Envestnet Asset Management Inc. Sells 10,411 Shares of Enphase Energy, Inc. (NASDAQ:ENPH)

Key Points

• Envestnet Asset Management Inc. reduced its holdings in Enphase Energy by 30.4%, selling 10,411 shares during the first quarter, leaving them with 23,854 shares valued at $1.48 million.
• A number of institutional investors have significantly increased their stakes, with Invesco Ltd. boosting its holdings by 43.4% in the fourth quarter.
• Wall Street analysts have varied opinions on Enphase Energy, with a consensus rating of "Hold" and an average price target of $55.51, despite thirteen analysts issuing sell ratings.

Envestnet Asset Management Inc. reduced its position in Enphase Energy, Inc. (NASDAQ:ENPH - Free Report) by 30.4% during the first quarter, according to its most recent 13F filing with the SEC. The firm owned 23,854 shares of the semiconductor company's stock after selling 10,411 shares during the period. Envestnet Asset Management Inc.'s holdings in Enphase Energy were worth $1,480,000 as of its most recent SEC filing.

Other hedge funds and other institutional investors have also added to or reduced their stakes in the company. CX Institutional bought a new position in Enphase Energy in the 1st quarter worth about $29,000. First Horizon Advisors Inc. boosted its position in shares of Enphase Energy by 83.0% in the first quarter. First Horizon Advisors Inc. now owns 569 shares of the semiconductor company's stock valued at $35,000 after acquiring an additional 258 shares during the period. Pilgrim Partners Asia Pte Ltd purchased a new position in Enphase Energy during the fourth quarter valued at approximately $47,000. GeoWealth Management LLC grew its stake in 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 in the last quarter. Finally, Intact Investment Management Inc. bought a new stake in Enphase Energy during the 1st quarter worth approximately $74,000. 72.12% of the stock is currently owned by institutional investors.

Wall Street Analysts Forecast Growth

Several brokerages have commented on ENPH. Wells Fargo & Company raised their price target on shares of Enphase Energy from $42.00 to $45.00 and gave the company an "overweight" rating in a report on Thursday, July 24th. TD Cowen dropped their price objective on Enphase Energy from $45.00 to $40.00 and set a "hold" rating for the company in a research note on Wednesday, July 23rd. Susquehanna decreased their target price on Enphase Energy from $51.00 to $40.00 and set a "neutral" rating on the stock in a research note on Monday, July 21st. Wall Street Zen raised Enphase Energy from a "hold" rating to a "buy" rating in a report on Saturday. Finally, Truist Financial cut their price objective on Enphase Energy from $65.00 to $49.00 and set a "hold" rating for the company in a report on Thursday, April 24th. Thirteen equities research analysts have rated the stock with a sell rating, thirteen have issued a hold rating and eleven have given a buy rating to the stock. Based on data from MarketBeat.com, the stock currently has an average rating of "Hold" and an average target price of $55.51.

Enphase Energy Trading Down 2.9%

Shares of ENPH stock traded down $0.93 during trading hours on Friday, reaching $31.43. The company's stock had a trading volume of 7,592,208 shares, compared to its average volume of 8,665,127. The company has a current ratio of 1.97, a quick ratio of 1.82 and a debt-to-equity ratio of 0.65. Enphase Energy, Inc. has a one year low of $31.13 and a one year high of $130.08. The stock has a market capitalization of $4.11 billion, a P/E ratio of 24.55 and a beta of 1.59. The firm's fifty day simple moving average is $39.81 and its 200 day simple moving average is $50.90.

Enphase Energy (NASDAQ:ENPH - Get Free Report) last announced its quarterly earnings results on Tuesday, July 22nd. The semiconductor company reported $0.69 EPS for the quarter, topping analysts' consensus estimates of $0.62 by $0.07. The company had revenue of $363.15 million during the quarter, compared to analyst estimates of $359.14 million. Enphase Energy had a return on equity of 24.55% and a net margin of 11.78%. The firm's revenue was up 19.7% on a year-over-year basis. During the same quarter last year, the firm posted $0.43 earnings per share. Equities research analysts expect that Enphase Energy, Inc. will post 2.08 EPS for the current year.

Enphase Energy Company Profile

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.