Mirae Asset Global Investments Co. Ltd. Makes New Investment in Enphase Energy, Inc. $ENPH

Key Points

• Mirae Asset Global Investments opened a new Enphase Energy position, buying 50,000 shares worth approximately $1.65 million in the third quarter. Institutional investors own 72.12% of the company’s stock.
• Enphase missed quarterly expectations, reporting earnings per share of $0.41 versus the $0.51 consensus and revenue of $293.33 million versus $304.59 million expected; revenue fell 28.5% year over year.
• Analysts’ consensus rating is Hold, with an average price target of $35.11. The CEO also bought 10,000 shares at $26.75 each, while a director sold 1,500 shares.

Mirae Asset Global Investments Co. Ltd. bought a new position in Enphase Energy, Inc. (NASDAQ:ENPH - Free Report) during the 3rd quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The fund bought 50,000 shares of the semiconductor company's stock, valued at approximately $1,650,000.

Several other hedge funds have also added to or reduced their stakes in the stock. Archer Investment Corp bought a new position in shares of Enphase Energy during the second quarter valued at $30,000. Burnham & Co LLC purchased a new stake in Enphase Energy during the 2nd quarter valued at about $34,000. Continuum Advisory LLC purchased a new stake in Enphase Energy during the 2nd quarter valued at about $42,000. Ascentis Independent Advisors purchased a new stake in Enphase Energy during the 1st quarter valued at about $33,000. Finally, Allworth Financial LP bought a new stake in Enphase Energy during the 2nd quarter valued at about $46,000. 72.12% of the stock is owned by institutional investors.

Insider Transactions at Enphase Energy

In other Enphase Energy news, Director Richard Mora sold 1,500 shares of the stock in a transaction dated Friday, August 14th. The stock was sold at an average price of $40.36, for a total value of $60,540.00. Following the transaction, the director owned 10,422 shares of the company's stock, valued at approximately $420,631.92. This represents a 12.58% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, CEO Badrinarayanan Kothandaraman bought 10,000 shares of the stock in a transaction on Monday, November 2nd. The stock was purchased at an average cost of $26.75 per share, for a total transaction of $267,500.00. Following the acquisition, the chief executive officer owned 1,655,632 shares of the company's stock, valued at $44,288,156. This trade represents a 0.61% increase in their position. The SEC filing for this purchase provides additional information. Company insiders own 2.90% of the company's stock.

Enphase Energy Stock Down 1.7%

Shares of Enphase Energy stock opened at $28.47 on Friday. Enphase Energy, Inc. has a twelve month low of $23.83 and a twelve month high of $73.74. The company has a quick ratio of 3.56, a current ratio of 4.09 and a debt-to-equity ratio of 0.46. The company's 50 day moving average is $32.76 and its 200 day moving average is $40.81. The company has a market cap of $3.77 billion, a price-to-earnings ratio of 42.49 and a beta of 1.44.

Enphase Energy (NASDAQ:ENPH - Get Free Report) last announced its earnings results on Tuesday, October 27th. The semiconductor company reported $0.41 earnings per share for the quarter, missing analysts' consensus estimates of $0.51 by ($0.10). The company had revenue of $293.33 million for the quarter, compared to analysts' expectations of $304.59 million. Enphase Energy had a net margin of 7.49% and a return on equity of 9.16%. Enphase Energy's quarterly revenue was down 28.5% on a year-over-year basis. During the same quarter in the prior year, the firm posted $0.90 earnings per share. Research analysts anticipate that Enphase Energy, Inc. will post 0.34 EPS for the current year.

Analyst Upgrades and Downgrades

Several research analysts have issued reports on ENPH shares. Oppenheimer cut shares of Enphase Energy from an "outperform" rating to a "market perform" rating in a report on Wednesday, October 28th. Morgan Stanley dropped their target price on shares of Enphase Energy from $24.00 to $16.00 and set an "underweight" rating on the stock in a research note on Wednesday, October 28th. TD Cowen cut their price target on shares of Enphase Energy from $70.00 to $48.00 and set a "hold" rating on the stock in a report on Monday, July 20th. Jefferies Financial Group set a $30.00 price target on shares of Enphase Energy in a research report on Thursday, October 29th. Finally, The Goldman Sachs Group decreased their price objective on shares of Enphase Energy from $47.00 to $40.00 and set a "buy" rating for the company in a report on Wednesday, October 28th. Seven research analysts have rated the stock with a Buy rating, twelve have given a Hold rating and three have assigned a Sell rating to the company. According to data from MarketBeat.com, Enphase Energy has a consensus rating of "Hold" and an average target price of $35.11.

About Enphase Energy

Enphase Energy, Inc develops and manufactures technology for residential and commercial solar energy systems. Its products include solar microinverters, which convert electricity generated by individual solar panels into usable power, along with integrated energy management technologies designed to improve system performance, monitoring and reliability.

The company also offers battery storage systems, electric vehicle chargers and software that enables customers, installers and utilities to monitor and manage distributed energy resources.

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest reporting and unbiased coverage. Please send any questions or comments about this story to contact@marketbeat.com.