Enphase Energy, Inc. (NASDAQ:ENPH) Shares Acquired by Van ECK Associates Corp

Van ECK Associates Corp lifted its position in shares of Enphase Energy, Inc. (NASDAQ:ENPH) by 30.6% in the 2nd quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The fund owned 84,743 shares of the semiconductor company’s stock after purchasing an additional 19,853 shares during the period. Van ECK Associates Corp owned about 0.06% of Enphase Energy worth $8,449,000 at the end of the most recent reporting period.

A number of other institutional investors and hedge funds have also recently modified their holdings of the company. Swedbank AB acquired a new stake in shares of Enphase Energy during the 1st quarter worth about $424,130,000. Baillie Gifford & Co. raised its holdings in Enphase Energy by 57.9% during the second quarter. Baillie Gifford & Co. now owns 6,285,059 shares of the semiconductor company’s stock worth $626,683,000 after purchasing an additional 2,304,408 shares in the last quarter. Norges Bank acquired a new stake in Enphase Energy during the fourth quarter worth approximately $149,425,000. Canada Pension Plan Investment Board acquired a new position in shares of Enphase Energy in the 1st quarter valued at $59,128,000. Finally, Westfield Capital Management Co. LP acquired a new position in shares of Enphase Energy in the 4th quarter valued at $41,068,000. Institutional investors and hedge funds own 72.12% of the company’s stock.

Enphase Energy Price Performance

Enphase Energy stock opened at $121.04 on Tuesday. The company has a market cap of $16.47 billion, a P/E ratio of 63.04, a price-to-earnings-growth ratio of 6.22 and a beta of 1.71. Enphase Energy, Inc. has a one year low of $73.49 and a one year high of $141.63. The business has a fifty day moving average of $110.59 and a two-hundred day moving average of $115.80. The company has a debt-to-equity ratio of 1.36, a quick ratio of 3.90 and a current ratio of 4.23.

Enphase Energy (NASDAQ:ENPH) last announced its quarterly earnings data on Tuesday, July 23rd. The semiconductor company reported $0.43 EPS for the quarter, missing the consensus estimate of $0.49 by ($0.06). Enphase Energy had a net margin of 9.12% and a return on equity of 17.30%. The company had revenue of $303.80 million during the quarter, compared to analyst estimates of $309.73 million. During the same quarter last year, the business earned $1.16 EPS. The firm’s revenue for the quarter was down 57.3% on a year-over-year basis. As a group, analysts predict that Enphase Energy, Inc. will post 1.23 earnings per share for the current fiscal year.

Analysts Set New Price Targets

A number of equities research analysts recently weighed in on ENPH shares. Canaccord Genuity Group reduced their price target on shares of Enphase Energy from $150.00 to $140.00 and set a “buy” rating for the company in a research report on Wednesday, July 24th. Morgan Stanley boosted their target price on Enphase Energy from $98.00 to $100.00 and gave the company an “equal weight” rating in a report on Wednesday, August 21st. BMO Capital Markets raised their price target on Enphase Energy from $110.00 to $115.00 and gave the stock a “market perform” rating in a research note on Wednesday, July 24th. Guggenheim boosted their price objective on Enphase Energy from $92.00 to $93.00 and gave the company a “sell” rating in a research note on Wednesday, July 24th. Finally, Piper Sandler increased their price objective on Enphase Energy from $111.00 to $120.00 and gave the company a “neutral” rating in a report on Monday, July 22nd. Four investment analysts have rated the stock with a sell rating, ten have given a hold rating and eighteen have issued a buy rating to the company. According to data from MarketBeat.com, the stock presently has an average rating of “Hold” and an average target price of $128.76.

Insider Transactions at Enphase Energy

In related news, EVP David A. Ranhoff sold 5,000 shares of the company’s stock in a transaction that occurred on Monday, June 17th. The stock was sold at an average price of $123.27, for a total value of $616,350.00. Following the sale, the executive vice president now owns 107,943 shares in the company, valued at approximately $13,306,133.61. The transaction was disclosed in a legal filing with the SEC, which is accessible through this hyperlink. Corporate insiders own 3.40% of the company’s stock.

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.