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

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

Wall Street Analysts Forecast Growth

Several research analysts recently issued reports on ENPH shares. BNP Paribas lowered shares of Enphase Energy from an "outperform" rating to an "underperform" rating in a research report on Tuesday, May 13th. Royal Bank of Canada reissued a "sector perform" rating and issued a $54.00 price target (down previously from $59.00) on shares of Enphase Energy in a research report on Wednesday, April 23rd. Truist Financial dropped their price target on shares of Enphase Energy from $65.00 to $49.00 and set a "hold" rating for the company in a research report on Thursday, April 24th. Jefferies Financial Group dropped their price objective on shares of Enphase Energy from $44.00 to $37.00 and set an "underperform" rating for the company in a report on Wednesday, April 23rd. Finally, TD Cowen dropped their price objective on shares of Enphase Energy from $78.00 to $58.00 and set a "buy" rating for the company in a 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's stock. According to MarketBeat.com, Enphase Energy has a consensus rating of "Hold" and a consensus target price of $68.87.

Enphase Energy Trading Up 4.7%

The stock has a market capitalization of $5.39 billion, a P/E ratio of 55.51 and a beta of 1.80. 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 business's 50 day simple moving average is $49.64 and its 200-day simple moving average is $60.31.

Insider Buying and Selling at Enphase Energy

In related news, CEO Badrinarayanan Kothandaraman acquired 4,000 shares of the company's stock in a transaction that occurred on 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 completion of 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 purchase was disclosed in a legal filing with the SEC, which can be accessed through this hyperlink. Also, CFO Mandy Yang sold 1,319 shares of the firm's stock in a transaction on Monday, March 10th. The stock was sold at an average price of $63.32, for a total transaction of $83,519.08. Following the sale, the chief financial officer now owns 78,524 shares in the company, valued at approximately $4,972,139.68. The trade was a 1.65% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders own 3.10% of the company's stock.

Institutional Investors Weigh In On Enphase Energy

Hedge funds and other institutional investors have recently made changes to their positions in the stock. Woodline Partners LP acquired a new stake in Enphase Energy in the 4th quarter valued at $557,000. Generali Investments Towarzystwo Funduszy Inwestycyjnych grew its position in shares of Enphase Energy by 72.7% in the 4th quarter. Generali Investments Towarzystwo Funduszy Inwestycyjnych now owns 19,000 shares of the semiconductor company's stock valued at $1,305,000 after acquiring an additional 8,000 shares during the period. Norges Bank bought a new position in shares of Enphase Energy in the 4th quarter valued at about $46,339,000. Connor Clark & Lunn Investment Management Ltd. bought a new position in shares of Enphase Energy in the 4th quarter valued at about $5,324,000. Finally, Y Intercept Hong Kong Ltd bought a new stake in shares of Enphase Energy during the 4th quarter worth about $584,000. 72.12% of the stock is currently owned by institutional investors and hedge funds.

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.