Public Employees Retirement System of Ohio Buys New Position in Enphase Energy, Inc. $ENPH

Key Points

• Public Employees Retirement System of Ohio purchased 38,350 Enphase Energy shares worth approximately $1.89 million in the second quarter. Institutional investors collectively own 72.12% of the company.
• Enphase reported quarterly EPS of $0.46, slightly below the $0.47 consensus estimate, while revenue of $291.85 million exceeded expectations; year-over-year revenue fell 19.6%.
• ENPH opened at $36.37, below its 50-day and 200-day moving averages. Analysts have a consensus “Hold” rating and an average price target of $45.79.

Public Employees Retirement System of Ohio purchased a new stake in Enphase Energy, Inc. (NASDAQ:ENPH - Free Report) during the 2nd quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The fund purchased 38,350 shares of the semiconductor company's stock, valued at approximately $1,888,000.

Other institutional investors have also recently made changes to their positions in the company. Capstone Investment Advisors LLC bought a new position in Enphase Energy in the second quarter worth approximately $335,000. Stonehage Fleming Financial Services Holdings Ltd purchased a new position in Enphase Energy during the 2nd quarter worth $239,000. Corient Private Wealth LP purchased a new stake in Enphase Energy in the 2nd quarter valued at about $931,000. Palo Duro Investment Partners LP bought a new position in shares of Enphase Energy in the second quarter valued at approximately $32,665,000. Finally, Ausdal Financial Partners Inc. purchased a new stake in shares of Enphase Energy during the 2nd quarter valued at $213,000. Institutional investors and hedge funds own 72.12% of the company's stock.

Enphase Energy Price Performance

Shares of Enphase Energy stock opened at $36.37 on Monday. The business has a 50 day moving average of $40.27 and a 200 day moving average of $43.42. Enphase Energy, Inc. has a 52 week low of $25.77 and a 52 week high of $73.74. The company has a quick ratio of 2.95, a current ratio of 3.45 and a debt-to-equity ratio of 0.48. The company has a market cap of $4.81 billion, a PE ratio of 36.37 and a beta of 1.65.

Enphase Energy (NASDAQ:ENPH - Get Free Report) last announced its earnings results on Tuesday, July 28th. The semiconductor company reported $0.46 earnings per share for the quarter, missing analysts' consensus estimates of $0.47 by ($0.01). The company had revenue of $291.85 million for the quarter, compared to the consensus estimate of $289.76 million. Enphase Energy had a net margin of 10.09% and a return on equity of 13.31%. The company's revenue for the quarter was down 19.6% on a year-over-year basis. During the same period in the previous year, the firm posted $0.69 EPS. As a group, equities research analysts forecast that Enphase Energy, Inc. will post 0.76 earnings per share for the current year.

Insiders Place Their Bets

In related news, Director Richard Mora sold 1,500 shares of the stock in a transaction dated Friday, August 14th. The shares were sold at an average price of $40.36, for a total value of $60,540.00. Following the completion of the transaction, the director directly owned 10,422 shares in the company, valued at $420,631.92. This trade represents a 12.58% decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, Director Shanker Trivedi acquired 1,000 shares of the business's stock in a transaction on Friday, June 12th. The stock was acquired at an average price of $53.91 per share, for a total transaction of $53,910.00. Following the acquisition, the director owned 1,000 shares of the company's stock, valued at approximately $53,910. This trade represents a ∞ increase in their position. Additional details regarding this purchase are available in the official SEC disclosure. Insiders own 2.90% of the company's stock.

Analyst Ratings Changes

Several equities research analysts have recently issued reports on ENPH shares. Roth Capital restated a "buy" rating on shares of Enphase Energy in a research note on Friday, May 22nd. Mizuho decreased their price target on Enphase Energy from $54.00 to $45.00 and set a "neutral" rating on the stock in a research report on Wednesday, July 29th. Oppenheimer decreased their price target on shares of Enphase Energy from $57.00 to $56.00 and set an "outperform" rating on the stock in a report on Wednesday, July 29th. Barclays raised shares of Enphase Energy from an "underweight" rating to an "equal weight" rating and raised their target price for the company from $30.00 to $51.00 in a research note on Thursday, June 18th. Finally, Weiss Ratings upgraded Enphase Energy from a "sell (d)" rating to a "sell (d+)" rating in a research report on Tuesday, June 23rd. Nine research analysts have rated the stock with a Buy rating, eleven have given a Hold rating and three have assigned a Sell rating to the company. Based on data from MarketBeat.com, the stock currently has a consensus rating of "Hold" and an average target price of $45.79.

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.

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