Short Interest in Enphase Energy Inc. (ENPH) Decreases By 24.8%
Enphase Energy Inc. (NASDAQ:ENPH) saw a significant decrease in short interest in the month of November. As of November 15th, there was short interest totalling 1,257,188 shares, a decrease of 24.8% from the October 31st total of 1,672,895 shares. Based on an average daily trading volume, of 744,614 shares, the short-interest ratio is currently 1.7 days. Currently, 2.8% of the company’s shares are sold short.
In related news, Director Benjamin John Kortlang purchased 600,000 shares of the firm’s stock in a transaction dated Friday, September 23rd. The stock was bought at an average price of $1.20 per share, with a total value of $720,000.00. Following the completion of the purchase, the director now owns 852,614 shares in the company, valued at approximately $1,023,136.80. The acquisition was disclosed in a filing with the SEC, which is accessible through this hyperlink. 25.42% of the stock is owned by insiders.
Several hedge funds and other institutional investors have recently added to or reduced their stakes in the company. Granite Point Capital Management L.P. bought a new position in Enphase Energy during the third quarter valued at approximately $944,000. Espalier Global Management LLC bought a new position in Enphase Energy during the third quarter valued at approximately $708,000. Kleinwort Benson Investors Dublin Ltd bought a new position in Enphase Energy during the second quarter valued at approximately $1,064,000. Paloma Partners Management Co bought a new position in Enphase Energy during the second quarter valued at approximately $205,000. Finally, KCG Holdings Inc. increased its position in Enphase Energy by 530.7% in the third quarter. KCG Holdings Inc. now owns 121,938 shares of the company’s stock valued at $144,000 after buying an additional 102,603 shares in the last quarter. Hedge funds and other institutional investors own 24.83% of the company’s stock.
Enphase Energy (NASDAQ:ENPH) opened at 1.12 on Wednesday. Enphase Energy has a one year low of $0.98 and a one year high of $4.50. The company’s market cap is $69.34 million. The firm has a 50-day moving average price of $1.12 and a 200 day moving average price of $1.64.
Enphase Energy (NASDAQ:ENPH) last issued its quarterly earnings results on Tuesday, November 1st. The company reported ($0.28) earnings per share (EPS) for the quarter, missing the Thomson Reuters’ consensus estimate of ($0.24) by $0.04. The firm had revenue of $88.70 million for the quarter, compared to the consensus estimate of $89.69 million. Enphase Energy had a negative return on equity of 294.30% and a negative net margin of 23.54%. The company’s revenue for the quarter was down 13.8% on a year-over-year basis. During the same period last year, the firm earned $0.01 EPS. Equities analysts expect that Enphase Energy will post ($1.06) earnings per share for the current fiscal year.
Several brokerages have recently weighed in on ENPH. Zacks Investment Research cut Enphase Energy from a “buy” rating to a “hold” rating in a research note on Tuesday. Roth Capital restated a “neutral” rating and set a $1.05 target price (down previously from $1.50) on shares of Enphase Energy in a research report on Thursday, November 3rd. Oppenheimer Holdings Inc. upgraded Enphase Energy from a “market perform” rating to an “outperform” rating and set a $2.00 target price on the stock in a research report on Wednesday, November 2nd. Finally, Avondale Partners upgraded Enphase Energy from a “market perform” rating to an “outperform” rating and set a $4.50 target price on the stock in a research report on Wednesday, November 2nd. One analyst has rated the stock with a sell rating, five have given a hold rating, two have issued a buy rating and one has issued a strong buy rating to the company’s stock. The company currently has an average rating of “Hold” and an average price target of $2.48.
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About Enphase Energy
Enphase Energy, Inc is a provider of energy management solutions. The Company is engaged in designing, developing, manufacturing and selling microinverter systems for the solar photovoltaic industry. Its semiconductor-based microinverter system converts direct current (DC) electricity to alternating current (AC) electricity.
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