Enphase Energy (NASDAQ:ENPH) Trading 6.3% Higher - Still a Buy?

Enphase Energy, Inc. (NASDAQ:ENPH - Get Free Report) shares shot up 6.3% on Thursday . The company traded as high as $43.87 and last traded at $43.56. 3,644,895 shares traded hands during trading, a decline of 26% from the average session volume of 4,938,695 shares. The stock had previously closed at $40.97.

Analyst Upgrades and Downgrades

A number of brokerages have recently weighed in on ENPH. BNP Paribas lowered shares of Enphase Energy from an "outperform" rating to an "underperform" rating in a research note on Tuesday, May 13th. Susquehanna dropped their price objective on shares of Enphase Energy from $59.00 to $51.00 and set a "neutral" rating on the stock in a research note on Wednesday, April 23rd. The Goldman Sachs Group dropped their price objective on shares of Enphase Energy from $90.00 to $77.00 and set a "buy" rating on the stock in a research note on Wednesday, April 23rd. Wells Fargo & Company dropped their price objective on shares of Enphase Energy from $65.00 to $42.00 and set an "overweight" rating on the stock in a research note on Friday, June 20th. Finally, Guggenheim reissued a "sell" rating and set a $33.00 price objective on shares of Enphase Energy in a research note on Wednesday, April 23rd. Twelve equities research analysts have rated the stock with a sell rating, eleven have assigned a hold rating and twelve have assigned a buy rating to the company's stock. Based on data from MarketBeat.com, Enphase Energy has a consensus rating of "Hold" and a consensus target price of $65.44.

Enphase Energy Trading Up 3.7%

The firm's 50 day moving average price is $43.00 and its 200-day moving average price is $55.41. The stock has a market cap of $5.57 billion, a P/E ratio of 39.33 and a beta of 1.67. The company has a debt-to-equity ratio of 0.70, a current ratio of 1.90 and a quick ratio of 1.77.

Insider Buying and Selling at Enphase Energy

In related news, CEO Badrinarayanan Kothandaraman acquired 4,000 shares of the firm's stock in a transaction dated 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 directly owned 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 document filed with the SEC, which is accessible through the SEC website. 3.10% of the stock is owned by insiders.

Institutional Inflows and Outflows

Several hedge funds have recently made changes to their positions in ENPH. Oppenheimer & Co. Inc. increased its stake in shares of Enphase Energy by 21.4% in the fourth quarter. Oppenheimer & Co. Inc. now owns 10,662 shares of the semiconductor company's stock worth $732,000 after purchasing an additional 1,879 shares in the last quarter. Proficio Capital Partners LLC bought a new position in Enphase Energy during the fourth quarter valued at $1,528,000. Steward Partners Investment Advisory LLC lifted its position in Enphase Energy by 81.6% during the fourth quarter. Steward Partners Investment Advisory LLC now owns 15,560 shares of the semiconductor company's stock valued at $1,069,000 after purchasing an additional 6,992 shares during the last quarter. Charles Schwab Investment Management Inc. raised its stake in shares of Enphase Energy by 6.4% in the fourth quarter. Charles Schwab Investment Management Inc. now owns 937,016 shares of the semiconductor company's stock valued at $64,354,000 after acquiring an additional 56,676 shares during the period. Finally, Arizona State Retirement System raised its stake in shares of Enphase Energy by 0.9% in the fourth quarter. Arizona State Retirement System now owns 39,318 shares of the semiconductor company's stock valued at $2,700,000 after acquiring an additional 336 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.