Insider Buying: Enphase Energy (NASDAQ:ENPH) Director Acquires 1,000 Shares of Stock

Enphase Energy, Inc. (NASDAQ:ENPH) Director Shanker Trivedi acquired 1,000 shares of the business’s stock in a transaction on Friday, June 12th. The shares were purchased at an average price of $53.91 per share, with a total value of $53,910.00. Following the completion of the purchase, the director owned 1,000 shares in the company, valued at $53,910. This represents a ∞ increase in their position. The purchase was disclosed in a legal filing with the SEC, which is available at the SEC website.

Enphase Energy Price Performance

NASDAQ:ENPH traded down $2.19 during trading hours on Monday, hitting $52.40. 6,569,324 shares of the stock were exchanged, compared to its average volume of 8,549,097. Enphase Energy, Inc. has a 52-week low of $25.77 and a 52-week high of $73.74. The firm’s fifty day moving average price is $45.87 and its 200 day moving average price is $41.03. 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 company has a market cap of $6.91 billion, a P/E ratio of 51.88 and a beta of 1.59.

Enphase Energy (NASDAQ:ENPH) last posted its quarterly earnings results on Tuesday, April 28th. The semiconductor company reported $0.47 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.43 by $0.04. Enphase Energy had a return on equity of 16.88% and a net margin of 9.64%.The business had revenue of $282.90 million during the quarter, compared to analyst estimates of $282.28 million. During the same period in the prior year, the business earned $0.68 earnings per share. The business’s revenue was down 20.6% compared to the same quarter last year. As a group, equities research analysts anticipate that Enphase Energy, Inc. will post 0.84 EPS for the current fiscal year.

Institutional Investors Weigh In On Enphase Energy

A number of hedge funds have recently added to or reduced their stakes in ENPH. Woodline Partners LP lifted its position in shares of 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 acquiring an additional 3,077 shares during the period. Acadian Asset Management LLC acquired a new stake in shares of Enphase Energy during the 1st quarter valued at approximately $121,000. Arrowstreet Capital Limited Partnership acquired a new stake in shares of Enphase Energy during the 2nd quarter valued at approximately $1,299,000. Guggenheim Capital LLC lifted 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 acquiring an additional 3,273 shares during the period. Finally, California Public Employees Retirement System lifted 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 acquiring an additional 25,450 shares during the period. Institutional investors and hedge funds own 72.12% of the company’s stock.

Wall Street Analysts Forecast Growth

ENPH has been the topic of a number of research reports. Deutsche Bank Aktiengesellschaft upped their price target on Enphase Energy from $39.00 to $40.00 and gave the stock a “hold” rating in a research note on Thursday, April 30th. TD Cowen increased their target price on Enphase Energy from $35.00 to $70.00 and gave the company a “hold” rating in a report on Friday, May 29th. Evercore set a $37.00 price objective on Enphase Energy in a report on Monday, May 4th. Oppenheimer dropped their price objective on Enphase Energy from $68.00 to $57.00 and set an “outperform” rating on the stock in a report on Wednesday, April 29th. Finally, Jefferies Financial Group raised their price objective on Enphase Energy from $41.00 to $64.00 and gave the stock a “buy” rating in a report on Friday. Nine research analysts have rated the stock with a Buy rating, ten have issued a Hold rating and six have assigned a Sell rating to the stock. According to MarketBeat, Enphase Energy currently has an average rating of “Hold” and an average price target of $44.65.

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.