Old West Investment Management LLC Invests $785,000 in Enphase Energy, Inc. $ENPH

Old West Investment Management LLC purchased a new position in shares of Enphase Energy, Inc. (NASDAQ:ENPH) during the second quarter, according to its most recent 13F filing with the SEC. The institutional investor purchased 15,948 shares of the semiconductor company’s stock, valued at approximately $785,000.

A number of other hedge funds and other institutional investors have also recently bought and sold shares of ENPH. Vanguard Group Inc. increased its stake in shares of Enphase Energy by 1.5% in the fourth quarter. Vanguard Group Inc. now owns 16,329,647 shares of the semiconductor company’s stock valued at $523,365,000 after buying an additional 246,876 shares in the last quarter. Norges Bank acquired a new position in Enphase Energy during the 4th quarter worth about $118,190,000. Invesco Ltd. increased its position in Enphase Energy by 36.2% in the 4th quarter. Invesco Ltd. now owns 3,158,931 shares of the semiconductor company’s stock valued at $101,244,000 after acquiring an additional 839,468 shares in the last quarter. Geode Capital Management LLC increased its position in Enphase Energy by 0.4% in the 4th quarter. Geode Capital Management LLC now owns 2,510,509 shares of the semiconductor company’s stock valued at $80,478,000 after acquiring an additional 11,220 shares in the last quarter. Finally, Handelsbanken Fonder AB raised its stake in shares of Enphase Energy by 154.9% in the second quarter. Handelsbanken Fonder AB now owns 2,111,158 shares of the semiconductor company’s stock worth $103,953,000 after acquiring an additional 1,283,052 shares during the last quarter. 72.12% of the stock is owned by institutional investors and hedge funds.

Enphase Energy Price Performance

Shares of NASDAQ:ENPH opened at $40.48 on Monday. The company has a debt-to-equity ratio of 0.48, a current ratio of 3.45 and a quick ratio of 2.95. The stock has a market cap of $5.35 billion, a price-to-earnings ratio of 40.48 and a beta of 1.64. The company has a 50 day moving average of $44.38 and a 200-day moving average of $44.10. Enphase Energy, Inc. has a one year low of $25.77 and a one year high of $73.74.

Enphase Energy (NASDAQ:ENPH) last announced its quarterly earnings data on Tuesday, July 28th. The semiconductor company reported $0.46 earnings per share for the quarter, missing the consensus estimate of $0.47 by ($0.01). Enphase Energy had a net margin of 10.09% and a return on equity of 13.31%. The business had revenue of $291.85 million during the quarter, compared to analyst estimates of $289.76 million. During the same quarter in the prior year, the company earned $0.69 earnings per share. The company’s quarterly revenue was down 19.6% on a year-over-year basis. On average, sell-side analysts forecast that Enphase Energy, Inc. will post 0.78 earnings per share for the current year.

Insider Buying and Selling at Enphase Energy

In related news, CEO Badrinarayanan Kothandaraman purchased 5,000 shares of the business’s stock in a transaction dated Tuesday, May 26th. The shares were bought at an average price of $67.50 per share, with a total value of $337,500.00. Following the purchase, the chief executive officer directly owned 1,645,632 shares in the company, valued at $111,080,160. This trade represents a 0.30% increase in their position. The acquisition was disclosed in a filing with the SEC, which is available at this link. Also, Director Richard Mora sold 1,500 shares of the firm’s stock in a transaction on Friday, August 14th. The stock was sold at an average price of $40.36, for a total value of $60,540.00. Following the completion of the transaction, the director owned 10,422 shares in the company, valued at $420,631.92. This represents a 12.58% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. In the last 90 days, insiders sold 4,900 shares of company stock worth $211,473. Insiders own 2.90% of the company’s stock.

Analysts Set New Price Targets

A number of brokerages have recently issued reports on ENPH. Sanford C. Bernstein started coverage on shares of Enphase Energy in a research report on Tuesday, June 16th. They set a “market perform” rating and a $56.00 target price on the stock. Citigroup lowered their price target on shares of Enphase Energy from $43.00 to $40.00 and set a “neutral” rating for the company in a report on Thursday, July 30th. Roth Capital restated a “buy” rating on shares of Enphase Energy in a research report on Friday, May 22nd. Evercore set a $37.00 price objective on Enphase Energy in a report on Monday, May 4th. Finally, Jefferies Financial Group increased their price objective on Enphase Energy from $41.00 to $64.00 and gave the company a “buy” rating in a research report on Friday, June 12th. Eight equities research analysts have rated the stock with a Buy rating, twelve have issued a Hold rating and three have assigned a Sell rating to the stock. According to data from MarketBeat.com, the stock currently has an average rating of “Hold” and a consensus price target of $45.61.

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.