Enphase Energy (NASDAQ:ENPH) Shares Up 9.3% on Insider Buying Activity

by · The Markets Daily

Enphase Energy, Inc. (NASDAQ:ENPH – Get Free Report)’s share price shot up 9.3% during trading on Monday after an insider bought additional shares in the company. The stock traded as high as $27.84 and last traded at $28.0310. 1,125,611 shares traded hands during trading, a decline of 83% from the average session volume of 6,462,525 shares. The stock had previously closed at $25.65.

Specifically, CEO Badrinarayanan Kothandaraman acquired 10,000 shares of the company’s stock in a transaction dated Monday, November 2nd. The shares were bought at an average price of $26.75 per share, for a total transaction of $267,500.00. Following the purchase, the chief executive officer directly owned 1,655,632 shares in the company, valued at approximately $44,288,156. This trade represents a 0.61% increase in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link.

Analyst Ratings Changes

A number of equities analysts recently commented on ENPH shares. Oppenheimer cut Enphase Energy from an “outperform” rating to a “market perform” rating in a report on Wednesday, October 28th. Northland Securities set a $36.00 price target on Enphase Energy in a research report on Wednesday, October 28th. Wall Street Zen cut Enphase Energy from a “hold” rating to a “sell” rating in a report on Saturday. Roth Capital cut Enphase Energy from a “buy” rating to a “neutral” rating and set a $30.00 price target on the stock. in a report on Wednesday, October 28th. Finally, Sanford C. Bernstein decreased their target price on shares of Enphase Energy from $56.00 to $40.00 and set a “market perform” rating for the company in a research report on Wednesday, October 28th. Seven equities research analysts have rated the stock with a Buy rating, twelve have issued a Hold rating and three have issued a Sell rating to the company’s stock. Based on data from MarketBeat.com, the company currently has a consensus rating of “Hold” and an average target price of $35.11.

Read Our Latest Report on ENPH

Key Stories Impacting Enphase Energy

Here are the key news stories impacting Enphase Energy this week:

  • Positive Sentiment: CEO Badrinarayanan Kothandaraman bought 10,000 shares for about $267,500, while Director Shanker Trivedi bought 1,000 shares for about $30,590. These purchases may signal confidence in the company after its recent share-price weakness. CEO SEC filing Director SEC filing
  • Positive Sentiment: Enphase shares benefited from a second consecutive session of gains across solar stocks, as investors looked ahead to a busy slate of sector earnings. Solar-sector rebound coverage
  • Negative Sentiment: Recent quarterly results disappointed: earnings per share of $0.41 missed the $0.51 consensus, revenue of $293.3 million fell short of expectations, and revenue declined 28.5% year over year. Analysts have also cut price targets, with the consensus target reportedly reduced by 20.46% to $35.81, reflecting concerns about the outlook. Consensus price-target report

Enphase Energy Stock Up 8.9%

The stock has a fifty day moving average of $33.28 and a 200 day moving average of $40.89. The company has a debt-to-equity ratio of 0.46, a current ratio of 4.09 and a quick ratio of 3.56. The firm has a market capitalization of $4.02 billion, a P/E ratio of 45.40 and a beta of 1.44.

Enphase Energy (NASDAQ:ENPH – Get Free Report) last posted its quarterly earnings results on Tuesday, October 27th. The semiconductor company reported $0.41 earnings per share for the quarter, missing the consensus estimate of $0.51 by ($0.10). Enphase Energy had a net margin of 7.49% and a return on equity of 9.16%. The company had revenue of $293.33 million for the quarter, compared to the consensus estimate of $304.59 million. During the same quarter in the previous year, the company posted $0.90 EPS. Enphase Energy’s quarterly revenue was down 28.5% compared to the same quarter last year. On average, research analysts anticipate that Enphase Energy, Inc. will post 0.34 EPS for the current fiscal year.

Institutional Investors Weigh In On Enphase Energy

A number of hedge funds and other institutional investors have recently added to or reduced their stakes in the company. Archer Investment Corp purchased a new stake in shares of Enphase Energy during the 2nd quarter valued at approximately $30,000. Ascentis Independent Advisors bought a new position in shares of Enphase Energy in the 1st quarter worth $33,000. Burnham & Co LLC purchased a new stake in Enphase Energy during the second quarter valued at about $34,000. Continuum Advisory LLC bought a new stake in Enphase Energy in the 2nd quarter worth approximately $42,000. Finally, Allworth Financial LP bought a new position in shares of Enphase Energy during the 2nd quarter valued at $46,000. 72.12% of the stock is currently owned by institutional investors.

About Enphase Energy

(Get Free Report)

Enphase Energy, Inc develops and manufactures technology for residential and commercial solar energy systems. Its products include solar microinverters, which convert electricity generated by individual solar panels into usable power, along with integrated energy management technologies designed to improve system performance, monitoring and reliability.

The company also offers battery storage systems, electric vehicle chargers and software that enables customers, installers and utilities to monitor and manage distributed energy resources.

See Also