Enphase Energy (NASDAQ:ENPH) Sets New 1-Year High on Insider Buying Activity

Enphase Energy, Inc. (NASDAQ:ENPH) shares hit a new 52-week high during trading on Wednesday following insider buying activity. The company traded as high as $68.90 and last traded at $66.90, with a volume of 11622728 shares traded. The stock had previously closed at $64.03.

Specifically, CEO Badrinarayanan Kothandaraman acquired 5,000 shares of the stock in a transaction on Tuesday, May 26th. The shares were bought at an average price of $67.50 per share, with a total value of $337,500.00. Following the completion of the purchase, the chief executive officer owned 1,645,632 shares of the company’s stock, valued at approximately $111,080,160. This represents a 0.30% increase in their position. The acquisition was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website.

Analyst Ratings Changes

ENPH has been the topic of a number of recent research reports. Deutsche Bank Aktiengesellschaft boosted their price objective on Enphase Energy from $39.00 to $40.00 and gave the stock a “hold” rating in a research note on Thursday, April 30th. Wall Street Zen raised Enphase Energy from a “sell” rating to a “hold” rating in a research note on Sunday, March 29th. Citigroup lowered their price objective on Enphase Energy from $37.00 to $31.00 and set a “neutral” rating on the stock in a research note on Thursday, April 30th. HSBC raised Enphase Energy from a “hold” rating to a “buy” rating and set a $52.00 price objective on the stock in a research note on Wednesday, February 4th. Finally, Morgan Stanley set a $27.00 price objective on Enphase Energy in a research note on Friday, May 8th. Nine analysts have rated the stock with a Buy rating, ten have issued a Hold rating and six have issued a Sell rating to the stock. Based on data from MarketBeat, Enphase Energy currently has a consensus rating of “Hold” and an average price target of $42.78.

Enphase Energy Price Performance

The company has a quick ratio of 3.20, a current ratio of 3.80 and a debt-to-equity ratio of 0.52. The company has a market cap of $8.82 billion, a PE ratio of 66.24 and a beta of 1.26. The stock has a 50-day simple moving average of $40.09 and a 200 day simple moving average of $37.81.

Enphase Energy (NASDAQ:ENPH) last posted its earnings results on Tuesday, April 28th. The semiconductor company reported $0.47 EPS for the quarter, beating analysts’ consensus estimates of $0.43 by $0.04. Enphase Energy had a return on equity of 16.88% and a net margin of 9.64%.The company had revenue of $282.90 million for the quarter, compared to the consensus estimate of $282.28 million. During the same quarter in the previous year, the business earned $0.68 earnings per share. The company’s revenue for the quarter was down 20.6% on a year-over-year basis. Equities analysts expect that Enphase Energy, Inc. will post 0.84 EPS for the current 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 business. Vanguard Group Inc. raised 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 valued at $523,365,000 after purchasing an additional 246,876 shares during the period. Norges Bank purchased a new stake in Enphase Energy in the fourth quarter valued at $118,190,000. Invesco Ltd. raised its position in Enphase Energy by 36.2% in the fourth quarter. Invesco Ltd. now owns 3,158,931 shares of the semiconductor company’s stock valued at $101,244,000 after purchasing an additional 839,468 shares during the period. Geode Capital Management LLC raised its position in Enphase Energy by 0.4% in the fourth quarter. Geode Capital Management LLC now owns 2,510,509 shares of the semiconductor company’s stock valued at $80,478,000 after purchasing an additional 11,220 shares during the period. Finally, First Trust Advisors LP raised its position in Enphase Energy by 42.4% in the first quarter. First Trust Advisors LP now owns 1,834,416 shares of the semiconductor company’s stock valued at $69,359,000 after purchasing an additional 546,460 shares during the period. Hedge funds and other institutional investors own 72.12% of the company’s stock.

Enphase Energy Company 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.