Swedbank AB Lowers Stock Position in Enphase Energy, Inc. $ENPH

Key Points

• Swedbank AB reduced its Enphase Energy stake by 43.3% in the first quarter, selling 253,519 shares and leaving it with 331,379 shares valued at about $12.5 million.
• Other institutional investors remain heavily invested in Enphase, with hedge funds and institutions owning 72.12% of the company’s shares overall.
• Enphase reported better-than-expected quarterly earnings of $0.47 per share, but revenue still fell 20.6% year over year; analysts currently rate the stock a consensus Hold with a $46.57 price target.

Swedbank AB cut its stake in shares of Enphase Energy, Inc. (NASDAQ:ENPH - Free Report) by 43.3% in the 1st quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The fund owned 331,379 shares of the semiconductor company's stock after selling 253,519 shares during the quarter. Swedbank AB owned 0.25% of Enphase Energy worth $12,529,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Other institutional investors and hedge funds have also recently made changes to their positions in the company. Vanguard Group Inc. grew its position in Enphase Energy by 1.5% in the fourth quarter. Vanguard Group Inc. now owns 16,329,647 shares of the semiconductor company's stock worth $523,365,000 after acquiring an additional 246,876 shares in the last quarter. Norges Bank purchased a new stake in Enphase Energy during the fourth quarter valued at about $118,190,000. Invesco Ltd. lifted its stake in Enphase Energy by 36.2% during the fourth quarter. Invesco Ltd. now owns 3,158,931 shares of the semiconductor company's stock worth $101,244,000 after purchasing an additional 839,468 shares during the last quarter. Geode Capital Management LLC lifted its stake in Enphase Energy by 0.4% during the fourth quarter. Geode Capital Management LLC now owns 2,510,509 shares of the semiconductor company's stock worth $80,478,000 after purchasing an additional 11,220 shares during the last quarter. Finally, Coatue Management LLC boosted its holdings in shares of Enphase Energy by 95.3% in the 3rd quarter. Coatue Management LLC now owns 1,647,893 shares of the semiconductor company's stock worth $58,319,000 after purchasing an additional 803,945 shares in the last quarter. Hedge funds and other institutional investors own 72.12% of the company's stock.

Analyst Upgrades and Downgrades

Several equities analysts have recently commented on the company. Weiss Ratings upgraded Enphase Energy from a "sell (d)" rating to a "sell (d+)" rating in a research report on Tuesday, June 23rd. Evercore set a $37.00 target price on Enphase Energy in a research note on Monday, May 4th. TD Cowen increased their price target on shares of Enphase Energy from $35.00 to $70.00 and gave the company a "hold" rating in a research report on Friday, May 29th. Jefferies Financial Group boosted their price objective on shares of Enphase Energy from $41.00 to $64.00 and gave the stock a "buy" rating in a report on Friday, June 12th. Finally, Oppenheimer cut their price objective on shares of Enphase Energy from $68.00 to $57.00 and set an "outperform" rating for the company in a research note on Wednesday, April 29th. Nine equities research analysts have rated the stock with a Buy rating, twelve have issued a Hold rating and four have issued a Sell rating to the company. Based on data from MarketBeat, Enphase Energy has an average rating of "Hold" and a consensus price target of $46.57.

Enphase Energy Price Performance

ENPH stock opened at $44.89 on Friday. The stock has a market capitalization of $5.92 billion, a price-to-earnings ratio of 44.45 and a beta of 1.62. The firm's 50-day moving average price is $50.88 and its two-hundred day moving average price is $43.11. The company has a current ratio of 3.80, a quick ratio of 3.20 and a debt-to-equity ratio of 0.52. Enphase Energy, Inc. has a 12-month low of $25.77 and a 12-month high of $73.74.

Enphase Energy (NASDAQ:ENPH - Get Free Report) last posted its earnings results on Tuesday, April 28th. The semiconductor company reported $0.47 earnings per share for the quarter, topping analysts' consensus estimates of $0.43 by $0.04. Enphase Energy had a net margin of 9.64% and a return on equity of 16.88%. The company had revenue of $282.90 million during the quarter, compared to analyst estimates of $282.27 million. During the same period in the prior year, the business posted $0.68 earnings per share. Enphase Energy's revenue for the quarter was down 20.6% on a year-over-year basis. As a group, equities analysts predict that Enphase Energy, Inc. will post 0.85 earnings per share for the current year.

Insiders Place Their Bets

In other Enphase Energy news, Director Shanker Trivedi acquired 1,000 shares of the business's stock in a transaction dated Friday, June 12th. The shares were purchased at an average cost of $53.91 per share, for a total transaction of $53,910.00. Following the transaction, the director owned 1,000 shares in the company, valued at $53,910. This represents a ∞ increase in their ownership of the stock. The acquisition was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. Also, Director Richard Mora sold 700 shares of the business's stock in a transaction that occurred on Monday, June 1st. The shares were sold at an average price of $64.20, for a total value of $44,940.00. Following the transaction, the director directly owned 13,922 shares in the company, valued at $893,792.40. This trade represents a 4.79% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. Company insiders own 2.90% of the company's stock.

Enphase Energy 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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