Enphase Energy, Inc. (NASDAQ:ENPH) Sees Significant Decrease in Short Interest

Enphase Energy, Inc. (NASDAQ:ENPH) was the target of a large drop in short interest in March. As of March 15th, there was short interest totalling 20,030,000 shares, a drop of 16.0% from the February 28th total of 23,840,000 shares. Based on an average daily volume of 4,030,000 shares, the days-to-cover ratio is currently 5.0 days. Currently, 15.8% of the company’s stock are sold short.

Insider Activity

In related news, CFO Mandy Yang sold 1,319 shares of the business’s stock in a transaction that occurred on Monday, March 10th. The stock was sold at an average price of $63.32, for a total value of $83,519.08. Following the completion of the sale, the chief financial officer now directly owns 78,524 shares in the company, valued at approximately $4,972,139.68. The trade was a 1.65 % decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. Also, Director Thurman J. Rodgers sold 100,000 shares of the stock in a transaction that occurred on Friday, March 7th. The shares were sold at an average price of $61.26, for a total value of $6,126,000.00. Following the transaction, the director now owns 1,881,760 shares in the company, valued at approximately $115,276,617.60. This trade represents a 5.05 % decrease in their position. The disclosure for this sale can be found here. 3.40% of the stock is owned by insiders.

Institutional Trading of Enphase Energy

Large investors have recently added to or reduced their stakes in the stock. Generali Investments Towarzystwo Funduszy Inwestycyjnych boosted its stake 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 in the last quarter. Nordea Investment Management AB lifted its stake in shares of Enphase Energy by 131.6% in the 4th quarter. Nordea Investment Management AB now owns 2,214,999 shares of the semiconductor company’s stock valued at $155,360,000 after purchasing an additional 1,258,778 shares during the period. Connor Clark & Lunn Investment Management Ltd. purchased a new stake in Enphase Energy in the fourth quarter worth $5,324,000. Y Intercept Hong Kong Ltd purchased a new position in Enphase Energy during the fourth quarter valued at $584,000. Finally, Charles Schwab Investment Management Inc. boosted its holdings in shares of Enphase Energy by 6.4% during the 4th quarter. Charles Schwab Investment Management Inc. now owns 937,016 shares of the semiconductor company’s stock valued at $64,354,000 after buying an additional 56,676 shares in the last quarter. Institutional investors own 72.12% of the company’s stock.

Enphase Energy Trading Up 1.0 %

Shares of Enphase Energy stock traded up $0.62 during trading on Wednesday, reaching $63.01. The company’s stock had a trading volume of 976,236 shares, compared to its average volume of 3,947,534. The company has a quick ratio of 3.28, a current ratio of 3.53 and a debt-to-equity ratio of 1.44. Enphase Energy has a 52-week low of $51.63 and a 52-week high of $141.63. The company has a market cap of $8.35 billion, a price-to-earnings ratio of 85.15 and a beta of 2.12. The firm’s 50-day moving average is $62.20 and its two-hundred day moving average is $74.79.

Enphase Energy (NASDAQ:ENPH) last released its quarterly earnings data on Tuesday, February 4th. The semiconductor company reported $0.57 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.43 by $0.14. Enphase Energy had a net margin of 7.72% and a return on equity of 15.62%. On average, sell-side analysts anticipate that Enphase Energy will post 2.08 earnings per share for the current year.

Wall Street Analyst Weigh In

Several equities research analysts have recently weighed in on ENPH shares. Piper Sandler lowered their target price on shares of Enphase Energy from $70.00 to $65.00 and set a “neutral” rating on the stock in a report on Wednesday, February 5th. Redburn Atlantic began coverage on Enphase Energy in a research note on Monday, March 3rd. They issued a “neutral” rating for the company. Morgan Stanley reduced their price target on shares of Enphase Energy from $68.00 to $67.00 and set an “equal weight” rating on the stock in a research report on Wednesday, February 5th. Wells Fargo & Company reduced their target price on shares of Enphase Energy from $77.00 to $75.00 and set an “overweight” rating on the stock in a research report on Thursday, March 27th. Finally, Susquehanna dropped their price objective on shares of Enphase Energy from $79.00 to $76.00 and set a “neutral” rating for the company in a research report on Wednesday, February 5th. Four investment analysts have rated the stock with a sell rating, sixteen have assigned a hold rating and fourteen have issued a buy rating to the company’s stock. Based on data from MarketBeat.com, Enphase Energy presently has a consensus rating of “Hold” and an average target price of $90.36.

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.