Enphase Energy (NASDAQ:ENPH) Shares Gap Up – Here’s Why

Shares of Enphase Energy, Inc. (NASDAQ:ENPH) gapped up before the market opened on Monday . The stock had previously closed at $56.07, but opened at $60.00. Enphase Energy shares last traded at $58.6810, with a volume of 722,806 shares.

Wall Street Analyst Weigh In

A number of analysts have recently commented on the company. Morgan Stanley set a $27.00 price objective on Enphase Energy in a report on Friday, May 8th. UBS Group set a $85.00 price objective on shares of Enphase Energy in a research report on Friday, May 22nd. Roth Mkm reaffirmed a “buy” rating on shares of Enphase Energy in a research report on Friday, May 22nd. Barclays reduced their price target on shares of Enphase Energy from $31.00 to $30.00 and set an “underweight” rating on the stock in a research report on Monday, May 4th. Finally, Jefferies Financial Group dropped their price objective on shares of Enphase Energy from $57.00 to $54.00 and set a “buy” rating on the stock in a research note on Thursday, March 26th. Nine analysts have rated the stock with a Buy rating, ten have assigned a Hold rating and six have assigned a Sell rating to the company. According to data from MarketBeat, Enphase Energy presently has an average rating of “Hold” and a consensus target price of $44.24.

Enphase Energy Stock Up 3.8%

The company has a quick ratio of 3.20, a current ratio of 3.80 and a debt-to-equity ratio of 0.52. The company has a market cap of $7.67 billion, a price-to-earnings ratio of 57.77 and a beta of 1.59. The firm’s 50 day simple moving average is $43.90 and its 200 day simple moving average is $39.90.

Enphase Energy (NASDAQ:ENPH) last posted its quarterly earnings data on Tuesday, April 28th. The semiconductor company reported $0.47 EPS for the quarter, beating analysts’ consensus estimates of $0.43 by $0.04. Enphase Energy had a net margin of 9.64% and a return on equity of 16.88%. The business had revenue of $282.90 million for the quarter, compared to analyst estimates of $282.28 million. During the same quarter last year, the business earned $0.68 earnings per share. The business’s revenue for the quarter was down 20.6% on a year-over-year basis. Sell-side analysts anticipate that Enphase Energy, Inc. will post 0.84 EPS for the current fiscal year.

Insider Activity at Enphase Energy

In other Enphase Energy news, CEO Badrinarayanan Kothandaraman bought 5,000 shares of Enphase Energy stock in a transaction that occurred on Tuesday, May 26th. The stock was purchased at an average cost of $67.50 per share, for a total transaction of $337,500.00. Following the completion of the acquisition, the chief executive officer owned 1,645,632 shares of the company’s stock, valued at approximately $111,080,160. This represents a 0.30% increase in their position. The acquisition was disclosed in a filing with the Securities & Exchange Commission, which is available through the SEC website. Also, Director Thurman J. Rodgers sold 137,250 shares of the firm’s stock in a transaction that occurred on Friday, March 13th. The stock was sold at an average price of $43.61, for a total transaction of $5,985,472.50. Following the sale, the director owned 1,597,641 shares of the company’s stock, valued at $69,673,124.01. The trade was a 7.91% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. Insiders have sold 138,650 shares of company stock worth $6,062,886 over the last quarter. 2.90% of the stock is currently owned by company insiders.

Hedge Funds Weigh In On Enphase Energy

A number of hedge funds and other institutional investors have recently added to or reduced their stakes in ENPH. DZ BANK AG Deutsche Zentral Genossenschafts Bank Frankfurt am Main boosted 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 purchasing an additional 514 shares during the period. Glass Jacobson Investment Advisors llc raised its holdings in shares of Enphase Energy by 77.8% during the 4th quarter. Glass Jacobson Investment Advisors llc now owns 800 shares of the semiconductor company’s stock valued at $26,000 after purchasing an additional 350 shares in the last quarter. Stance Capital LLC bought a new position in shares of Enphase Energy during the 3rd quarter valued at $32,000. Activest Wealth Management lifted its holdings in Enphase Energy by 52,000.0% in the 4th quarter. Activest Wealth Management now owns 1,042 shares of the semiconductor company’s stock worth $33,000 after purchasing an additional 1,040 shares during the last quarter. Finally, Ascentis Independent Advisors bought a new position in shares of Enphase Energy in the first quarter valued at approximately $33,000. Institutional investors and hedge funds own 72.12% of the company’s stock.

Enphase Energy Company Profile

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.