Enphase Energy (NASDAQ:ENPH) Stock: Insider Thurman Rodgers Sells 300,000 Shares

Key Points

• Director Thurman Rodgers sold 300,000 Enphase shares for about $8.73 million, reducing his direct stake by 18.73% to 1,301,719 shares.
• Enphase missed quarterly earnings and revenue estimates, reporting $0.41 per share and $293.33 million in revenue; revenue fell 28.5% year over year.
• Analysts’ consensus rating is Hold, with an average price target of $35.11. Shares recently traded at $26.78.

Enphase Energy, Inc. (NASDAQ:ENPH - Get Free Report) Director Thurman Rodgers sold 300,000 shares of Enphase Energy stock in a transaction on Monday, November 9th. The shares were sold at an average price of $29.11, for a total value of $8,733,000.00. Following the transaction, the director directly owned 1,301,719 shares of the company's stock, valued at approximately $37,893,040.09. The trade was a 18.73% decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is accessible through this hyperlink.

Enphase Energy Price Performance

Shares of NASDAQ ENPH traded down $1.52 during mid-day trading on Thursday, hitting $26.78. 4,193,036 shares of the stock were exchanged, compared to its average volume of 8,501,232. Enphase Energy, Inc. has a twelve month low of $23.83 and a twelve month high of $73.74. The stock's fifty day simple moving average is $32.10 and its two-hundred day simple moving average is $40.59. The company has a debt-to-equity ratio of 0.46, a quick ratio of 3.56 and a current ratio of 4.09. The company has a market cap of $3.54 billion, a P/E ratio of 39.97 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 EPS for the quarter, missing the consensus estimate of $0.51 by ($0.10). The business had revenue of $293.33 million during the quarter, compared to analyst estimates of $304.59 million. Enphase Energy had a return on equity of 9.16% and a net margin of 7.49%. The firm's revenue was down 28.5% compared to the same quarter last year. During the same period in the previous year, the firm earned $0.90 earnings per share. As a group, analysts forecast that Enphase Energy, Inc. will post 0.34 EPS for the current fiscal year.

Institutional Investors Weigh In On Enphase Energy

A number of institutional investors and hedge funds have recently added to or reduced their stakes in the stock. AlphaGrep UK Ltd bought a new position in Enphase Energy during the third quarter worth about $201,000. First Trust Advisors LP increased its stake in shares of Enphase Energy by 1.8% in the 3rd quarter. First Trust Advisors LP now owns 2,324,864 shares of the semiconductor company's stock valued at $76,697,000 after acquiring an additional 42,079 shares during the last quarter. Intesa Sanpaolo Wealth Management increased its stake in shares of Enphase Energy by 403.8% in the 3rd quarter. Intesa Sanpaolo Wealth Management now owns 79,600 shares of the semiconductor company's stock valued at $2,626,000 after acquiring an additional 63,800 shares during the last quarter. Advisors Asset Management Inc. acquired a new stake in shares of Enphase Energy in the 3rd quarter valued at approximately $52,000. Finally, OneAscent Financial Services LLC raised its position in shares of Enphase Energy by 60.8% in the 3rd quarter. OneAscent Financial Services LLC now owns 10,534 shares of the semiconductor company's stock valued at $348,000 after acquiring an additional 3,984 shares during the period. Institutional investors own 72.12% of the company's stock.

Analyst Ratings Changes

A number of equities research analysts have recently weighed in on the company. Wells Fargo & Company dropped their target price on Enphase Energy from $44.00 to $34.00 and set an "overweight" rating for the company in a research report on Wednesday, October 28th. Citigroup lowered their price objective on Enphase Energy from $37.00 to $25.00 and set a "neutral" rating for the company in a research report on Friday, October 30th. UBS Group set a $56.00 price objective on Enphase Energy in a report on Wednesday, July 29th. Barclays cut their target price on shares of Enphase Energy from $44.00 to $26.00 and set an "equal weight" rating on the stock in a research report on Wednesday, October 28th. Finally, Sanford C. Bernstein reduced their target price on shares of Enphase Energy from $56.00 to $40.00 and set a "market perform" rating on the stock in a research note on Wednesday, October 28th. Seven analysts have rated the stock with a Buy rating, twelve have given a Hold rating and three have issued a Sell rating to the company's stock. According to data from MarketBeat.com, Enphase Energy presently has a consensus rating of "Hold" and an average target price of $35.11.

About Enphase Energy

Enphase Energy, Inc. develops and sells energy technology for solar-powered homes and businesses. Its products include microinverters, which convert the direct current generated by solar panels into alternating current for use in buildings or delivery to the grid, as well as battery storage systems, electric vehicle chargers and related energy management software. The company's integrated systems are designed to help customers monitor and manage solar generation, energy storage and electricity use.

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