Enphase Energy (NASDAQ:ENPH) Shares Up 8.9% – Here’s What Happened

Shares of Enphase Energy, Inc. (NASDAQ:ENPH) shot up 8.9% on Wednesday . The stock traded as high as $41.03 and last traded at $40.8320. 2,231,341 shares changed hands during mid-day trading, a decline of 67% from the average session volume of 6,753,544 shares. The stock had previously closed at $37.48.

Wall Street Analyst Weigh In

Several brokerages have recently weighed in on ENPH. JPMorgan Chase & Co. decreased their target price on shares of Enphase Energy from $39.00 to $35.00 and set a “neutral” rating for the company in a research note on Wednesday, April 29th. Barclays decreased their target price on shares of Enphase Energy from $31.00 to $30.00 and set an “underweight” rating for the company in a research note on Monday, May 4th. Deutsche Bank Aktiengesellschaft increased their price objective on shares of Enphase Energy from $39.00 to $40.00 and gave the company a “hold” rating in a research note on Thursday, April 30th. Royal Bank Of Canada upgraded shares of Enphase Energy from a “sector perform” rating to an “outperform” rating and set a $54.00 price objective on the stock in a research note on Wednesday, February 4th. Finally, Roth Mkm reiterated a “buy” rating and set a $55.00 price objective (up from $45.00) on shares of Enphase Energy in a research note on Wednesday, February 4th. Nine research analysts have rated the stock with a Buy rating, ten have given a Hold rating and six have given a Sell rating to the company. According to data from MarketBeat.com, the stock has a consensus rating of “Hold” and an average target price of $40.68.

Enphase Energy Stock Performance

The company has a debt-to-equity ratio of 0.52, a quick ratio of 3.20 and a current ratio of 3.80. The stock’s fifty day moving average is $37.62 and its two-hundred day moving average is $36.25. The firm has a market cap of $5.55 billion, a price-to-earnings ratio of 41.74 and a beta of 1.26.

Enphase Energy (NASDAQ:ENPH) last released its quarterly earnings data on Tuesday, April 28th. The semiconductor company reported $0.47 earnings per share for the quarter, topping 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 analysts’ expectations of $282.28 million. During the same quarter last year, the company earned $0.68 EPS. The company’s revenue for the quarter was down 20.6% compared to the same quarter last year. On average, analysts expect that Enphase Energy, Inc. will post 0.84 earnings per share for the current fiscal year.

Insider Buying and Selling

In other Enphase Energy news, Director Thurman J. Rodgers sold 137,250 shares of the firm’s stock in a transaction dated Friday, March 13th. The shares were sold at an average price of $43.61, for a total transaction of $5,985,472.50. Following the transaction, the director owned 1,597,641 shares of the company’s stock, valued at approximately $69,673,124.01. This trade represents a 7.91% decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. Insiders own 2.90% of the company’s stock.

Hedge Funds Weigh In On Enphase Energy

Several large investors have recently bought and sold shares of ENPH. Woodline Partners LP increased its stake in Enphase Energy by 37.9% during the 1st quarter. Woodline Partners LP now owns 11,191 shares of the semiconductor company’s stock valued at $694,000 after buying an additional 3,077 shares during the period. Acadian Asset Management LLC bought a new position in shares of Enphase Energy during the 1st quarter valued at about $121,000. Arrowstreet Capital Limited Partnership bought a new position in shares of Enphase Energy during the 2nd quarter valued at about $1,299,000. Guggenheim Capital LLC boosted its position in shares of Enphase Energy by 14.1% during the 2nd quarter. Guggenheim Capital LLC now owns 26,459 shares of the semiconductor company’s stock valued at $1,049,000 after purchasing an additional 3,273 shares in the last quarter. Finally, California Public Employees Retirement System boosted its position in shares of Enphase Energy by 11.9% during the 2nd quarter. California Public Employees Retirement System now owns 238,794 shares of the semiconductor company’s stock valued at $9,468,000 after purchasing an additional 25,450 shares in the last quarter. 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.