Enphase Energy, Inc. $ENPH Stock Sold by State of Alaska Department of Revenue

State of Alaska Department of Revenue cut its position in Enphase Energy, Inc. (NASDAQ:ENPH) by 54.9% during the 3rd quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The fund owned 22,200 shares of the semiconductor company’s stock after selling 27,003 shares during the quarter. State of Alaska Department of Revenue’s holdings in Enphase Energy were worth $732,000 at the end of the most recent quarter.

Other hedge funds and other institutional investors have also recently bought and sold shares of the company. Handelsbanken Fonder AB grew its position in Enphase Energy by 154.9% in the 2nd quarter. Handelsbanken Fonder AB now owns 2,111,158 shares of the semiconductor company’s stock worth $103,953,000 after purchasing an additional 1,283,052 shares during the last quarter. Bank of New York Mellon Corp bought a new stake in shares of Enphase Energy during the second quarter valued at approximately $43,921,000. Legal & General Group Plc bought a new stake in shares of Enphase Energy during the second quarter valued at approximately $39,128,000. Encompass Capital Advisors LLC acquired a new position in shares of Enphase Energy during the first quarter worth approximately $27,234,000. Finally, Palo Duro Investment Partners LP acquired a new position in shares of Enphase Energy during the second quarter worth approximately $32,665,000. 72.12% of the stock is owned by institutional investors and hedge funds.

Wall Street Analysts Forecast Growth

A number of equities analysts recently issued reports on the company. TD Cowen decreased their price objective on Enphase Energy from $70.00 to $48.00 and set a “hold” rating for the company in a report on Monday, July 20th. Barclays reduced their price target on Enphase Energy from $50.00 to $44.00 and set an “equal weight” rating for the company in a research report on Tuesday, October 6th. Wells Fargo & Company decreased their price target on Enphase Energy from $45.00 to $44.00 and set an “overweight” rating for the company in a research note on Wednesday, July 29th. BMO Capital Markets lowered their price target on Enphase Energy from $37.00 to $28.00 and set a “market perform” rating on the stock in a report on Wednesday. Finally, JPMorgan Chase & Co. cut their price objective on shares of Enphase Energy from $40.00 to $35.00 and set a “neutral” rating on the stock in a research note on Monday. Nine investment analysts have rated the stock with a Buy rating, eleven have given a Hold rating and three have assigned a Sell rating to the company’s stock. According to MarketBeat.com, Enphase Energy has a consensus rating of “Hold” and a consensus target price of $43.11.

Enphase Energy Trading Down 2.0%

Enphase Energy stock opened at $31.35 on Friday. The company’s fifty day simple moving average is $34.88 and its 200-day simple moving average is $41.25. The company has a quick ratio of 2.95, a current ratio of 3.45 and a debt-to-equity ratio of 0.48. Enphase Energy, Inc. has a 12 month low of $25.77 and a 12 month high of $73.74. The stock has a market cap of $4.14 billion, a P/E ratio of 31.35 and a beta of 1.64.

Enphase Energy (NASDAQ:ENPH) last issued its earnings results on Tuesday, July 28th. The semiconductor company reported $0.46 EPS for the quarter, missing analysts’ consensus estimates of $0.47 by ($0.01). Enphase Energy had a net margin of 10.09% and a return on equity of 13.31%. The firm had revenue of $291.85 million during the quarter, compared to analysts’ expectations of $289.76 million. During the same quarter last year, the firm earned $0.69 EPS. The business’s revenue for the quarter was down 19.6% compared to the same quarter last year. As a group, sell-side analysts forecast that Enphase Energy, Inc. will post 0.66 EPS for the current fiscal year.

Insider Buying and Selling at Enphase Energy

In other news, Director Richard Mora sold 1,500 shares of Enphase Energy stock in a transaction dated Friday, August 14th. The stock was sold at an average price of $40.36, for a total transaction of $60,540.00. Following the completion of the sale, the director directly owned 10,422 shares in the company, valued at $420,631.92. The trade was a 12.58% decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this link. 2.90% of the stock is owned by company insiders.

Enphase Energy Company Profile

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.