Enphase Energy (NASDAQ:ENPH) Shares Gap Down - What's Next?

Shares of Enphase Energy, Inc. (NASDAQ:ENPH - Get Free Report) gapped down before the market opened on Thursday . The stock had previously closed at $47.29, but opened at $37.80. Enphase Energy shares last traded at $39.85, with a volume of 9,588,779 shares changing hands.

Wall Street Analysts Forecast Growth

Several research analysts recently weighed in on the company. BNP Paribas cut Enphase Energy from an "outperform" rating to an "underperform" rating in a research report on Tuesday, May 13th. TD Cowen lowered their target price on shares of Enphase Energy from $78.00 to $58.00 and set a "buy" rating on the stock in a research note on Wednesday, April 23rd. Canaccord Genuity Group reduced their price target on Enphase Energy from $70.00 to $58.00 and set a "buy" rating on the stock in a report on Thursday, April 24th. Truist Financial cut their price target on shares of Enphase Energy from $65.00 to $49.00 and set a "hold" rating on the stock in a research note on Thursday, April 24th. Finally, Morgan Stanley downgraded Enphase Energy from an "equal weight" rating to an "underweight" rating and set a $36.00 price target for the company. in a report on Wednesday, April 23rd. Eleven investment analysts have rated the stock with a sell rating, eleven have issued a hold rating and twelve have given a buy rating to the stock. Based on data from MarketBeat, the company presently has an average rating of "Hold" and a consensus price target of $68.87.

Enphase Energy Stock Up 1.5%

The company has a debt-to-equity ratio of 1.44, a quick ratio of 3.28 and a current ratio of 3.53. The firm has a fifty day simple moving average of $51.41 and a 200-day simple moving average of $60.93. The company has a market capitalization of $5.28 billion, a PE ratio of 54.31 and a beta of 1.80.

Insiders Place Their Bets

In other news, Director Thurman J. Rodgers sold 100,000 shares of Enphase Energy stock in a transaction that occurred on Friday, March 7th. The stock was sold at an average price of $61.26, for a total value of $6,126,000.00. Following the completion of the transaction, the director now owns 1,881,760 shares in the company, valued at approximately $115,276,617.60. This trade represents a 5.05% decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, CFO Mandy Yang sold 1,319 shares of Enphase Energy stock in a transaction that occurred on Monday, March 10th. The stock was sold at an average price of $63.32, for a total value of $83,519.08. Following the completion of the transaction, the chief financial officer now owns 78,524 shares of the company's stock, valued at approximately $4,972,139.68. The trade was a 1.65% decrease in their position. The disclosure for this sale can be found here. 3.10% of the stock is owned by company insiders.

Institutional Inflows and Outflows

Hedge funds and other institutional investors have recently added to or reduced their stakes in the stock. CX Institutional acquired a new position in Enphase Energy during the 1st quarter valued at approximately $29,000. First Horizon Advisors Inc. boosted its position in Enphase Energy by 83.0% during the 1st quarter. First Horizon Advisors Inc. now owns 569 shares of the semiconductor company's stock valued at $35,000 after purchasing an additional 258 shares during the period. SVB Wealth LLC acquired a new position in Enphase Energy during the 1st quarter valued at approximately $38,000. Brooklyn Investment Group boosted its position in Enphase Energy by 124.7% during the 1st quarter. Brooklyn Investment Group now owns 663 shares of the semiconductor company's stock valued at $41,000 after purchasing an additional 368 shares during the period. Finally, Venturi Wealth Management LLC boosted its position in Enphase Energy by 318.1% during the 4th quarter. Venturi Wealth Management LLC now owns 669 shares of the semiconductor company's stock valued at $46,000 after purchasing an additional 509 shares during the period. Institutional investors and hedge funds own 72.12% of the company's stock.

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.