Enphase Energy (NASDAQ:ENPH) Shares Up 7.5% Following Insider Buying Activity

Enphase Energy, Inc. (NASDAQ:ENPH) was up 7.5% on Friday following insider buying activity. The stock traded as high as $117.26 and last traded at $114.00. Approximately 2,161,551 shares were traded during trading, a decline of 48% from the average daily volume of 4,180,680 shares. The stock had previously closed at $106.06.

Specifically, Director Richard Mora sold 24,285 shares of the business’s stock in a transaction on Friday, February 9th. The shares were sold at an average price of $120.59, for a total transaction of $2,928,528.15. Following the completion of the transaction, the director now owns 3,126 shares of the company’s stock, valued at approximately $376,964.34. The transaction was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. In related news, CFO Mandy Yang acquired 4,000 shares of the stock in a transaction dated Thursday, May 2nd. The shares were acquired at an average price of $104.24 per share, for a total transaction of $416,960.00. Following the completion of the purchase, the chief financial officer now owns 62,973 shares in the company, valued at approximately $6,564,305.52. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at the SEC website. Also, Director Richard Mora sold 24,285 shares of the company’s stock in a transaction on Friday, February 9th. The shares were sold at an average price of $120.59, for a total transaction of $2,928,528.15. Following the transaction, the director now owns 3,126 shares of the company’s stock, valued at $376,964.34. The disclosure for this sale can be found here. In the last three months, insiders have sold 54,285 shares of company stock worth $6,148,228. 3.40% of the stock is owned by insiders.

Wall Street Analysts Forecast Growth

Several research firms recently weighed in on ENPH. Canaccord Genuity Group initiated coverage on shares of Enphase Energy in a research note on Tuesday, January 16th. They issued a “buy” rating and a $142.00 target price for the company. BMO Capital Markets decreased their price objective on Enphase Energy from $118.00 to $113.00 and set a “market perform” rating on the stock in a report on Wednesday, April 24th. Craig Hallum cut their target price on Enphase Energy from $159.00 to $147.00 and set a “buy” rating for the company in a research note on Wednesday, April 24th. Roth Mkm reaffirmed a “buy” rating and set a $140.00 price objective on shares of Enphase Energy in a report on Wednesday, April 24th. Finally, DZ Bank initiated coverage on shares of Enphase Energy in a research note on Wednesday, April 17th. They issued a “hold” rating and a $116.00 target price on the stock. Three analysts have rated the stock with a sell rating, thirteen have issued a hold rating and sixteen have given a buy rating to the company. Based on data from MarketBeat, Enphase Energy presently has an average rating of “Hold” and a consensus price target of $133.45.

Enphase Energy Stock Performance

The firm has a market cap of $15.54 billion, a P/E ratio of 58.67, a PEG ratio of 3.76 and a beta of 1.50. The company has a quick ratio of 3.78, a current ratio of 4.16 and a debt-to-equity ratio of 1.30. The firm has a fifty day moving average of $116.32 and a 200-day moving average of $111.37.

Enphase Energy (NASDAQ:ENPH) last issued its quarterly earnings results on Tuesday, February 6th. The semiconductor company reported $0.29 EPS for the quarter, topping the consensus estimate of $0.24 by $0.05. Enphase Energy had a net margin of 15.10% and a return on equity of 31.89%. The company had revenue of $302.57 million during the quarter, compared to analysts’ expectations of $327.06 million. Research analysts predict that Enphase Energy, Inc. will post 1.59 earnings per share for the current fiscal year.

Institutional Inflows and Outflows

Several hedge funds and other institutional investors have recently made changes to their positions in the stock. Vanguard Group Inc. grew its position in shares of Enphase Energy by 1.2% during the 4th quarter. Vanguard Group Inc. now owns 15,641,335 shares of the semiconductor company’s stock worth $2,066,846,000 after buying an additional 192,854 shares during the period. Baillie Gifford & Co. raised its holdings in Enphase Energy by 387,343.1% in the fourth quarter. Baillie Gifford & Co. now owns 4,079,776 shares of the semiconductor company’s stock worth $539,102,000 after purchasing an additional 4,078,723 shares during the period. Northern Trust Corp raised its holdings in Enphase Energy by 0.3% in the fourth quarter. Northern Trust Corp now owns 1,364,567 shares of the semiconductor company’s stock worth $180,314,000 after purchasing an additional 3,940 shares during the period. Norges Bank acquired a new position in shares of Enphase Energy in the 4th quarter valued at $149,425,000. Finally, Schroder Investment Management Group increased its position in shares of Enphase Energy by 3.3% in the 3rd quarter. Schroder Investment Management Group now owns 1,124,265 shares of the semiconductor company’s stock valued at $135,080,000 after buying an additional 35,681 shares in the last quarter. 72.12% of the stock is currently owned by institutional investors.

About Enphase Energy

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.