Enphase Energy (NASDAQ:ENPH) Shares Gap Up - Still a Buy?

Shares of Enphase Energy, Inc. (NASDAQ:ENPH - Get Free Report) gapped up prior to trading 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.

Analysts Set New Price Targets

ENPH has been the subject of a number of research reports. The Goldman Sachs Group cut their price target on shares of Enphase Energy from $90.00 to $77.00 and set a "buy" rating for the company in a research note on Wednesday, April 23rd. BNP Paribas Exane cut shares of Enphase Energy from a "neutral" rating to an "underperform" rating and set a $40.00 price target for the company. in a research note on Tuesday, May 13th. BNP Paribas cut shares of Enphase Energy from an "outperform" rating to an "underperform" rating in a research note on Tuesday, May 13th. Redburn Atlantic assumed coverage on shares of Enphase Energy in a report on Monday, March 3rd. They set a "neutral" rating on the stock. Finally, Truist Financial reduced their target price on shares of Enphase Energy from $65.00 to $49.00 and set a "hold" rating on the stock in a report on Thursday, April 24th. Eleven investment analysts have rated the stock with a sell rating, eleven have assigned a hold rating and twelve have issued a buy rating to the stock. According to MarketBeat, Enphase Energy currently has a consensus rating of "Hold" and an average target price of $68.31.

Enphase Energy Stock Performance

The company's 50-day moving average price is $46.51 and its 200 day moving average price is $58.90. 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 stock has a market capitalization of $5.98 billion, a PE ratio of 61.62 and a beta of 1.70.

Insider Transactions at Enphase Energy

In other Enphase Energy news, CEO Badrinarayanan Kothandaraman purchased 4,000 shares of the stock in a transaction that occurred on Friday, April 25th. The stock was bought at an average cost of $46.35 per share, with a total value of $185,400.00. Following the transaction, the chief executive officer now directly owns 1,598,696 shares in the company, valued at approximately $74,099,559.60. The trade was a 0.25% increase in their position. The transaction was disclosed in a legal filing with the SEC, which can be accessed through the SEC website. Corporate insiders own 3.10% of the company's stock.

Institutional Inflows and Outflows

Large investors have recently bought and sold shares of the business. CX Institutional purchased a new position in Enphase Energy during the 1st quarter valued at about $29,000. First Horizon Advisors Inc. lifted 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 acquiring an additional 258 shares during the period. SVB Wealth LLC purchased a new position in Enphase Energy during the 1st quarter valued at about $38,000. Brooklyn Investment Group lifted 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 acquiring an additional 368 shares during the period. Finally, Venturi Wealth Management LLC lifted 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 acquiring an additional 509 shares during the period. 72.12% of the stock is owned by hedge funds and other 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.