Enphase Energy (NASDAQ:ENPH) Stock Price Down 6.1% – What’s Next?

Shares of Enphase Energy, Inc. (NASDAQ:ENPH) fell 6.1% during trading on Monday . The stock traded as low as $51.05 and last traded at $51.2780. 1,515,205 shares traded hands during trading, a decline of 79% from the average session volume of 7,383,687 shares. The stock had previously closed at $54.59.

Analyst Upgrades and Downgrades

Several brokerages recently commented on ENPH. Barclays reduced their target price on shares of Enphase Energy from $31.00 to $30.00 and set an “underweight” rating for the company in a report on Monday, May 4th. Wells Fargo & Company reduced their target price on shares of Enphase Energy from $50.00 to $45.00 and set an “overweight” rating for the company in a report on Wednesday, April 29th. Susquehanna dropped their price objective on shares of Enphase Energy from $36.00 to $32.00 and set a “neutral” rating for the company in a research note on Thursday, April 30th. UBS Group set a $85.00 price objective on shares of Enphase Energy in a research note on Friday, May 22nd. Finally, Roth Mkm reiterated a “buy” rating on shares of Enphase Energy in a research note on Friday, May 22nd. Nine research analysts have rated the stock with a Buy rating, ten have assigned a Hold rating and six have issued a Sell rating to the company. According to MarketBeat.com, the company has an average rating of “Hold” and an average target price of $44.65.

Enphase Energy Stock Down 3.4%

The company has a current ratio of 3.80, a quick ratio of 3.20 and a debt-to-equity ratio of 0.52. The firm’s 50 day simple moving average is $45.52 and its two-hundred day simple moving average is $40.86. The firm has a market cap of $6.95 billion, a price-to-earnings ratio of 52.32 and a beta of 1.59.

Enphase Energy (NASDAQ:ENPH) last issued its quarterly earnings data on Tuesday, April 28th. The semiconductor company reported $0.47 earnings per share for the quarter, topping the consensus estimate of $0.43 by $0.04. The business had revenue of $282.90 million during the quarter, compared to analysts’ expectations of $282.28 million. Enphase Energy had a net margin of 9.64% and a return on equity of 16.88%. The business’s revenue was down 20.6% on a year-over-year basis. During the same quarter in the previous year, the company earned $0.68 EPS. On average, equities analysts forecast that Enphase Energy, Inc. will post 0.84 EPS for the current year.

Insider Activity at Enphase Energy

In other news, CEO Badrinarayanan Kothandaraman bought 5,000 shares of the company’s stock in a transaction dated Tuesday, May 26th. The stock was bought at an average cost of $67.50 per share, for a total transaction of $337,500.00. Following the transaction, the chief executive officer owned 1,645,632 shares of the company’s stock, valued at $111,080,160. This represents a 0.30% increase in their ownership of the stock. The purchase was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, Director Richard Mora sold 700 shares of the business’s stock in a transaction that occurred on Monday, June 1st. The shares were sold at an average price of $64.20, for a total transaction of $44,940.00. Following the completion of the transaction, the director owned 13,922 shares of the company’s stock, valued at $893,792.40. The trade was a 4.79% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. 2.90% of the stock is currently owned by insiders.

Hedge Funds Weigh In On Enphase Energy

Several hedge funds and other institutional investors have recently made changes to their positions in the company. Monaco Asset Management SAM acquired a new position in Enphase Energy during the 4th quarter worth approximately $2,724,000. Coatue Management LLC increased its position in Enphase Energy by 95.3% during the 3rd quarter. Coatue Management LLC now owns 1,647,893 shares of the semiconductor company’s stock worth $58,319,000 after purchasing an additional 803,945 shares in the last quarter. Dynamic Technology Lab Private Ltd increased its position in Enphase Energy by 695.8% during the 3rd quarter. Dynamic Technology Lab Private Ltd now owns 47,787 shares of the semiconductor company’s stock worth $1,691,000 after purchasing an additional 41,782 shares in the last quarter. Schroder Investment Management Group increased its position in Enphase Energy by 24.3% during the 3rd quarter. Schroder Investment Management Group now owns 1,024,406 shares of the semiconductor company’s stock worth $36,254,000 after purchasing an additional 200,059 shares in the last quarter. Finally, Heron Bay Capital Management acquired a new position in Enphase Energy during the 3rd quarter worth approximately $1,039,000. 72.12% of the stock is currently owned by institutional investors and hedge funds.

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.