Enphase Energy (NASDAQ:ENPH) Shares Gap Up - Here's What Happened

Enphase Energy, Inc. (NASDAQ:ENPH - Get Free Report)'s share price gapped up prior to trading on Thursday . The stock had previously closed at $38.11, but opened at $40.50. Enphase Energy shares last traded at $41.91, with a volume of 2,709,324 shares traded.

Wall Street Analysts Forecast Growth

Several equities research analysts have issued reports on the company. Truist Financial cut their target price on Enphase Energy from $65.00 to $49.00 and set a "hold" rating for the company in a research note on Thursday, April 24th. Piper Sandler cut their price objective on Enphase Energy from $47.00 to $42.00 and set a "neutral" rating for the company in a research report on Wednesday, April 23rd. Redburn Atlantic initiated coverage on shares of Enphase Energy in a report on Monday, March 3rd. They issued a "neutral" rating on the stock. The Goldman Sachs Group decreased their target price on shares of Enphase Energy from $90.00 to $77.00 and set a "buy" rating on the stock in a research report on Wednesday, April 23rd. Finally, Glj Research dropped their price target on shares of Enphase Energy from $50.69 to $31.11 and set a "sell" rating for the company in a research report on Friday, April 25th. Twelve investment analysts have rated the stock with a sell rating, eleven have issued a hold rating and twelve have issued a buy rating to the company's stock. According to data from MarketBeat, the company presently has an average rating of "Hold" and an average price target of $65.44.

Enphase Energy Price Performance

The stock has a fifty day simple moving average of $44.15 and a 200-day simple moving average of $56.98. The company has a market capitalization of $5.54 billion, a PE ratio of 38.91 and a beta of 1.69. The company has a current ratio of 1.90, a quick ratio of 1.77 and a debt-to-equity ratio of 0.70.

Insider Activity

In other news, CEO Badrinarayanan Kothandaraman bought 4,000 shares of Enphase Energy stock in a transaction dated Friday, April 25th. The stock was acquired at an average cost of $46.35 per share, with a total value of $185,400.00. Following the acquisition, the chief executive officer now owns 1,598,696 shares of the company's stock, valued at approximately $74,099,559.60. This trade represents a 0.25% increase in their ownership of the stock. The acquisition was disclosed in a legal filing with the SEC, which is accessible through this link. Company insiders own 3.10% of the company's stock.

Institutional Investors Weigh In On Enphase Energy

A number of institutional investors and hedge funds have recently added to or reduced their stakes in the company. Vanguard Group Inc. grew its position in shares of Enphase Energy by 0.3% during the fourth quarter. Vanguard Group Inc. now owns 16,536,218 shares of the semiconductor company's stock worth $1,135,707,000 after acquiring an additional 44,782 shares during the last quarter. Baillie Gifford & Co. grew its position in Enphase Energy by 32.0% during the 1st quarter. Baillie Gifford & Co. now owns 11,052,357 shares of the semiconductor company's stock worth $685,799,000 after purchasing an additional 2,680,567 shares during the last quarter. Invesco Ltd. increased its stake in Enphase Energy by 15.5% in the first quarter. Invesco Ltd. now owns 5,264,521 shares of the semiconductor company's stock valued at $326,664,000 after purchasing an additional 706,656 shares during the period. Geode Capital Management LLC increased its stake in Enphase Energy by 1.4% in the fourth quarter. Geode Capital Management LLC now owns 3,429,909 shares of the semiconductor company's stock valued at $234,994,000 after purchasing an additional 47,593 shares during the period. Finally, Northern Trust Corp raised its holdings in shares of Enphase Energy by 40.9% in the fourth quarter. Northern Trust Corp now owns 1,668,807 shares of the semiconductor company's stock valued at $114,614,000 after buying an additional 484,497 shares during the last quarter. Hedge funds and other institutional investors 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.

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