Enphase Energy (NASDAQ:ENPH) Shares Down 10% Following Insider Selling

Enphase Energy, Inc. (NASDAQ:ENPH) shares were down 10% on Friday after an insider sold shares in the company. The stock traded as low as $60.90 and last traded at $61.5230. Approximately 972,584 shares were traded during trading, a decline of 87% from the average daily volume of 7,370,709 shares. The stock had previously closed at $68.39.

Specifically, Director Richard Mora sold 700 shares of the company’s stock in a transaction dated Monday, June 1st. The shares were sold at an average price of $64.20, for a total value of $44,940.00. Following the sale, the director owned 13,922 shares of the company’s stock, valued at approximately $893,792.40. This represents a 4.79% decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website.

Analyst Ratings Changes

A number of equities analysts have commented on ENPH shares. Wells Fargo & Company reduced their price target on shares of Enphase Energy from $50.00 to $45.00 and set an “overweight” rating on the stock in a research report on Wednesday, April 29th. Susquehanna cut their target price on shares of Enphase Energy from $36.00 to $32.00 and set a “neutral” rating for the company in a research note on Thursday, April 30th. Citigroup decreased their price target on Enphase Energy from $37.00 to $31.00 and set a “neutral” rating on the stock in a research report on Thursday, April 30th. JPMorgan Chase & Co. cut their price objective on Enphase Energy from $39.00 to $35.00 and set a “neutral” rating for the company in a research report on Wednesday, April 29th. Finally, Evercore set a $37.00 target price on Enphase Energy in a report on Monday, May 4th. Nine investment analysts have rated the stock with a Buy rating, ten have issued a Hold rating and six have issued a Sell rating to the company’s stock. Based on data from MarketBeat.com, the company currently has an average rating of “Hold” and an average price target of $44.24.

Enphase Energy Trading Down 11.0%

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 business’s fifty day moving average is $43.63 and its two-hundred day moving average is $39.70. The firm has a market cap of $8.03 billion, a price-to-earnings ratio of 60.43 and a beta of 1.60.

Enphase Energy (NASDAQ:ENPH) last announced its quarterly earnings data on Tuesday, April 28th. The semiconductor company reported $0.47 EPS for the quarter, beating analysts’ consensus estimates of $0.43 by $0.04. The firm had revenue of $282.90 million for the quarter, compared to analyst estimates of $282.28 million. Enphase Energy had a return on equity of 16.88% and a net margin of 9.64%.The business’s quarterly revenue was down 20.6% compared to the same quarter last year. During the same period last year, the company earned $0.68 EPS. Equities analysts anticipate that Enphase Energy, Inc. will post 0.84 earnings per share for the current fiscal year.

Institutional Trading of Enphase Energy

Several institutional investors and hedge funds have recently added to or reduced their stakes in the company. Woodline Partners LP raised its stake in shares of Enphase Energy by 37.9% during the first quarter. Woodline Partners LP now owns 11,191 shares of the semiconductor company’s stock worth $694,000 after buying an additional 3,077 shares during the last quarter. Acadian Asset Management LLC bought a new position in Enphase Energy in the first quarter valued at approximately $121,000. Arrowstreet Capital Limited Partnership acquired a new stake in Enphase Energy during the 2nd quarter worth $1,299,000. Guggenheim Capital LLC raised its position in shares of Enphase Energy by 14.1% during the 2nd quarter. Guggenheim Capital LLC now owns 26,459 shares of the semiconductor company’s stock valued at $1,049,000 after acquiring an additional 3,273 shares during the last quarter. Finally, California Public Employees Retirement System raised its position in shares of Enphase Energy by 11.9% during the 2nd quarter. California Public Employees Retirement System now owns 238,794 shares of the semiconductor company’s stock valued at $9,468,000 after acquiring an additional 25,450 shares during the last quarter. 72.12% of the stock is owned by institutional investors.

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.