for a total value of $15,261,834.00. Following the transaction, the chief executive officer now directly owns 1,097,701 shares of the company’s stock, valued at $215,610,430.42. The disclosure for this sale can be found here. Insiders have sold a total of 199,553 shares of company stock valued at $43,198,403 in the last 90 days. 4.80% of the stock is owned by corporate insiders.

Hedge Funds Weigh In On Enphase Energy

A number of hedge funds and other institutional investors have recently modified their holdings of ENPH. CWM LLC purchased a new position in shares of Enphase Energy in the 4th quarter worth approximately $42,000. Qube Research & Technologies Ltd purchased a new position in shares of Enphase Energy in the 4th quarter worth approximately $28,188,000. Fisher Asset Management LLC purchased a new position in shares of Enphase Energy in the 4th quarter worth approximately $205,000. Nisa Investment Advisors LLC boosted its stake in shares of Enphase Energy by 128.5% in the 4th quarter. Nisa Investment Advisors LLC now owns 3,725 shares of the semiconductor company’s stock worth $523,000 after buying an additional 2,095 shares during the last quarter. Finally, Northwestern Mutual Wealth Management Co. lifted its stake in Enphase Energy by 259.3% in the fourth quarter. Northwestern Mutual Wealth Management Co. now owns 812 shares of the semiconductor company’s stock valued at $149,000 after purchasing an additional 586 shares during the last quarter. Hedge funds and other institutional investors own 68.30% of the company’s stock.

About Enphase Energy

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Enphase Energy, Inc, together with its subsidiaries, designs, develops, manufactures, and sells home energy solutions for the solar photovoltaic industry in the United States and internationally. The company offers semiconductor-based microinverter, which converts energy at the individual solar module level, and combines with its proprietary networking and software technologies to provide energy monitoring and control services.

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