Enphase Energy (NASDAQ:ENPH) Director Thurman Rodgers Sells 300,000 Shares of Company Stock

Enphase Energy, Inc. (NASDAQ:ENPH) Director Thurman Rodgers sold 300,000 shares of the firm’s stock in a transaction on Monday, November 9th. The shares were sold at an average price of $29.11, for a total value of $8,733,000.00. Following the completion of the transaction, the director owned 1,301,719 shares of the company’s stock, valued at approximately $37,893,040.09. This represents a 18.73% decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through the SEC website.

Enphase Energy Trading Down 5.4%

NASDAQ:ENPH opened at $26.78 on Friday. Enphase Energy, Inc. has a 52-week low of $23.83 and a 52-week high of $73.74. The company has a quick ratio of 3.56, a current ratio of 4.09 and a debt-to-equity ratio of 0.46. The stock has a fifty day simple moving average of $32.10 and a 200-day simple moving average of $40.59. The company has a market capitalization of $3.54 billion, a PE ratio of 39.97 and a beta of 1.44.

Enphase Energy (NASDAQ:ENPH) last issued its quarterly earnings data on Tuesday, October 27th. The semiconductor company reported $0.41 EPS for the quarter, missing analysts’ consensus estimates of $0.51 by ($0.10). Enphase Energy had a net margin of 7.49% and a return on equity of 9.16%. The business had revenue of $293.33 million during the quarter, compared to analyst estimates of $304.59 million. During the same period in the previous year, the company posted $0.90 earnings per share. Enphase Energy’s revenue was down 28.5% on a year-over-year basis. On average, equities research analysts expect that Enphase Energy, Inc. will post 0.34 earnings per share for the current fiscal year.

Analysts Set New Price Targets

Several research firms have recently commented on ENPH. Evercore reiterated a “positive” rating and issued a $41.00 price target on shares of Enphase Energy in a research report on Monday, August 17th. Oppenheimer cut shares of Enphase Energy from an “outperform” rating to a “market perform” rating in a research note on Wednesday, October 28th. Morgan Stanley cut their price objective on Enphase Energy from $24.00 to $16.00 and set an “underweight” rating for the company in a research report on Wednesday, October 28th. Wells Fargo & Company reduced their target price on Enphase Energy from $44.00 to $34.00 and set an “overweight” rating on the stock in a research note on Wednesday, October 28th. Finally, Mizuho set a $34.00 target price on Enphase Energy in a research note on Wednesday, October 28th. Seven research analysts have rated the stock with a Buy rating, twelve have issued a Hold rating and three have given a Sell rating to the company. According to MarketBeat.com, the stock has an average rating of “Hold” and an average price target of $35.11.

Institutional Investors Weigh In On Enphase Energy

A number of hedge funds and other institutional investors have recently made changes to their positions in ENPH. Archer Investment Corp purchased a new position in Enphase Energy during the second quarter worth about $30,000. Burnham & Co LLC acquired a new stake in Enphase Energy in the 2nd quarter worth about $34,000. Continuum Advisory LLC acquired a new stake in Enphase Energy in the 2nd quarter worth about $42,000. Allworth Financial LP purchased a new stake in Enphase Energy in the 2nd quarter valued at about $46,000. Finally, FNY Investment Advisers LLC purchased a new stake in Enphase Energy in the 2nd quarter valued at about $48,000. Hedge funds and other institutional investors own 72.12% of the company’s stock.

About Enphase Energy

Enphase Energy, Inc. develops and sells energy technology for solar-powered homes and businesses. Its products include microinverters, which convert the direct current generated by solar panels into alternating current for use in buildings or delivery to the grid, as well as battery storage systems, electric vehicle chargers and related energy management software. The company’s integrated systems are designed to help customers monitor and manage solar generation, energy storage and electricity use.