Enphase Energy (NASDAQ:ENPH) Shares Up 4% - Here's Why

Enphase Energy, Inc. (NASDAQ:ENPH - Get Free Report) traded up 4% during mid-day trading on Friday . The company traded as high as $40.34 and last traded at $40.81. 3,034,694 shares were traded during trading, a decline of 31% from the average session volume of 4,407,296 shares. The stock had previously closed at $39.24.

Wall Street Analysts Forecast Growth

Several brokerages have issued reports on ENPH. Truist Financial dropped their target price on Enphase Energy from $65.00 to $49.00 and set a "hold" rating on the stock in a research report on Thursday, April 24th. BNP Paribas downgraded shares of Enphase Energy from an "outperform" rating to an "underperform" rating in a report on Tuesday, May 13th. DZ Bank cut shares of Enphase Energy from a "hold" rating to a "strong sell" rating in a report on Wednesday, April 23rd. TD Cowen dropped their price target 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. Finally, Jefferies Financial Group cut their price objective on shares of Enphase Energy from $44.00 to $37.00 and set an "underperform" rating for the company in a research report on Wednesday, April 23rd. Eleven equities research analysts have rated the stock with a sell rating, eleven have given a hold rating and twelve have given a buy rating to the company. According to data from MarketBeat.com, the stock has an average rating of "Hold" and a consensus target price of $68.45.

Enphase Energy Stock Performance

The company has a quick ratio of 3.28, a current ratio of 3.53 and a debt-to-equity ratio of 1.44. The stock has a fifty day moving average price of $49.26 and a two-hundred day moving average price of $60.19. The company has a market capitalization of $5.74 billion, a price-to-earnings ratio of 59.12 and a beta of 1.80.

Insiders Place Their Bets

In related news, CEO Badrinarayanan Kothandaraman acquired 4,000 shares of the business's stock in a transaction dated Friday, April 25th. The shares were acquired at an average cost of $46.35 per share, for a total transaction of $185,400.00. Following the acquisition, 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 acquisition was disclosed in a legal filing with the SEC, which is available at the SEC website. Also, Director Thurman J. Rodgers sold 100,000 shares of the stock in a transaction 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 directly owns 1,881,760 shares in the company, valued at $115,276,617.60. This trade represents a 5.05% decrease in their ownership of the stock. The disclosure for this sale can be found here. 3.10% of the stock is owned by corporate insiders.

Institutional Trading of Enphase Energy

A number of institutional investors have recently modified their holdings of ENPH. Baillie Gifford & Co. lifted its position in Enphase Energy by 32.0% during the first quarter. Baillie Gifford & Co. now owns 11,052,357 shares of the semiconductor company's stock valued at $685,799,000 after buying an additional 2,680,567 shares in the last quarter. Invesco Ltd. raised its stake in shares of Enphase Energy by 43.4% in the 4th quarter. Invesco Ltd. now owns 4,557,865 shares of the semiconductor company's stock valued at $313,034,000 after acquiring an additional 1,378,978 shares during the period. AQR Capital Management LLC raised its stake in shares of Enphase Energy by 9,236.6% in the 1st quarter. AQR Capital Management LLC now owns 691,564 shares of the semiconductor company's stock valued at $41,483,000 after acquiring an additional 684,157 shares during the period. Worldquant Millennium Advisors LLC lifted its holdings in shares of Enphase Energy by 531.4% during the 4th quarter. Worldquant Millennium Advisors LLC now owns 805,791 shares of the semiconductor company's stock valued at $55,342,000 after acquiring an additional 678,163 shares in the last quarter. Finally, Norges Bank acquired a new stake in Enphase Energy in the 4th quarter valued at $46,339,000. Hedge funds and other institutional investors own 72.12% of the company's stock.

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.