Enphase Energy (NASDAQ:ENPH) Shares Gap Down - Time to Sell?

Enphase Energy, Inc. (NASDAQ:ENPH - Get Free Report) shares gapped down prior to trading on Tuesday . The stock had previously closed at $42.46, but opened at $40.42. Enphase Energy shares last traded at $40.33, with a volume of 2,166,582 shares traded.

Wall Street Analysts Forecast Growth

Several equities research analysts recently weighed in on the company. BMO Capital Markets restated an "underperform" rating and issued a $39.00 target price (down from $46.00) on shares of Enphase Energy in a report on Tuesday, May 13th. Canaccord Genuity Group reduced their target price on Enphase Energy from $70.00 to $58.00 and set a "buy" rating for the company in a report on Thursday, April 24th. Citigroup reduced their target price on Enphase Energy from $47.00 to $43.00 and set a "sell" rating for the company in a report on Thursday, June 5th. Susquehanna cut their price target on Enphase Energy from $59.00 to $51.00 and set a "neutral" rating for the company in a report on Wednesday, April 23rd. Finally, The Goldman Sachs Group reiterated a "sell" rating and set a $32.00 price target (down from $77.00) on shares of Enphase Energy in a report on Wednesday. Thirteen equities research analysts have rated the stock with a sell rating, twelve have assigned a hold rating and ten have issued a buy rating to the company. According to data from MarketBeat.com, the stock has a consensus rating of "Hold" and a consensus target price of $63.50.

Enphase Energy Stock Up 4.7%

The business has a 50-day simple moving average of $42.75 and a two-hundred day simple moving average of $54.86. The stock has a market capitalization of $5.62 billion, a P/E ratio of 39.68 and a beta of 1.67. The company has a quick ratio of 1.77, a current ratio of 1.90 and a debt-to-equity ratio of 0.70.

Insiders Place Their Bets

In related news, CEO Badrinarayanan Kothandaraman purchased 4,000 shares of the stock in a transaction on Friday, April 25th. The shares were purchased at an average cost of $46.35 per share, for a total transaction of $185,400.00. Following the completion of the transaction, the chief executive officer directly owned 1,598,696 shares of the company's stock, valued at approximately $74,099,559.60. The trade was a 0.25% increase in their position. The acquisition was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. 3.10% of the stock is owned by company insiders.

Institutional Trading of Enphase Energy

A number of large investors have recently bought and sold shares of the stock. CX Institutional bought a new stake in shares of Enphase Energy during the first quarter worth $29,000. First Horizon Advisors Inc. grew its holdings in shares of Enphase Energy by 83.0% during the first quarter. First Horizon Advisors Inc. now owns 569 shares of the semiconductor company's stock worth $35,000 after purchasing an additional 258 shares during the last quarter. SVB Wealth LLC bought a new stake in shares of Enphase Energy during the first quarter worth $38,000. Brooklyn Investment Group grew its holdings in shares of Enphase Energy by 124.7% during the first quarter. Brooklyn Investment Group now owns 663 shares of the semiconductor company's stock worth $41,000 after purchasing an additional 368 shares during the last quarter. Finally, Pilgrim Partners Asia Pte Ltd bought a new stake in shares of Enphase Energy during the fourth quarter worth $47,000. 72.12% of the stock is currently owned by institutional investors.

About Enphase Energy

Enphase Energy, Inc, together with its subsidiaries, designs, develops, manufactures, and sells home energy solutions for the solar photovoltaic industry in the United States and internationally. The company offers semiconductor-based microinverter, which converts energy at the individual solar module level and combines with its proprietary networking and software technologies to provide energy monitoring and control.