Enphase Energy, Inc. $ENPH Shares Acquired by Assenagon Asset Management S.A.

Key Points

• Assenagon Asset Management more than doubled its Enphase Energy stake in the second quarter, adding 28,100 shares to hold 55,495 shares worth approximately $2.73 million. Institutional investors collectively own 72.12% of ENPH.
• Analyst views remain mixed, with a consensus “Hold” rating and an average price target of $45.61. Recent targets ranged from $47 to $64, while TD Cowen lowered its target to $48.
• Enphase reported quarterly revenue of $291.85 million, slightly above estimates, but earnings per share of $0.46 missed expectations and revenue fell 19.6% year over year. The stock opened at $40.78, well below its 52-week high of $73.74.

Assenagon Asset Management S.A. increased its stake in Enphase Energy, Inc. (NASDAQ:ENPH - Free Report) by 102.6% in the second quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The institutional investor owned 55,495 shares of the semiconductor company's stock after purchasing an additional 28,100 shares during the quarter. Assenagon Asset Management S.A.'s holdings in Enphase Energy were worth $2,733,000 at the end of the most recent quarter.

Several other hedge funds and other institutional investors have also recently made changes to their positions in ENPH. PFG Investments LLC grew its position in Enphase Energy by 2.2% during the fourth quarter. PFG Investments LLC now owns 12,191 shares of the semiconductor company's stock worth $391,000 after buying an additional 260 shares during the period. Maryland State Retirement & Pension System raised its holdings in Enphase Energy by 1.6% during the fourth quarter. Maryland State Retirement & Pension System now owns 26,375 shares of the semiconductor company's stock worth $845,000 after purchasing an additional 404 shares during the last quarter. Rakuten Securities Inc. boosted its position in Enphase Energy by 33.6% during the second quarter. Rakuten Securities Inc. now owns 1,629 shares of the semiconductor company's stock worth $65,000 after purchasing an additional 410 shares in the last quarter. Saturna Capital Corp boosted its position in Enphase Energy by 4.2% during the first quarter. Saturna Capital Corp now owns 10,957 shares of the semiconductor company's stock worth $414,000 after purchasing an additional 442 shares in the last quarter. Finally, Liberty Wealth Management LLC grew its holdings in Enphase Energy by 0.3% in the fourth quarter. Liberty Wealth Management LLC now owns 130,067 shares of the semiconductor company's stock valued at $4,169,000 after purchasing an additional 453 shares during the last quarter. Institutional investors and hedge funds own 72.12% of the company's stock.

Analyst Upgrades and Downgrades

A number of research analysts have recently weighed in on the company. Jefferies Financial Group raised their price target on Enphase Energy from $41.00 to $64.00 and gave the company a "buy" rating in a research report on Friday, June 12th. Sanford C. Bernstein initiated coverage on shares of Enphase Energy in a research report on Tuesday, June 16th. They issued a "market perform" rating and a $56.00 price objective on the stock. TD Cowen lowered their price objective on shares of Enphase Energy from $70.00 to $48.00 and set a "hold" rating on the stock in a research note on Monday, July 20th. Royal Bank Of Canada dropped their target price on shares of Enphase Energy from $54.00 to $47.00 and set an "outperform" rating for the company in a report on Wednesday, July 29th. Finally, Roth Capital restated a "buy" rating on shares of Enphase Energy in a research report on Friday, May 22nd. Eight equities research analysts have rated the stock with a Buy rating, twelve have issued a Hold rating and three have issued a Sell rating to the company's stock. According to data from MarketBeat, Enphase Energy currently has a consensus rating of "Hold" and a consensus target price of $45.61.

Enphase Energy Stock Up 0.0%

ENPH stock opened at $40.78 on Friday. The company has a 50 day moving average price of $44.69 and a two-hundred day moving average price of $44.09. The company has a debt-to-equity ratio of 0.48, a quick ratio of 2.95 and a current ratio of 3.45. The stock has a market capitalization of $5.39 billion, a P/E ratio of 40.78 and a beta of 1.64. Enphase Energy, Inc. has a one year low of $25.77 and a one year high of $73.74.

Enphase Energy (NASDAQ:ENPH - Get Free Report) last posted its quarterly earnings data 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 return on equity of 13.31% and a net margin of 10.09%.The business had revenue of $291.85 million for the quarter, compared to analyst estimates of $289.76 million. During the same quarter last year, the business earned $0.69 EPS. Enphase Energy's revenue for the quarter was down 19.6% compared to the same quarter last year. As a group, sell-side analysts expect that Enphase Energy, Inc. will post 0.78 EPS for the current year.

Insider Buying and Selling

In related news, Director Shanker Trivedi acquired 1,000 shares of the stock in a transaction dated Friday, June 12th. The stock was bought at an average cost of $53.91 per share, with a total value of $53,910.00. Following the purchase, the director directly owned 1,000 shares of the company's stock, valued at approximately $53,910. This represents a ∞ increase in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at this link. Also, CEO Badrinarayanan Kothandaraman bought 5,000 shares of the business's stock in a transaction that occurred on Tuesday, May 26th. The stock was purchased at an average cost of $67.50 per share, for a total transaction of $337,500.00. Following the completion of the transaction, 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 position. Additional details regarding this purchase are available in the official SEC disclosure. Over the last three months, insiders have sold 3,400 shares of company stock valued at $150,933. Insiders own 2.90% of the company's stock.

About Enphase Energy

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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