TD Asset Management Inc Lowers Position in Enphase Energy, Inc. (NASDAQ:ENPH)

Key Points

• TD Asset Management Inc reduced its stake in Enphase Energy by 51.3%, selling 24,744 shares, leaving it with 23,534 shares worth $1,460,000.
• In the 1st quarter, other hedge funds also adjusted their positions, with CX Institutional investing approximately $29,000 in a new stake in Enphase Energy.
• Enphase Energy's stock has seen analyst ratings fluctuating, with Wells Fargo raising its price target from $42 to $45, while Deutsche Bank lowered it from $49 to $42.

TD Asset Management Inc lowered its position in shares of Enphase Energy, Inc. (NASDAQ:ENPH - Free Report) by 51.3% in the 1st quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The institutional investor owned 23,534 shares of the semiconductor company's stock after selling 24,744 shares during the period. TD Asset Management Inc's holdings in Enphase Energy were worth $1,460,000 as of its most recent SEC filing.

Several other hedge funds also recently bought and sold shares of the company. CX Institutional purchased a new stake in shares of Enphase Energy in the 1st quarter valued at $29,000. First Horizon Advisors Inc. boosted its stake in shares of Enphase Energy by 83.0% in the 1st quarter. First Horizon Advisors Inc. now owns 569 shares of the semiconductor company's stock valued at $35,000 after purchasing an additional 258 shares in the last quarter. GeoWealth Management LLC boosted its stake in shares of Enphase Energy by 56.3% in the 4th quarter. GeoWealth Management LLC now owns 891 shares of the semiconductor company's stock valued at $61,000 after purchasing an additional 321 shares in the last quarter. Intact Investment Management Inc. purchased a new stake in shares of Enphase Energy in the 1st quarter valued at $74,000. Finally, Fourth Dimension Wealth LLC bought a new stake in Enphase Energy during the 4th quarter valued at $103,000. Hedge funds and other institutional investors own 72.12% of the company's stock.

Wall Street Analysts Forecast Growth

A number of equities research analysts recently commented on ENPH shares. BMO Capital Markets reiterated an "underperform" rating and set a $39.00 price target (down from $46.00) on shares of Enphase Energy in a report on Tuesday, May 13th. KeyCorp reiterated an "underweight" rating and set a $31.00 price target on shares of Enphase Energy in a report on Tuesday, June 17th. TD Cowen decreased their price objective on shares of Enphase Energy from $45.00 to $40.00 and set a "hold" rating for the company in a report on Wednesday, July 23rd. Truist Financial decreased their price objective on shares of Enphase Energy from $65.00 to $49.00 and set a "hold" rating for the company in a report on Thursday, April 24th. Finally, Guggenheim restated a "sell" rating and issued a $33.00 price objective on shares of Enphase Energy in a report on Wednesday, April 23rd. Thirteen investment analysts have rated the stock with a sell rating, thirteen have assigned a hold rating and eleven have given a buy rating to the company. Based on data from MarketBeat.com, the company currently has a consensus rating of "Hold" and a consensus target price of $55.22.

Enphase Energy Stock Up 0.7%

Shares of ENPH stock traded up $0.22 on Tuesday, hitting $31.91. The stock had a trading volume of 4,584,519 shares, compared to its average volume of 9,033,548. The company has a quick ratio of 1.82, a current ratio of 1.97 and a debt-to-equity ratio of 0.65. The business has a 50 day moving average price of $39.48 and a 200 day moving average price of $50.46. The company has a market cap of $4.17 billion, a PE ratio of 24.93 and a beta of 1.59. Enphase Energy, Inc. has a one year low of $31.13 and a one year high of $130.08.

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

Enphase Energy Company Profile

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.