Short Interest in Enphase Energy, Inc. (NASDAQ:ENPH) Increases By 10.5%

Enphase Energy, Inc. (NASDAQ:ENPHGet Free Report) was the recipient of a large increase in short interest during the month of March. As of March 15th, there was short interest totalling 10,020,000 shares, an increase of 10.5% from the February 29th total of 9,070,000 shares. Approximately 7.7% of the shares of the company are short sold. Based on an average daily volume of 4,170,000 shares, the days-to-cover ratio is presently 2.4 days.

Enphase Energy Price Performance

NASDAQ:ENPH traded down $4.74 during mid-day trading on Tuesday, reaching $113.55. The stock had a trading volume of 2,502,872 shares, compared to its average volume of 4,150,684. The firm has a 50 day moving average price of $117.94 and a two-hundred day moving average price of $112.46. The stock has a market capitalization of $15.42 billion, a P/E ratio of 37.11, a P/E/G ratio of 3.35 and a beta of 1.47. Enphase Energy has a one year low of $73.49 and a one year high of $231.42. The company has a debt-to-equity ratio of 1.32, a quick ratio of 4.19 and a current ratio of 4.59.

Enphase Energy (NASDAQ:ENPHGet Free Report) last announced its quarterly earnings results on Tuesday, February 6th. The semiconductor company reported $0.29 EPS for the quarter, topping analysts’ consensus estimates of $0.24 by $0.05. The business had revenue of $302.57 million for the quarter, compared to analysts’ expectations of $327.06 million. Enphase Energy had a return on equity of 47.73% and a net margin of 19.16%. As a group, analysts expect that Enphase Energy will post 2.09 earnings per share for the current year.

Wall Street Analysts Forecast Growth

Several equities research analysts recently weighed in on ENPH shares. Barclays lifted their price objective on Enphase Energy from $106.00 to $115.00 and gave the stock an “equal weight” rating in a report on Thursday, February 8th. Canaccord Genuity Group assumed coverage on Enphase Energy in a research note on Tuesday, January 16th. They issued a “buy” rating and a $142.00 target price for the company. Truist Financial upgraded Enphase Energy from a “hold” rating to a “buy” rating and raised their target price for the stock from $85.00 to $145.00 in a research note on Tuesday, January 23rd. Royal Bank of Canada assumed coverage on Enphase Energy in a research note on Wednesday, February 14th. They issued an “outperform” rating and a $140.00 target price for the company. Finally, BMO Capital Markets raised their target price on Enphase Energy from $106.00 to $110.00 and gave the stock a “market perform” rating in a research note on Wednesday, February 7th. Two investment analysts have rated the stock with a sell rating, eleven have assigned a hold rating and seventeen have given a buy rating to the stock. According to data from MarketBeat.com, Enphase Energy presently has a consensus rating of “Moderate Buy” and a consensus target price of $153.65.

Read Our Latest Stock Analysis on Enphase Energy

Insider Activity

In other news, Director Richard Mora sold 24,285 shares of the firm’s stock in a transaction on Friday, February 9th. The stock was sold at an average price of $120.59, for a total transaction of $2,928,528.15. Following the completion of the sale, the director now directly owns 3,126 shares of the company’s stock, valued at approximately $376,964.34. The sale was disclosed in a legal filing with the SEC, which is available at the SEC website. In related news, Director Richard Mora sold 24,285 shares of Enphase Energy stock in a transaction dated Friday, February 9th. The stock was sold at an average price of $120.59, for a total value of $2,928,528.15. Following the completion of the sale, the director now owns 3,126 shares of the company’s stock, valued at approximately $376,964.34. The sale was disclosed in a legal filing with the SEC, which is available at this hyperlink. Also, CEO Badrinarayanan Kothandaraman acquired 4,000 shares of the firm’s stock in a transaction that occurred on Tuesday, February 27th. The stock was purchased at an average cost of $120.54 per share, with a total value of $482,160.00. Following the acquisition, the chief executive officer now owns 1,655,171 shares in the company, valued at approximately $199,514,312.34. The disclosure for this purchase can be found here. Insiders own 4.20% of the company’s stock.

Hedge Funds Weigh In On Enphase Energy

A number of large investors have recently bought and sold shares of the stock. Newbridge Financial Services Group Inc. increased its stake in Enphase Energy by 32.0% in the 4th quarter. Newbridge Financial Services Group Inc. now owns 825 shares of the semiconductor company’s stock worth $109,000 after purchasing an additional 200 shares during the period. HighPoint Advisor Group LLC purchased a new position in Enphase Energy in the 4th quarter worth approximately $280,000. Quadrature Capital Ltd purchased a new position in Enphase Energy in the 4th quarter worth approximately $1,746,000. PNC Financial Services Group Inc. increased its stake in shares of Enphase Energy by 2.3% during the fourth quarter. PNC Financial Services Group Inc. now owns 9,970 shares of the semiconductor company’s stock valued at $1,317,000 after buying an additional 227 shares during the period. Finally, B. Riley Wealth Advisors Inc. increased its stake in shares of Enphase Energy by 9.3% during the fourth quarter. B. Riley Wealth Advisors Inc. now owns 4,343 shares of the semiconductor company’s stock valued at $574,000 after buying an additional 369 shares during the period. 72.12% of the stock is owned by hedge funds and other institutional investors.

Enphase Energy Company Profile

(Get Free Report)

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.

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