Invesco Ltd. Buys 706,656 Shares of Enphase Energy, Inc. (NASDAQ:ENPH)

Key Points

• Invesco Ltd. increased its stake in Enphase Energy by 15.5%, acquiring an additional 706,656 shares and holding a total of 5,264,521 shares valued at approximately $326.66 million.
• Several hedge funds, including Connor Clark & Lunn Investment Management Ltd. and Maxi Investments CY Ltd., made significant increases in their positions in Enphase Energy, showing strong institutional investor interest.
• Enphase Energy reported a quarterly earnings per share (EPS) of $0.69, exceeding expectations, with revenue reaching $363.15 million, a 19.7% year-over-year increase.

Invesco Ltd. raised its stake in shares of Enphase Energy, Inc. (NASDAQ:ENPH - Free Report) by 15.5% in the 1st quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The fund owned 5,264,521 shares of the semiconductor company's stock after purchasing an additional 706,656 shares during the quarter. Invesco Ltd. owned 4.01% of Enphase Energy worth $326,664,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Other hedge funds have also bought and sold shares of the company. Connor Clark & Lunn Investment Management Ltd. raised its stake in shares of Enphase Energy by 228.5% during the first quarter. Connor Clark & Lunn Investment Management Ltd. now owns 254,672 shares of the semiconductor company's stock worth $15,802,000 after acquiring an additional 177,151 shares in the last quarter. Cynosure Group LLC raised its stake in shares of Enphase Energy by 38.2% during the first quarter. Cynosure Group LLC now owns 17,540 shares of the semiconductor company's stock worth $1,088,000 after acquiring an additional 4,845 shares in the last quarter. Charles Schwab Investment Management Inc. raised its stake in shares of Enphase Energy by 8.0% during the first quarter. Charles Schwab Investment Management Inc. now owns 1,011,771 shares of the semiconductor company's stock worth $62,780,000 after acquiring an additional 74,755 shares in the last quarter. ASR Vermogensbeheer N.V. purchased a new position in shares of Enphase Energy during the first quarter worth approximately $2,339,000. Finally, Maxi Investments CY Ltd raised its stake in shares of Enphase Energy by 650.0% during the first quarter. Maxi Investments CY Ltd now owns 52,500 shares of the semiconductor company's stock worth $3,258,000 after acquiring an additional 45,500 shares in the last quarter. 72.12% of the stock is currently owned by institutional investors.

Insider Transactions at Enphase Energy

In other news, CEO Badrinarayanan Kothandaraman purchased 5,000 shares of the company's stock in a transaction that occurred on Wednesday, August 6th. The shares were bought at an average price of $30.82 per share, for a total transaction of $154,100.00. Following the purchase, the chief executive officer directly owned 1,620,632 shares in the company, valued at approximately $49,947,878.24. This trade represents a 0.31% increase in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this link. 3.10% of the stock is currently owned by insiders.

Enphase Energy Stock Performance

Shares of Enphase Energy stock opened at $32.57 on Tuesday. The stock has a market cap of $4.26 billion, a price-to-earnings ratio of 25.45 and a beta of 1.59. The firm's 50-day moving average is $38.81 and its 200 day moving average is $49.50. Enphase Energy, Inc. has a 1 year low of $29.89 and a 1 year high of $130.08. The company has a debt-to-equity ratio of 0.65, a current ratio of 1.97 and a quick ratio of 1.82.

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

Wall Street Analysts Forecast Growth

Several research firms have commented on ENPH. KeyCorp reissued an "underweight" rating and set a $31.00 price target on shares of Enphase Energy in a research note on Tuesday, June 17th. Jefferies Financial Group set a $28.00 price target on shares of Enphase Energy and gave the stock an "underperform" rating in a research note on Monday, August 4th. Wall Street Zen raised shares of Enphase Energy from a "hold" rating to a "buy" rating in a research note on Saturday, August 2nd. Citigroup decreased their price target on shares of Enphase Energy from $47.00 to $43.00 and set a "sell" rating on the stock in a research note on Thursday, June 5th. Finally, BNP Paribas downgraded shares of Enphase Energy from an "outperform" rating to an "underperform" rating in a research note on Tuesday, May 13th. Thirteen research analysts have rated the stock with a sell rating, thirteen have assigned a hold rating and eleven have assigned a buy rating to the stock. According to data from MarketBeat.com, the company currently has a consensus rating of "Hold" and a consensus price target of $55.22.

About Enphase Energy

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.

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