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Bank of Nova Scotia Sells 10,003,448 Shares of Enphase Energy, Inc. (NASDAQ:ENPH)

Enphase Energy logo with Energy background

Bank of Nova Scotia trimmed its position in Enphase Energy, Inc. (NASDAQ:ENPH - Free Report) by 99.8% in the first quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The institutional investor owned 22,067 shares of the semiconductor company's stock after selling 10,003,448 shares during the quarter. Bank of Nova Scotia's holdings in Enphase Energy were worth $1,370,000 at the end of the most recent reporting period.

Several other hedge funds and other institutional investors have also recently bought and sold shares of ENPH. CX Institutional bought a new position in shares of Enphase Energy during the 1st quarter worth approximately $29,000. First Horizon Advisors Inc. raised its stake in Enphase Energy by 83.0% during the first quarter. First Horizon Advisors Inc. now owns 569 shares of the semiconductor company's stock worth $35,000 after acquiring an additional 258 shares in the last quarter. GeoWealth Management LLC lifted its holdings in shares of Enphase Energy by 56.3% during the fourth quarter. GeoWealth Management LLC now owns 891 shares of the semiconductor company's stock valued at $61,000 after acquiring an additional 321 shares during the period. Harvest Fund Management Co. Ltd acquired a new stake in shares of Enphase Energy in the 1st quarter valued at $73,000. Finally, Intact Investment Management Inc. acquired a new stake in shares of Enphase Energy in the 1st quarter valued at $74,000. 72.12% of the stock is owned by institutional investors.

Analyst Upgrades and Downgrades

A number of equities research analysts recently issued reports on ENPH shares. BMO Capital Markets reiterated an "underperform" rating and set a $39.00 target price (down previously from $46.00) on shares of Enphase Energy in a research report on Tuesday, May 13th. Wells Fargo & Company increased their target price on Enphase Energy from $42.00 to $45.00 and gave the stock an "overweight" rating in a report on Thursday, July 24th. Oppenheimer cut their price target on Enphase Energy from $86.00 to $77.00 and set an "outperform" rating for the company in a report on Wednesday, July 23rd. DZ Bank lowered shares of Enphase Energy from a "hold" rating to a "strong sell" rating in a report on Wednesday, April 23rd. Finally, Morgan Stanley cut shares of Enphase Energy from an "equal weight" rating to an "underweight" rating and set a $36.00 price objective for the company. in a research report on Wednesday, April 23rd. Thirteen analysts have rated the stock with a sell rating, thirteen have issued a hold rating and eleven have issued a buy rating to the company. Based on data from MarketBeat.com, the company has an average rating of "Hold" and an average target price of $55.22.

Get Our Latest Research Report on Enphase Energy

Enphase Energy Stock Performance

ENPH stock opened at $31.79 on Friday. Enphase Energy, Inc. has a 1-year low of $29.89 and a 1-year high of $130.08. 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 has a market cap of $4.16 billion, a PE ratio of 24.84 and a beta of 1.59. The business's 50-day moving average price is $39.16 and its two-hundred day moving average price is $50.10.

Enphase Energy (NASDAQ:ENPH - Get Free Report) last released its quarterly earnings data on Tuesday, July 22nd. The semiconductor company reported $0.69 earnings per share for the quarter, beating the consensus estimate of $0.62 by $0.07. Enphase Energy had a return on equity of 24.55% and a net margin of 11.78%. The business had revenue of $363.15 million for the quarter, compared to analysts' expectations of $359.14 million. During the same quarter in the previous year, the business posted $0.43 EPS. Enphase Energy's revenue for the quarter was up 19.7% on a year-over-year basis. As a group, research analysts forecast that Enphase Energy, Inc. will post 2.08 earnings per share for the current year.

Insider Buying and Selling at Enphase Energy

In related news, CEO Badrinarayanan Kothandaraman acquired 5,000 shares of the stock in a transaction dated Wednesday, August 6th. The stock was bought at an average price of $30.82 per share, with a total value of $154,100.00. Following the completion of the transaction, the chief executive officer directly owned 1,620,632 shares of the company's stock, valued at approximately $49,947,878.24. The trade was a 0.31% increase in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. 3.10% of the stock is owned by company insiders.

Enphase Energy Company Profile

(Free Report)

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.

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Institutional Ownership by Quarter for Enphase Energy (NASDAQ:ENPH)

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest and most accurate reporting. This story was reviewed by MarketBeat's editorial team prior to publication. Please send any questions or comments about this story to contact@marketbeat.com.

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