Engineers Gate Manager LP Purchases Shares of 176,080 Enphase Energy, Inc. $ENPH

Engineers Gate Manager LP purchased a new position in Enphase Energy, Inc. (NASDAQ:ENPH) in the second quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The institutional investor purchased 176,080 shares of the semiconductor company’s stock, valued at approximately $8,670,000.

A number of other hedge funds and other institutional investors have also recently modified their holdings of the company. Woodline Partners LP increased its stake in Enphase Energy by 37.9% in the 1st 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 in the last quarter. Acadian Asset Management LLC purchased a new position in shares of Enphase Energy in the first quarter valued at about $121,000. Arrowstreet Capital Limited Partnership bought a new position in shares of Enphase Energy in the second quarter worth about $1,299,000. Guggenheim Capital LLC boosted its stake in shares of Enphase Energy by 14.1% in the second quarter. Guggenheim Capital LLC now owns 26,459 shares of the semiconductor company’s stock worth $1,049,000 after acquiring an additional 3,273 shares during the period. Finally, California Public Employees Retirement System grew its position in shares of Enphase Energy by 11.9% during the second quarter. California Public Employees Retirement System now owns 238,794 shares of the semiconductor company’s stock worth $9,468,000 after purchasing an additional 25,450 shares in the last quarter. 72.12% of the stock is owned by hedge funds and other institutional investors.

Insider Transactions at Enphase Energy

In other Enphase Energy news, Director Richard Mora sold 1,500 shares of the stock in a transaction on Friday, August 14th. The shares were sold at an average price of $40.36, for a total transaction of $60,540.00. Following the completion of the transaction, the director owned 10,422 shares in the company, valued at $420,631.92. This trade represents a 12.58% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. 2.90% of the stock is currently owned by insiders.

Enphase Energy Stock Performance

NASDAQ ENPH opened at $36.86 on Friday. The company has a debt-to-equity ratio of 0.48, a current ratio of 3.45 and a quick ratio of 2.95. Enphase Energy, Inc. has a 1-year low of $25.77 and a 1-year high of $73.74. The business has a 50 day simple moving average of $39.50 and a two-hundred day simple moving average of $43.18. The stock has a market capitalization of $4.87 billion, a PE ratio of 36.86 and a beta of 1.65.

Enphase Energy (NASDAQ:ENPH) last issued its quarterly earnings data on Tuesday, July 28th. The semiconductor company reported $0.46 earnings per share (EPS) for the quarter, missing the consensus estimate of $0.47 by ($0.01). The firm had revenue of $291.85 million for the quarter, compared to analysts’ expectations of $289.76 million. Enphase Energy had a return on equity of 13.31% and a net margin of 10.09%.The firm’s revenue was down 19.6% on a year-over-year basis. During the same period last year, the company earned $0.69 earnings per share. On average, research analysts predict that Enphase Energy, Inc. will post 0.76 EPS for the current fiscal year.

Wall Street Analysts Forecast Growth

Several brokerages recently issued reports on ENPH. Weiss Ratings raised Enphase Energy from a “sell (d)” rating to a “sell (d+)” rating in a research note on Tuesday, June 23rd. Sanford C. Bernstein started coverage on shares of Enphase Energy in a report on Tuesday, June 16th. They set a “market perform” rating and a $56.00 price objective for the company. Evercore reiterated a “positive” rating and set a $41.00 price objective on shares of Enphase Energy in a research report on Monday, August 17th. Wells Fargo & Company lowered their target price on shares of Enphase Energy from $45.00 to $44.00 and set an “overweight” rating on the stock in a report on Wednesday, July 29th. Finally, Citigroup dropped their target price on shares of Enphase Energy from $43.00 to $40.00 and set a “neutral” rating for the company in a research report on Thursday, July 30th. Nine analysts have rated the stock with a Buy rating, eleven have assigned a Hold rating and three have given a Sell rating to the company’s stock. According to data from MarketBeat, the company has an average rating of “Hold” and a consensus target price of $45.79.

Enphase Energy 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.