Baillie Gifford & Co. Purchases 2,680,567 Shares of Enphase Energy, Inc. (NASDAQ:ENPH)

Key Points

• Baillie Gifford & Co. increased its stake in Enphase Energy by 32%, acquiring an additional 2,680,567 shares and now holds over 11 million shares worth approximately $685.8 million.
• Enphase Energy reported quarterly earnings of $0.69 EPS, beating expectations by 7 cents, and generated $363.15 million in revenue, reflecting a 19.7% year-over-year increase.
• Analyst ratings for Enphase vary, with thirteen analysts$55.86, even as its stock trades down 2.7%.

Baillie Gifford & Co. raised its stake in Enphase Energy, Inc. (NASDAQ:ENPH - Free Report) by 32.0% during the first quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 11,052,357 shares of the semiconductor company's stock after buying an additional 2,680,567 shares during the period. Baillie Gifford & Co. owned 8.42% of Enphase Energy worth $685,799,000 at the end of the most recent quarter.

A number of other hedge funds have also recently added to or reduced their stakes in the stock. Vanguard Group Inc. boosted its position in Enphase Energy by 0.3% in the fourth quarter. Vanguard Group Inc. now owns 16,536,218 shares of the semiconductor company's stock valued at $1,135,707,000 after buying an additional 44,782 shares in the last quarter. Invesco Ltd. boosted its position in Enphase Energy by 43.4% in the fourth quarter. Invesco Ltd. now owns 4,557,865 shares of the semiconductor company's stock valued at $313,034,000 after buying an additional 1,378,978 shares in the last quarter. Geode Capital Management LLC boosted its position in Enphase Energy by 1.4% in the fourth quarter. Geode Capital Management LLC now owns 3,429,909 shares of the semiconductor company's stock valued at $234,994,000 after buying an additional 47,593 shares in the last quarter. Northern Trust Corp boosted its position in Enphase Energy by 40.9% in the fourth quarter. Northern Trust Corp now owns 1,668,807 shares of the semiconductor company's stock valued at $114,614,000 after buying an additional 484,497 shares in the last quarter. Finally, Schroder Investment Management Group boosted its position in Enphase Energy by 29.6% in the fourth quarter. Schroder Investment Management Group now owns 1,451,414 shares of the semiconductor company's stock valued at $99,683,000 after buying an additional 331,917 shares in the last quarter. Institutional investors and hedge funds own 72.12% of the company's stock.

Enphase Energy Stock Performance

Shares of ENPH stock traded down $1.03 during trading on Tuesday, reaching $33.92. 3,794,048 shares of the company's stock traded hands, compared to its average volume of 6,412,546. The company has a market capitalization of $4.44 billion, a P/E ratio of 26.52 and a beta of 1.67. The company has a current ratio of 1.97, a quick ratio of 1.82 and a debt-to-equity ratio of 0.65. The firm's 50-day moving average is $40.68 and its 200 day moving average is $51.73. Enphase Energy, Inc. has a 1 year low of $33.01 and a 1 year high of $130.08.

Enphase Energy (NASDAQ:ENPH - Get Free Report) last announced its quarterly earnings results on Tuesday, July 22nd. The semiconductor company reported $0.69 EPS for the quarter, beating analysts' consensus estimates of $0.62 by $0.07. The company had revenue of $363.15 million for the quarter, compared to analysts' expectations of $359.14 million. Enphase Energy had a net margin of 11.78% and a return on equity of 24.55%. Enphase Energy's revenue was up 19.7% compared to the same quarter last year. During the same period in the prior year, the company posted $0.43 EPS. Equities research analysts expect that Enphase Energy, Inc. will post 2.08 EPS for the current year.

Wall Street Analyst Weigh In

ENPH has been the subject of several analyst reports. Bank of America dropped their price target on shares of Enphase Energy from $31.00 to $30.00 and set an "underperform" rating for the company in a research note on Wednesday, July 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 note on Thursday, April 24th. Guggenheim reaffirmed a "sell" rating and set a $33.00 price target on shares of Enphase Energy in a research note on Wednesday, April 23rd. Royal Bank Of Canada set a $28.00 price target on shares of Enphase Energy and gave the company a "sector perform" rating in a research note on Wednesday, June 18th. Finally, Barclays raised their price target on shares of Enphase Energy from $28.00 to $29.00 and gave the company an "underweight" rating in a research note on Thursday, July 24th. Thirteen equities research analysts have rated the stock with a sell rating, fourteen have given a hold rating and nine have assigned a buy rating to the company's stock. According to data from MarketBeat.com, the stock presently has an average rating of "Hold" and an average price target of $55.86.

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.