Mirae Asset Global Investments Co. Ltd. acquired a new stake in shares of Enphase Energy, Inc. (NASDAQ:ENPH – Free Report) in the third quarter, HoldingsChannel.com reports. The fund acquired 50,000 shares of the semiconductor company’s stock, valued at approximately $1,650,000.
Other hedge funds have also recently modified their holdings of the company. Handelsbanken Fonder AB increased its stake in shares of 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 in the last quarter. Bank of New York Mellon Corp purchased a new position in Enphase Energy during the second quarter valued at $43,921,000. Legal & General Group Plc purchased a new position in Enphase Energy during the second quarter valued at $39,128,000. Encompass Capital Advisors LLC bought a new stake in Enphase Energy during the first quarter valued at about $27,234,000. Finally, Palo Duro Investment Partners LP bought a new stake in Enphase Energy during the second quarter valued at about $32,665,000. Institutional investors own 72.12% of the company’s stock.
Enphase Energy Stock Performance
NASDAQ ENPH opened at $28.47 on Friday. The company has a quick ratio of 3.56, a current ratio of 4.09 and a debt-to-equity ratio of 0.46. Enphase Energy, Inc. has a twelve month low of $23.83 and a twelve month high of $73.74. The business has a 50-day moving average price of $32.76 and a 200-day moving average price of $40.81. The firm has a market cap of $3.77 billion, a price-to-earnings ratio of 42.49 and a beta of 1.44.
Enphase Energy (NASDAQ:ENPH – Get Free Report) last issued its earnings results on Tuesday, October 27th. The semiconductor company reported $0.41 earnings per share (EPS) for the quarter, missing the consensus estimate of $0.51 by ($0.10). Enphase Energy had a net margin of 7.49% and a return on equity of 9.16%. The business had revenue of $293.33 million for the quarter, compared to the consensus estimate of $304.59 million. During the same period last year, the business posted $0.90 EPS. The firm’s revenue for the quarter was down 28.5% compared to the same quarter last year. As a group, equities research analysts predict that Enphase Energy, Inc. will post 0.34 EPS for the current fiscal year.
Wall Street Analysts Forecast Growth
A number of research firms have recently weighed in on ENPH. Craig Hallum set a $38.00 price objective on Enphase Energy in a research report on Wednesday, October 28th. TD Cowen reduced their target price on shares of Enphase Energy from $70.00 to $48.00 and set a “hold” rating for the company in a report on Monday, July 20th. Jefferies Financial Group set a $30.00 target price on shares of Enphase Energy in a research note on Thursday, October 29th. Citigroup lowered their price target on shares of Enphase Energy from $37.00 to $25.00 and set a “neutral” rating on the stock in a report on Friday, October 30th. Finally, JPMorgan Chase & Co. lowered their price target on shares of Enphase Energy from $35.00 to $29.00 and set a “neutral” rating on the stock in a report on Wednesday, October 28th. Seven analysts have rated the stock with a Buy rating, twelve have assigned a Hold rating and three have given a Sell rating to the company’s stock. Based on data from MarketBeat.com, the stock presently has a consensus rating of “Hold” and a consensus price target of $35.11.
Check Out Our Latest Stock Analysis on ENPH
Insiders Place Their Bets
In related news, CEO Badrinarayanan Kothandaraman acquired 10,000 shares of the business’s stock in a transaction on Monday, November 2nd. The stock was acquired at an average cost of $26.75 per share, with a total value of $267,500.00. Following the acquisition, the chief executive officer directly owned 1,655,632 shares in the company, valued at $44,288,156. This represents a 0.61% increase in their position. The transaction was disclosed in a filing with the SEC, which is available through this link. Also, Director Richard Mora sold 1,500 shares of Enphase Energy stock in a transaction that occurred on Friday, August 14th. The shares were sold at an average price of $40.36, for a total transaction of $60,540.00. Following the sale, the director owned 10,422 shares in the company, valued at approximately $420,631.92. The trade was a 12.58% decrease in their position. The disclosure for this sale is available in the SEC filing. 2.90% of the stock is currently owned by corporate insiders.
About Enphase Energy
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.
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