Enphase Energy (NASDAQ:ENPH) Trading Down 4.9% – Here’s What Happened

Enphase Energy, Inc. (NASDAQ:ENPH) fell 4.9% during trading on Thursday . The stock traded as low as $36.45 and last traded at $36.4010. 1,318,062 shares changed hands during mid-day trading, a decline of 80% from the average session volume of 6,697,204 shares. The stock had previously closed at $38.28.

Analysts Set New Price Targets

A number of analysts have recently commented on the stock. Raymond James Financial initiated coverage on shares of Enphase Energy in a research note on Monday, January 12th. They issued a “market perform” rating for the company. Oppenheimer increased their price target on Enphase Energy from $67.00 to $68.00 and gave the company an “outperform” rating in a report on Wednesday, February 4th. Mizuho set a $39.00 price objective on Enphase Energy in a report on Wednesday, February 4th. Northland Securities upped their price objective on Enphase Energy from $52.00 to $62.00 and gave the company an “outperform” rating in a research report on Monday, December 29th. Finally, BMO Capital Markets raised Enphase Energy from an “underperform” rating to a “market perform” rating and increased their target price for the company from $31.00 to $41.00 in a report on Wednesday, February 4th. Ten analysts have rated the stock with a Buy rating, twelve have given a Hold rating and nine have issued a Sell rating to the company. According to MarketBeat.com, the stock currently has an average rating of “Hold” and an average price target of $43.17.

Enphase Energy Stock Down 6.3%

The company’s 50 day moving average price is $43.13 and its two-hundred day moving average price is $36.84. The company has a current ratio of 2.07, a quick ratio of 1.84 and a debt-to-equity ratio of 0.53. The firm has a market cap of $4.70 billion, a PE ratio of 27.77 and a beta of 1.39.

Enphase Energy (NASDAQ:ENPH) last announced its earnings results on Tuesday, February 3rd. The semiconductor company reported $0.71 EPS for the quarter, topping analysts’ consensus estimates of $0.52 by $0.19. Enphase Energy had a return on equity of 20.31% and a net margin of 11.69%.The company had revenue of $343.32 million for the quarter, compared to analysts’ expectations of $340.45 million. During the same period last year, the firm earned $0.94 EPS. Enphase Energy’s revenue for the quarter was down 10.3% compared to the same quarter last year. On average, equities research analysts expect that Enphase Energy, Inc. will post 2.08 EPS for the current fiscal year.

Insider Buying and Selling

In other Enphase Energy news, Director Thurman J. Rodgers sold 137,250 shares of the company’s stock in a transaction that occurred on Friday, March 13th. The shares were sold at an average price of $43.61, for a total value of $5,985,472.50. Following the completion of the transaction, the director directly owned 1,597,641 shares in the company, valued at $69,673,124.01. This represents a 7.91% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is available through this hyperlink. Also, CEO Badrinarayanan Kothandaraman acquired 5,000 shares of Enphase Energy stock in a transaction dated Thursday, February 5th. The stock was purchased at an average cost of $51.98 per share, with a total value of $259,900.00. Following the completion of the purchase, the chief executive officer owned 1,640,632 shares of the company’s stock, valued at approximately $85,280,051.36. This represents a 0.31% increase in their ownership of the stock. The disclosure for this purchase is available in the SEC filing. 3.10% of the stock is currently owned by insiders.

Institutional Inflows and Outflows

Several hedge funds have recently bought and sold shares of the company. DZ BANK AG Deutsche Zentral Genossenschafts Bank Frankfurt am Main increased its stake in Enphase Energy by 431.9% in the 2nd quarter. DZ BANK AG Deutsche Zentral Genossenschafts Bank Frankfurt am Main now owns 633 shares of the semiconductor company’s stock worth $25,000 after buying an additional 514 shares in the last quarter. Glass Jacobson Investment Advisors llc boosted its stake in shares of Enphase Energy by 77.8% in the fourth quarter. Glass Jacobson Investment Advisors llc now owns 800 shares of the semiconductor company’s stock worth $26,000 after acquiring an additional 350 shares during the period. Salomon & Ludwin LLC grew its position in shares of Enphase Energy by 761.0% during the third quarter. Salomon & Ludwin LLC now owns 861 shares of the semiconductor company’s stock worth $32,000 after purchasing an additional 761 shares in the last quarter. Stance Capital LLC purchased a new stake in shares of Enphase Energy during the third quarter worth about $32,000. Finally, Geneos Wealth Management Inc. raised its stake in Enphase Energy by 199.7% during the 3rd quarter. Geneos Wealth Management Inc. now owns 920 shares of the semiconductor company’s stock valued at $33,000 after purchasing an additional 613 shares during the period. Institutional investors own 72.12% of the company’s stock.

About Enphase Energy

Enphase Energy is a global energy technology company that specializes in solar microinverters, energy storage systems and energy management software. Its core business centers on converting direct current (DC) power generated by solar panels into alternating current (AC) power suitable for use in residential and commercial applications. By integrating hardware and software solutions, Enphase Energy aims to improve solar energy yield, enhance system reliability and provide real-time monitoring capabilities to its customers.

The company’s product portfolio includes its IQ Series microinverters, which attach to individual solar panels to optimize performance at the module level and reduce the impact of shading or system failures.