392,627 Shares in Enphase Energy, Inc. $ENPH Purchased by Bank of America Corp DE

Key Points

• Bank of America acquired 392,627 Enphase Energy shares in the second quarter, valued at approximately $19.3 million and representing about 0.30% of the company. Institutional investors collectively own 72.12% of Enphase.
• Enphase reported quarterly revenue of $291.85 million, exceeding estimates, but EPS of $0.46 narrowly missed expectations and revenue declined 19.6% year over year. The stock opened at $32.82, well below its 12-month high of $73.74.
• Analyst sentiment remains mixed, with a consensus rating of Hold and an average price target of $44.34. Recent target changes ranged from $40 to $56, while a company director sold 1,500 shares for approximately $60,540.

Bank of America Corp DE purchased a new stake in Enphase Energy, Inc. (NASDAQ:ENPH - Free Report) during the 2nd quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The institutional investor purchased 392,627 shares of the semiconductor company's stock, valued at approximately $19,333,000. Bank of America Corp DE owned about 0.30% of Enphase Energy as of its most recent SEC filing.

Other institutional investors have also modified their holdings of the company. Saturna Capital Corp increased its position in shares of Enphase Energy by 4.2% during the first quarter. Saturna Capital Corp now owns 10,957 shares of the semiconductor company's stock worth $414,000 after purchasing an additional 442 shares in the last quarter. Keybank National Association OH lifted its stake in Enphase Energy by 3.9% in the first quarter. Keybank National Association OH now owns 12,733 shares of the semiconductor company's stock valued at $481,000 after buying an additional 481 shares during the last quarter. Janney Montgomery Scott LLC boosted its holdings in shares of Enphase Energy by 4.9% in the first quarter. Janney Montgomery Scott LLC now owns 10,282 shares of the semiconductor company's stock valued at $389,000 after acquiring an additional 481 shares during the period. Intellectus Partners LLC grew its position in shares of Enphase Energy by 2.2% during the fourth quarter. Intellectus Partners LLC now owns 25,282 shares of the semiconductor company's stock worth $810,000 after acquiring an additional 540 shares during the last quarter. Finally, Burnham & Co LLC purchased a new position in shares of Enphase Energy during the second quarter worth approximately $34,000. Hedge funds and other institutional investors own 72.12% of the company's stock.

Enphase Energy Stock Performance

NASDAQ ENPH opened at $32.82 on Friday. The company has a current ratio of 3.45, a quick ratio of 2.95 and a debt-to-equity ratio of 0.48. The business's 50 day moving average is $37.79 and its two-hundred day moving average is $42.52. Enphase Energy, Inc. has a 12-month low of $25.77 and a 12-month high of $73.74. The stock has a market capitalization of $4.34 billion, a price-to-earnings ratio of 32.82 and a beta of 1.65.

Enphase Energy (NASDAQ:ENPH - Get Free Report) last issued its earnings results on Tuesday, July 28th. The semiconductor company reported $0.46 earnings per share (EPS) for the quarter, missing analysts' consensus estimates of $0.47 by ($0.01). Enphase Energy had a return on equity of 13.31% and a net margin of 10.09%.The business had revenue of $291.85 million for the quarter, compared to analysts' expectations of $289.76 million. During the same period last year, the company posted $0.69 earnings per share. The business's quarterly revenue was down 19.6% on a year-over-year basis. Research analysts expect that Enphase Energy, Inc. will post 0.69 EPS for the current year.

Insider Activity at Enphase Energy

In other news, Director Richard Mora sold 1,500 shares of the stock in a transaction dated Friday, August 14th. The shares were sold at an average price of $40.36, for a total value of $60,540.00. Following the completion of the transaction, the director owned 10,422 shares in the company, valued at $420,631.92. This trade represents a 12.58% decrease in their position. The sale was disclosed in a document filed with the SEC, which is available through this hyperlink. Insiders own 2.90% of the company's stock.

Wall Street Analyst Weigh In

A number of analysts recently weighed in on ENPH shares. Barclays upgraded shares of Enphase Energy from an "underweight" rating to an "equal weight" rating and increased their price target for the stock from $30.00 to $51.00 in a research note on Thursday, June 18th. Sanford C. Bernstein started coverage on shares of Enphase Energy in a research note on Tuesday, June 16th. They set a "market perform" rating and a $56.00 target price for the company. The Goldman Sachs Group dropped their price target on Enphase Energy from $55.00 to $47.00 and set a "buy" rating on the stock in a research report on Monday. TD Cowen decreased their price objective on Enphase Energy from $70.00 to $48.00 and set a "hold" rating for the company in a research report on Monday, July 20th. Finally, Citigroup lowered their target price on Enphase Energy from $43.00 to $40.00 and set a "neutral" rating on the stock in a research note on Thursday, July 30th. Nine research analysts have rated the stock with a Buy rating, eleven have issued a Hold rating and three have issued a Sell rating to the stock. Based on data from MarketBeat.com, the company presently has a consensus rating of "Hold" and an average target price of $44.34.

Enphase Energy Profile

Enphase Energy, Inc NASDAQ: ENPH is a clean energy technology company that designs and manufactures systems for generating, storing and managing electricity. Its products are primarily used in residential and commercial solar installations.

The company is best known for its semiconductor-based solar microinverters, which convert the direct current produced by individual solar panels into alternating current for use in buildings or delivery to the electric grid. Enphase also offers home battery storage systems, electric vehicle chargers, energy management software and related monitoring services designed to help customers optimize solar production, energy consumption and backup power.

Founded in 2006, Enphase is headquartered in Fremont, California.

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