Bank of New York Mellon Corp Makes New Investment in Enphase Energy, Inc. $ENPH

Key Points

• Bank of New York Mellon acquired 891,976 Enphase Energy shares worth approximately $43.9 million, giving it a 0.67% stake. Institutional investors and hedge funds collectively own 72.12% of the company.
• Analyst sentiment remains mixed: nine analysts rate Enphase a Buy, 11 a Hold and three a Sell, resulting in an overall “Hold” rating and an average price target of $45.79.
• Enphase reported quarterly revenue of $291.85 million, slightly above estimates, but earnings of $0.46 per share missed expectations and revenue declined 19.6% year over year. Shares opened at $39.25, while insiders sold $179,000 worth of stock over the past three months.

Bank of New York Mellon Corp acquired a new stake in Enphase Energy, Inc. (NASDAQ:ENPH - Free Report) in the second quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The institutional investor acquired 891,976 shares of the semiconductor company's stock, valued at approximately $43,921,000. Bank of New York Mellon Corp owned about 0.67% of Enphase Energy at the end of the most recent reporting period.

Several other large investors also recently modified their holdings of the business. Mivtachim The Workers Social Insurance Fund Ltd. Under Special Management acquired a new position in shares of Enphase Energy in the 2nd quarter valued at approximately $3,791,000. S&CO Inc. purchased a new position in shares of Enphase Energy during the 2nd quarter valued at approximately $443,000. GSA Capital Partners LLP acquired a new stake in shares of Enphase Energy during the second quarter worth approximately $362,000. Handelsbanken Fonder AB grew its position in shares of Enphase Energy by 154.9% during the second quarter. Handelsbanken Fonder AB now owns 2,111,158 shares of the semiconductor company's stock worth $103,953,000 after buying an additional 1,283,052 shares in the last quarter. Finally, FNY Investment Advisers LLC bought a new stake in shares of Enphase Energy in the second quarter worth $48,000. 72.12% of the stock is currently owned by institutional investors and hedge funds.

Analyst Upgrades and Downgrades

Several analysts recently issued reports on the stock. Susquehanna cut their price target on shares of Enphase Energy from $45.00 to $39.00 and set a "neutral" rating on the stock in a report on Thursday, July 30th. Roth Capital reissued a "buy" rating on shares of Enphase Energy in a report on Friday, May 22nd. Mizuho dropped their target price on shares of Enphase Energy from $54.00 to $45.00 and set a "neutral" rating for the company in a research report on Wednesday, July 29th. Barclays upgraded shares of Enphase Energy from an "underweight" rating to an "equal weight" rating and upped their target price for the company from $30.00 to $51.00 in a research note on Thursday, June 18th. Finally, Glj Research increased their price target on shares of Enphase Energy from $21.70 to $24.47 and gave the stock a "sell" rating in a research report on Tuesday, July 28th. Nine analysts have rated the stock with a Buy rating, eleven have given a Hold rating and three have issued a Sell rating to the company. According to MarketBeat, the company presently has an average rating of "Hold" and an average price target of $45.79.

Enphase Energy Stock Up 2.2%

Shares of NASDAQ:ENPH opened at $39.25 on Friday. The stock has a market capitalization of $5.19 billion, a price-to-earnings ratio of 39.25 and a beta of 1.64. Enphase Energy, Inc. has a 1-year low of $25.77 and a 1-year high of $73.74. The company's fifty day moving average is $41.81 and its two-hundred day moving average is $43.86. The company has a debt-to-equity ratio of 0.48, a quick ratio of 2.95 and a current ratio of 3.45.

Enphase Energy (NASDAQ:ENPH - Get Free Report) last posted its quarterly earnings results on Tuesday, July 28th. The semiconductor company reported $0.46 EPS for the quarter, missing the consensus estimate of $0.47 by ($0.01). Enphase Energy had a net margin of 10.09% and a return on equity of 13.31%. The business had revenue of $291.85 million during the quarter, compared to analyst estimates of $289.76 million. During the same period last year, the firm posted $0.69 earnings per share. The company's quarterly revenue was down 19.6% on a year-over-year basis. Equities analysts anticipate that Enphase Energy, Inc. will post 0.76 EPS for the current year.

Insider Transactions at Enphase Energy

In other Enphase Energy news, Director Shanker Trivedi bought 1,000 shares of the business's stock in a transaction on Friday, June 12th. The shares were purchased at an average price of $53.91 per share, with a total value of $53,910.00. Following the completion of the acquisition, the director directly owned 1,000 shares of the company's stock, valued at approximately $53,910. The trade was a ∞ increase in their position. The transaction was disclosed in a legal filing with the SEC, which is accessible through the SEC website. Also, Director Richard Mora sold 2,000 shares of Enphase Energy stock in a transaction that occurred on Thursday, July 30th. The shares were sold at an average price of $36.76, for a total value of $73,520.00. Following the completion of the transaction, the director owned 11,922 shares of the company's stock, valued at approximately $438,252.72. The trade was a 14.37% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. Insiders sold 4,200 shares of company stock worth $179,000 in the last three months. 2.90% of the stock is currently owned by corporate insiders.

Enphase Energy 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.

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