Edgestream Partners L.P. Sells 80,539 Shares of Enphase Energy, Inc. $ENPH

Key Points

• Edgestream Partners cut its Enphase Energy stake by 83.2%, selling 80,539 shares and retaining 16,283 shares valued at approximately $616,000. Institutional investors collectively own 72.12% of the company.
• Enphase reported quarterly EPS of $0.46, slightly below the $0.47 consensus, while revenue of $291.85 million exceeded estimates. Revenue declined 19.6% year over year, and analysts expect full-year EPS of $0.82.
• ENPH opened at $41.81, below its 50-day moving average of $48.62, while Wall Street maintains a consensus “Hold” rating with an average price target of $45.61.

Edgestream Partners L.P. lessened its holdings in shares of Enphase Energy, Inc. (NASDAQ:ENPH - Free Report) by 83.2% in the first quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The fund owned 16,283 shares of the semiconductor company's stock after selling 80,539 shares during the quarter. Edgestream Partners L.P.'s holdings in Enphase Energy were worth $616,000 at the end of the most recent quarter.

Several other hedge funds and other institutional investors also recently modified their holdings of ENPH. Monaco Asset Management SAM purchased a new position in Enphase Energy in the 4th quarter worth approximately $2,724,000. Vanguard Group Inc. raised its position in shares of Enphase Energy by 1.5% during the 4th quarter. Vanguard Group Inc. now owns 16,329,647 shares of the semiconductor company's stock valued at $523,365,000 after buying an additional 246,876 shares in the last quarter. First Trust Advisors LP lifted its holdings 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 last quarter. Louisiana State Employees Retirement System bought a new stake in shares of Enphase Energy during the 1st quarter worth $2,193,000. Finally, M&T Bank Corp grew its position in Enphase Energy by 319.6% in the fourth quarter. M&T Bank Corp now owns 72,941 shares of the semiconductor company's stock worth $2,338,000 after acquiring an additional 55,557 shares in the last quarter. Hedge funds and other institutional investors own 72.12% of the company's stock.

Enphase Energy Stock Performance

Enphase Energy stock opened at $41.81 on Wednesday. The firm has a fifty day simple moving average of $48.62 and a two-hundred day simple moving average of $43.88. The company has a quick ratio of 2.95, a current ratio of 3.45 and a debt-to-equity ratio of 0.48. 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 $5.53 billion, a PE ratio of 41.81 and a beta of 1.64.

Enphase Energy (NASDAQ:ENPH - Get Free Report) last announced its quarterly earnings data on Tuesday, July 28th. The semiconductor company reported $0.46 earnings per share (EPS) for the quarter, missing analysts' consensus estimates of $0.47 by ($0.01). Enphase Energy had a net margin of 10.09% and a return on equity of 13.31%. The company had revenue of $291.85 million for the quarter, compared to the consensus estimate of $289.76 million. During the same period last year, the business posted $0.69 earnings per share. The firm's quarterly revenue was down 19.6% compared to the same quarter last year. Research analysts expect that Enphase Energy, Inc. will post 0.82 EPS for the current year.

Insider Activity at Enphase Energy

In related news, Director Richard Mora sold 2,000 shares of the firm'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 transaction of $73,520.00. Following the transaction, the director directly owned 11,922 shares in the company, valued at $438,252.72. This trade represents a 14.37% decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. Also, CEO Badrinarayanan Kothandaraman purchased 5,000 shares of the firm's stock in a transaction on Tuesday, May 26th. The stock was bought at an average cost of $67.50 per share, for a total transaction of $337,500.00. Following the completion of the purchase, the chief executive officer directly owned 1,645,632 shares in the company, valued at approximately $111,080,160. This trade represents a 0.30% increase in their ownership of the stock. Additional details regarding this purchase are available in the official SEC disclosure. Insiders sold 3,400 shares of company stock worth $150,933 in the last ninety days. 2.90% of the stock is owned by company insiders.

Wall Street Analyst Weigh In

A number of research firms recently commented on ENPH. Susquehanna reduced their target price on Enphase Energy from $45.00 to $39.00 and set a "neutral" rating on the stock in a research note on Thursday, July 30th. The Goldman Sachs Group lifted their price target on Enphase Energy from $51.00 to $57.00 and gave the stock a "buy" rating in a research note on Wednesday, May 20th. Evercore set a $37.00 price objective on Enphase Energy in a research report on Monday, May 4th. JPMorgan Chase & Co. dropped their target price on Enphase Energy from $39.00 to $35.00 and set a "neutral" rating for the company in a research report on Wednesday, April 29th. Finally, Deutsche Bank Aktiengesellschaft upped their target price on Enphase Energy from $39.00 to $40.00 and gave the stock a "hold" rating in a research note on Thursday, April 30th. Eight analysts have rated the stock with a Buy rating, twelve have issued a Hold rating and three have given a Sell rating to the company's stock. According to data from MarketBeat, Enphase Energy currently has an average rating of "Hold" and a consensus target price of $45.61.

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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