Mitsubishi UFJ Asset Management Co. Ltd. Invests $1.31 Million in Enphase Energy, Inc. $ENPH

Key Points

• Mitsubishi UFJ Asset Management acquired 26,607 Enphase Energy shares worth approximately $1.31 million in the second quarter. Institutional investors and hedge funds collectively own 72.12% of ENPH.
• Analyst sentiment remains mixed: nine analysts rate the stock Buy, eleven Hold and three Sell, resulting in a consensus Hold rating and an average price target of $45.79.
• Enphase reported quarterly EPS of $0.46, slightly below the $0.47 estimate, while revenue of $291.85 million exceeded expectations but declined 19.6% year over year.

Mitsubishi UFJ Asset Management Co. Ltd. bought a new position in shares of Enphase Energy, Inc. (NASDAQ:ENPH - Free Report) in the second quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The firm bought 26,607 shares of the semiconductor company's stock, valued at approximately $1,310,000.

Several other hedge funds and other institutional investors have also bought and sold shares of the company. Norges Bank acquired a new stake in Enphase Energy during the 4th quarter worth about $118,190,000. Handelsbanken Fonder AB lifted its stake in shares of Enphase Energy by 154.9% in the 2nd quarter. Handelsbanken Fonder AB now owns 2,111,158 shares of the semiconductor company's stock valued at $103,953,000 after purchasing an additional 1,283,052 shares during the period. Bank of New York Mellon Corp acquired a new position in shares of Enphase Energy in the 2nd quarter valued at about $43,921,000. Invesco Ltd. lifted 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 purchasing an additional 839,468 shares during the period. Finally, Sora Investors LLC bought a new stake in shares of Enphase Energy during the 4th quarter valued at about $25,998,000. Institutional investors and hedge funds own 72.12% of the company's stock.

Insider Transactions at Enphase Energy

In related news, Director Richard Mora sold 2,000 shares of the stock in a transaction on Thursday, July 30th. The stock was sold at an average price of $36.76, for a total value of $73,520.00. Following the transaction, the director directly owned 11,922 shares in the company, valued at $438,252.72. This trade represents a 14.37% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Also, CEO Badrinarayanan Kothandaraman purchased 5,000 shares of Enphase Energy stock in a transaction that occurred on Tuesday, May 26th. The stock was acquired at an average cost of $67.50 per share, with a total value of $337,500.00. Following the transaction, the chief executive officer owned 1,645,632 shares in the company, valued at $111,080,160. This trade represents a 0.30% increase in their position. The disclosure for this purchase is available in the SEC filing. Insiders have sold 4,200 shares of company stock valued at $179,000 over the last ninety days. 2.90% of the stock is owned by company insiders.

Analyst Upgrades and Downgrades

A number of brokerages have weighed in on ENPH. Susquehanna lowered their target price on Enphase Energy from $45.00 to $39.00 and set a "neutral" rating for the company in a report on Thursday, July 30th. UBS Group set a $56.00 price target on Enphase Energy in a report on Wednesday, July 29th. Morgan Stanley set a $27.00 price objective on shares of Enphase Energy in a research report on Friday, May 8th. Evercore reiterated a "positive" rating and issued a $41.00 price objective on shares of Enphase Energy in a research note on Monday. Finally, TD Cowen dropped their target price on shares of Enphase Energy from $70.00 to $48.00 and set a "hold" rating on the stock in a research report on Monday, July 20th. Nine research analysts have rated the stock with a Buy rating, eleven have assigned a Hold rating and three have given a Sell rating to the company's stock. Based on data from MarketBeat.com, the stock presently has a consensus rating of "Hold" and a consensus price target of $45.79.

Enphase Energy Stock Performance

Shares of Enphase Energy stock opened at $38.61 on Friday. Enphase Energy, Inc. has a one year low of $25.77 and a one year high of $73.74. The firm has a market capitalization of $5.10 billion, a price-to-earnings ratio of 38.61 and a beta of 1.64. The business has a 50-day simple moving average of $42.82 and a 200 day simple moving average of $44.05. The company has a debt-to-equity ratio of 0.48, a current ratio of 3.45 and a quick ratio of 2.95.

Enphase Energy (NASDAQ:ENPH - Get Free Report) last announced its quarterly earnings results 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 firm had revenue of $291.85 million during the quarter, compared to the consensus estimate of $289.76 million. During the same quarter in the previous year, the company posted $0.69 EPS. The firm's revenue was down 19.6% on a year-over-year basis. On average, research analysts anticipate that Enphase Energy, Inc. will post 0.76 earnings per share for the current fiscal year.

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.

Want to see what other hedge funds are holding ENPH? Visit HoldingsChannel.com to get the latest 13F filings and insider trades for Enphase Energy, Inc. (NASDAQ:ENPH - Free Report).

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.

Continue following MarketBeat

Add MarketBeat as your preferred source on Google to see our latest stories in your feed.

Add As Preferred Source