Alyeska Investment Group L.P. Sells 5,538,396 Shares of Enphase Energy, Inc. $ENPH

Key Points

• Alyeska Investment Group cut its Enphase Energy stake by 94.7% in the second quarter, selling 5.54 million shares and retaining 307,233 shares valued at approximately $15.1 million. Institutional investors collectively own 72.12% of ENPH.
• Analyst sentiment remains mixed, with an overall “Hold” rating and an average price target of $45.79. Recent firms lowered targets, while Barclays upgraded the stock to “equal weight.”
• Enphase opened at $36.42 after its latest quarterly report showed adjusted EPS of $0.46, slightly below expectations, while revenue of $291.85 million exceeded forecasts but declined 19.6% year over year.

Alyeska Investment Group L.P. reduced its holdings in shares of Enphase Energy, Inc. (NASDAQ:ENPH - Free Report) by 94.7% during the second quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The institutional investor owned 307,233 shares of the semiconductor company's stock after selling 5,538,396 shares during the quarter. Alyeska Investment Group L.P. owned 0.23% of Enphase Energy worth $15,128,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Several other institutional investors also recently modified their holdings of the business. DZ BANK AG Deutsche Zentral Genossenschafts Bank Frankfurt am Main grew its stake in shares of Enphase Energy by 431.9% in the second quarter. DZ BANK AG Deutsche Zentral Genossenschafts Bank Frankfurt am Main now owns 633 shares of the semiconductor company's stock worth $25,000 after acquiring an additional 514 shares during the period. Archer Investment Corp purchased a new position in shares of Enphase Energy during the second quarter valued at approximately $30,000. Ascentis Independent Advisors bought a new position in Enphase Energy during the first quarter valued at approximately $33,000. Burnham & Co LLC bought a new position in Enphase Energy during the second quarter valued at approximately $34,000. Finally, Danske Bank A S purchased a new stake in Enphase Energy in the third quarter worth approximately $39,000. 72.12% of the stock is owned by hedge funds and other institutional investors.

Wall Street Analyst Weigh In

A number of research firms have commented on ENPH. Susquehanna cut their target price on shares of Enphase Energy from $45.00 to $39.00 and set a "neutral" rating for the company in a research report on Thursday, July 30th. Citigroup lowered their price target on Enphase Energy from $43.00 to $40.00 and set a "neutral" rating on the stock in a report on Thursday, July 30th. Sanford C. Bernstein assumed coverage on Enphase Energy in a research note on Tuesday, June 16th. They issued a "market perform" rating and a $56.00 price target on the stock. Barclays upgraded Enphase Energy from an "underweight" rating to an "equal weight" rating and upped their price objective for the company from $30.00 to $51.00 in a research report on Thursday, June 18th. Finally, Evercore reissued a "positive" rating and issued a $41.00 target price on shares of Enphase Energy in a report on Monday, August 17th. Nine equities research analysts have rated the stock with a Buy rating, eleven have given a Hold rating and three have assigned a Sell rating to the company. According to MarketBeat, the company has an average rating of "Hold" and an average price target of $45.79.

Insider Buying and Selling at Enphase Energy

In other news, Director Richard Mora sold 2,000 shares of the firm's stock in a transaction dated Thursday, July 30th. The stock was sold at an average price of $36.76, for a total value of $73,520.00. Following the transaction, the director owned 11,922 shares of the company's stock, valued at $438,252.72. This trade represents a 14.37% decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, Director Shanker Trivedi acquired 1,000 shares of the firm's stock in a transaction dated Friday, June 12th. The stock was bought at an average cost of $53.91 per share, for a total transaction of $53,910.00. Following the purchase, the director directly owned 1,000 shares of the company's stock, valued at approximately $53,910. This trade represents a ∞ increase in their ownership of the stock. The SEC filing for this purchase provides additional information. 2.90% of the stock is currently owned by insiders.

Enphase Energy Stock Down 2.2%

ENPH opened at $36.42 on Tuesday. The company has a current ratio of 3.45, a quick ratio of 2.95 and a debt-to-equity ratio of 0.48. Enphase Energy, Inc. has a 1-year low of $25.77 and a 1-year high of $73.74. The company has a market capitalization of $4.81 billion, a PE ratio of 36.42 and a beta of 1.64. The firm's 50 day simple moving average is $41.19 and its two-hundred day simple moving average is $43.67.

Enphase Energy (NASDAQ:ENPH - Get Free Report) last issued its quarterly earnings results on Tuesday, July 28th. The semiconductor company reported $0.46 earnings per share for the quarter, missing the consensus estimate of $0.47 by ($0.01). The business had revenue of $291.85 million for the quarter, compared to analysts' expectations of $289.76 million. Enphase Energy had a return on equity of 13.31% and a net margin of 10.09%.The company's revenue was down 19.6% compared to the same quarter last year. During the same quarter in the prior year, the business earned $0.69 EPS. As a group, equities analysts forecast that Enphase Energy, Inc. will post 0.76 EPS for the current year.

Enphase Energy Company Profile

Enphase Energy is a global energy technology company that specializes in solar microinverters, energy storage systems and energy management software. Its core business centers on converting direct current (DC) power generated by solar panels into alternating current (AC) power suitable for use in residential and commercial applications. By integrating hardware and software solutions, Enphase Energy aims to improve solar energy yield, enhance system reliability and provide real-time monitoring capabilities to its customers.

The company's product portfolio includes its IQ Series microinverters, which attach to individual solar panels to optimize performance at the module level and reduce the impact of shading or system failures.

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest reporting and unbiased coverage. Please send any questions or comments about this story to contact@marketbeat.com.

Continue following MarketBeat

Add MarketBeat as your preferred source on Google to see our latest stories in your feed.

Add As Preferred Source