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

Enphase Energy, Inc. (NASDAQ:ENPH - Get Free Report) shares gapped up before the market opened on Tuesday . The stock had previously closed at $43.26, but opened at $44.84. Enphase Energy shares last traded at $45.27, with a volume of 743,555 shares trading hands.

Analyst Ratings Changes

Several equities research analysts have recently commented on ENPH shares. Royal Bank of Canada reaffirmed a "sector perform" rating and set a $54.00 price target (down previously from $59.00) on shares of Enphase Energy in a research report on Wednesday, April 23rd. Mizuho set a $53.00 price target on shares of Enphase Energy and gave the company an "outperform" rating in a research report on Monday, June 2nd. Piper Sandler reduced their price target on shares of Enphase Energy from $47.00 to $42.00 and set a "neutral" rating for the company in a research report on Wednesday, April 23rd. Barclays lowered shares of Enphase Energy from an "overweight" rating to an "underweight" rating and reduced their price target for the company from $51.00 to $40.00 in a research report on Tuesday, May 13th. Finally, Canaccord Genuity Group reduced their price target on shares of Enphase Energy from $70.00 to $58.00 and set a "buy" rating for the company in a research report on Thursday, April 24th. Eleven equities research analysts have rated the stock with a sell rating, eleven have issued a hold rating and twelve have given a buy rating to the company. According to MarketBeat, Enphase Energy currently has a consensus rating of "Hold" and a consensus price target of $68.31.

Enphase Energy Stock Performance

The stock has a market cap of $5.94 billion, a P/E ratio of 61.19 and a beta of 1.70. The company has a debt-to-equity ratio of 1.44, a current ratio of 3.53 and a quick ratio of 3.28. The firm's 50-day moving average price is $46.81 and its 200-day moving average price is $59.26.

Insider Activity

In other Enphase Energy news, CEO Badrinarayanan Kothandaraman bought 4,000 shares of the business's stock in a transaction that occurred on Friday, April 25th. The stock was purchased at an average cost of $46.35 per share, with a total value of $185,400.00. Following the completion of the acquisition, the chief executive officer now owns 1,598,696 shares in the company, valued at $74,099,559.60. This trade represents a 0.25% increase in their position. The acquisition was disclosed in a filing with the Securities & Exchange Commission, which is available through the SEC website. Company insiders own 3.10% of the company's stock.

Institutional Inflows and Outflows

Institutional investors and hedge funds have recently modified their holdings of the business. Woodline Partners LP purchased a new position in shares of Enphase Energy in the fourth quarter valued at $557,000. Generali Investments Towarzystwo Funduszy Inwestycyjnych grew its holdings in shares of Enphase Energy by 72.7% in the fourth quarter. Generali Investments Towarzystwo Funduszy Inwestycyjnych now owns 19,000 shares of the semiconductor company's stock valued at $1,305,000 after purchasing an additional 8,000 shares in the last quarter. Norges Bank purchased a new position in shares of Enphase Energy in the fourth quarter valued at $46,339,000. Connor Clark & Lunn Investment Management Ltd. purchased a new position in shares of Enphase Energy in the fourth quarter valued at $5,324,000. Finally, Y Intercept Hong Kong Ltd purchased a new position in Enphase Energy during the fourth quarter worth $584,000. 72.12% of the stock is owned by hedge funds and other institutional investors.

Enphase Energy Company Profile

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.