Enphase Energy (NASDAQ:ENPH) Shares Gap Up – Still a Buy?

Enphase Energy, Inc. (NASDAQ:ENPH) gapped up before the market opened on Tuesday . The stock had previously closed at $43.26, but opened at $44.84. Enphase Energy shares last traded at $45.27, with a volume of 743,555 shares trading hands.

Analyst Upgrades and Downgrades

Several brokerages have issued reports on ENPH. Susquehanna cut their price objective on Enphase Energy from $59.00 to $51.00 and set a “neutral” rating on the stock in a research note on Wednesday, April 23rd. Citigroup cut their price objective on Enphase Energy from $47.00 to $43.00 and set a “sell” rating on the stock in a research note on Thursday, June 5th. Glj Research cut their price objective on Enphase Energy from $50.69 to $31.11 and set a “sell” rating on the stock in a research note on Friday, April 25th. The Goldman Sachs Group cut their price objective on Enphase Energy from $90.00 to $77.00 and set a “buy” rating on the stock in a research note on Wednesday, April 23rd. Finally, Royal Bank of Canada restated a “sector perform” rating and set a $54.00 price objective (down previously from $59.00) on shares of Enphase Energy in a research note on Wednesday, April 23rd. Eleven analysts have rated the stock with a sell rating, eleven have given a hold rating and twelve have assigned a buy rating to the company’s stock. Based on data from MarketBeat.com, the company presently has a consensus rating of “Hold” and an average price target of $68.31.

Enphase Energy Trading Up 0.4%

The company has a current ratio of 3.53, a quick ratio of 3.28 and a debt-to-equity ratio of 1.44. The stock has a market capitalization of $5.94 billion, a price-to-earnings ratio of 61.19 and a beta of 1.70. The firm has a 50-day moving average of $46.81 and a 200 day moving average of $59.26.

Insider Activity at Enphase Energy

In other news, CEO Badrinarayanan Kothandaraman purchased 4,000 shares of the stock in a transaction dated Friday, April 25th. The shares were bought at an average cost of $46.35 per share, for a total transaction of $185,400.00. Following the transaction, the chief executive officer now owns 1,598,696 shares in the company, valued at $74,099,559.60. This trade represents a 0.25% increase in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is available through this hyperlink. 3.10% of the stock is owned by insiders.

Hedge Funds Weigh In On Enphase Energy

Hedge funds have recently modified their holdings of the company. Woodline Partners LP acquired a new position in shares of Enphase Energy during the 4th quarter valued at $557,000. Generali Investments Towarzystwo Funduszy Inwestycyjnych increased its position in shares of Enphase Energy by 72.7% during the 4th quarter. Generali Investments Towarzystwo Funduszy Inwestycyjnych now owns 19,000 shares of the semiconductor company’s stock valued at $1,305,000 after purchasing an additional 8,000 shares during the period. Norges Bank acquired a new position in shares of Enphase Energy during the 4th quarter valued at $46,339,000. Connor Clark & Lunn Investment Management Ltd. bought a new stake in shares of Enphase Energy during the 4th quarter worth $5,324,000. Finally, Y Intercept Hong Kong Ltd acquired a new position in shares of Enphase Energy in the 4th quarter worth $584,000. 72.12% of the stock is currently owned by institutional investors and hedge funds.

Enphase Energy Company Profile

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.