Corient Private Wealth LP Sells 36,396 Shares of Enphase Energy, Inc. $ENPH

Key Points

• Corient Private Wealth LP cut its Enphase Energy stake by 67.7% in the second quarter, selling 36,396 shares and retaining 17,397 shares valued at approximately $857,000.
• Institutional ownership remains substantial at 72.12%, with Norges Bank initiating a large position and Handelsbanken Fonder, First Trust Advisors, and Dimensional Fund Advisors also increasing their holdings.
• Enphase reported quarterly revenue of $291.85 million, above estimates, but earnings of $0.46 per share missed expectations and revenue declined 19.6% year over year. Analysts maintain a consensus “Hold” rating with a $44.34 price target.

Corient Private Wealth LP reduced its stake in Enphase Energy, Inc. (NASDAQ:ENPH - Free Report) by 67.7% during the 2nd quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The fund owned 17,397 shares of the semiconductor company's stock after selling 36,396 shares during the period. Corient Private Wealth LP's holdings in Enphase Energy were worth $857,000 at the end of the most recent quarter.

Several other hedge funds also recently bought and sold shares of ENPH. Norges Bank bought a new position in Enphase Energy during the 4th quarter worth about $118,190,000. Geode Capital Management LLC lifted its stake in Enphase Energy by 0.4% in the fourth quarter. Geode Capital Management LLC now owns 2,510,509 shares of the semiconductor company's stock valued at $80,478,000 after acquiring an additional 11,220 shares during the last quarter. Handelsbanken Fonder AB lifted its stake in Enphase Energy by 154.9% in the 2nd quarter. Handelsbanken Fonder AB now owns 2,111,158 shares of the semiconductor company's stock valued at $103,953,000 after purchasing an additional 1,283,052 shares during the last quarter. First Trust Advisors LP boosted its stake in shares of Enphase Energy by 42.4% during the 1st quarter. First Trust Advisors LP now owns 1,834,416 shares of the semiconductor company's stock worth $69,359,000 after acquiring an additional 546,460 shares during the period. Finally, Dimensional Fund Advisors LP boosted its position in Enphase Energy by 37.8% during the first quarter. Dimensional Fund Advisors LP now owns 1,361,157 shares of the semiconductor company's stock worth $51,459,000 after purchasing an additional 373,212 shares during the period. 72.12% of the stock is currently owned by institutional investors and hedge funds.

Enphase Energy Price Performance

Enphase Energy stock opened at $32.40 on Monday. The company has a quick ratio of 2.95, a current ratio of 3.45 and a debt-to-equity ratio of 0.48. The firm has a 50 day moving average price of $37.60 and a 200-day moving average price of $42.46. Enphase Energy, Inc. has a twelve month low of $25.77 and a twelve month high of $73.74. The company has a market capitalization of $4.28 billion, a P/E ratio of 32.40 and a beta of 1.65.

Enphase Energy (NASDAQ:ENPH - Get Free Report) last posted its quarterly earnings results on Tuesday, July 28th. The semiconductor company reported $0.46 earnings per share (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 the consensus estimate of $289.76 million. During the same period last year, the firm earned $0.69 EPS. The business's revenue for the quarter was down 19.6% on a year-over-year basis. As a group, equities analysts predict that Enphase Energy, Inc. will post 0.69 EPS for the current year.

Insider Activity

In other Enphase Energy news, Director Richard Mora sold 2,000 shares of the company's stock in a transaction that occurred on Thursday, July 30th. The stock was sold at an average price of $36.76, for a total value of $73,520.00. Following the completion of the sale, the director owned 11,922 shares of the company's stock, valued at $438,252.72. This represents a 14.37% decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through the SEC website. Insiders own 2.90% of the company's stock.

Wall Street Analysts Forecast Growth

ENPH has been the subject of a number of research reports. Glj Research lifted their target price on Enphase Energy from $21.70 to $24.47 and gave the stock a "sell" rating in a report on Tuesday, July 28th. Jefferies Financial Group lowered their price target on Enphase Energy from $54.00 to $42.00 and set a "buy" rating for the company in a report on Monday, September 21st. Oppenheimer reissued an "outperform" rating on shares of Enphase Energy in a research note on Tuesday, September 8th. Royal Bank Of Canada cut their price target on Enphase Energy from $54.00 to $47.00 and set an "outperform" rating on the stock in a research note on Wednesday, July 29th. Finally, Mizuho decreased their price objective on Enphase Energy from $54.00 to $45.00 and set a "neutral" rating for the company in a report on Wednesday, July 29th. Nine equities research analysts have rated the stock with a Buy rating, eleven have given a Hold rating and three have given a Sell rating to the company's stock. Based on data from MarketBeat.com, the company has a consensus rating of "Hold" and a consensus price target of $44.34.

About Enphase Energy

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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