First Trust Advisors LP Buys 546,460 Shares of Enphase Energy, Inc. $ENPH

Key Points

• First Trust Advisors LP increased its Enphase Energy stake by 42.4% in the first quarter, buying 546,460 shares and bringing its total holding to 1,834,416 shares worth about $69.4 million.
• Enphase Energy reported better-than-expected quarterly earnings of $0.47 per share, but revenue still fell 20.6% year over year to $282.9 million.
• The stock was down 5.6% and closed at $36.70, while analysts currently rate it a consensus Hold with an average price target of $46.90.

First Trust Advisors LP boosted its stake in Enphase Energy, Inc. (NASDAQ:ENPH - Free Report) by 42.4% in the first quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The firm owned 1,834,416 shares of the semiconductor company's stock after purchasing an additional 546,460 shares during the quarter. First Trust Advisors LP owned about 1.39% of Enphase Energy worth $69,359,000 as of its most recent SEC filing.

A number of other large investors have also bought and sold shares of ENPH. Vanguard Group Inc. raised its holdings in shares of Enphase Energy by 1.5% during the fourth quarter. Vanguard Group Inc. now owns 16,329,647 shares of the semiconductor company's stock valued at $523,365,000 after purchasing an additional 246,876 shares during the period. Norges Bank acquired a new stake in shares of Enphase Energy in the 4th quarter valued at about $118,190,000. Invesco Ltd. grew its stake in shares of Enphase Energy by 36.2% in the 4th quarter. Invesco Ltd. now owns 3,158,931 shares of the semiconductor company's stock valued at $101,244,000 after buying an additional 839,468 shares during the period. Geode Capital Management LLC increased its position in Enphase Energy by 0.4% in the 4th quarter. Geode Capital Management LLC now owns 2,510,509 shares of the semiconductor company's stock valued at $80,478,000 after buying an additional 11,220 shares in the last quarter. Finally, Schroder Investment Management Group increased its position in Enphase Energy by 56.8% in the 4th quarter. Schroder Investment Management Group now owns 1,606,093 shares of the semiconductor company's stock valued at $51,475,000 after buying an additional 581,687 shares in the last quarter. 72.12% of the stock is currently owned by institutional investors and hedge funds.

Insiders Place Their Bets

In other news, Director Shanker Trivedi bought 1,000 shares of Enphase Energy stock in a transaction dated Friday, June 12th. The stock was purchased at an average price of $53.91 per share, for a total transaction of $53,910.00. Following the purchase, the director directly owned 1,000 shares in the company, valued at $53,910. The trade was a ∞ increase in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, Director Richard Mora sold 700 shares of the stock in a transaction dated Monday, June 1st. The shares were sold at an average price of $64.20, for a total transaction of $44,940.00. Following the completion of the sale, the director owned 13,922 shares of the company's stock, valued at approximately $893,792.40. This represents a 4.79% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. Insiders own 2.90% of the company's stock.

Enphase Energy Stock Down 5.6%

ENPH stock opened at $36.70 on Friday. Enphase Energy, Inc. has a twelve month low of $25.77 and a twelve month high of $73.74. The company has a quick ratio of 3.20, a current ratio of 3.80 and a debt-to-equity ratio of 0.52. The stock's 50 day moving average is $51.45 and its 200-day moving average is $43.70. The firm has a market capitalization of $4.84 billion, a PE ratio of 36.34 and a beta of 1.62.

Enphase Energy (NASDAQ:ENPH - Get Free Report) last announced its quarterly earnings results on Tuesday, April 28th. The semiconductor company reported $0.47 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.43 by $0.04. The business had revenue of $282.90 million during the quarter, compared to the consensus estimate of $282.27 million. Enphase Energy had a return on equity of 16.88% and a net margin of 9.64%.Enphase Energy's revenue was down 20.6% compared to the same quarter last year. During the same quarter in the prior year, the company posted $0.68 earnings per share. Sell-side analysts expect that Enphase Energy, Inc. will post 0.82 EPS for the current fiscal year.

Wall Street Analysts Forecast Growth

Several research analysts have issued reports on ENPH shares. Susquehanna increased their price target on Enphase Energy from $32.00 to $45.00 and gave the stock a "neutral" rating in a report on Friday, July 10th. Wells Fargo & Company decreased their price objective on Enphase Energy from $50.00 to $45.00 and set an "overweight" rating for the company in a report on Wednesday, April 29th. Morgan Stanley set a $27.00 target price on Enphase Energy in a research report on Friday, May 8th. JPMorgan Chase & Co. lowered their target price on Enphase Energy from $39.00 to $35.00 and set a "neutral" rating on the stock in a research report on Wednesday, April 29th. Finally, Jefferies Financial Group increased their target price on Enphase Energy from $41.00 to $64.00 and gave the stock a "buy" rating in a report on Friday, June 12th. Nine investment 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 MarketBeat, the stock has an average rating of "Hold" and an average price target of $46.90.

Enphase Energy Company 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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