Enphase Energy, Inc. (NASDAQ:ENPH) Short Interest Down 16.0% in March

Enphase Energy, Inc. (NASDAQ:ENPH) was the target of a significant 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 trading volume, of 4,030,000 shares, the days-to-cover ratio is currently 5.0 days. Currently, 15.8% of the shares of the stock are sold short.

Insider Activity

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

Institutional Inflows and Outflows

A number of hedge funds have recently bought and sold shares of ENPH. Quarry LP bought a new position in shares of Enphase Energy during the 3rd quarter valued at about $37,000. Venturi Wealth Management LLC lifted its stake in Enphase Energy by 318.1% during the fourth quarter. Venturi Wealth Management LLC now owns 669 shares of the semiconductor company’s stock valued at $46,000 after purchasing an additional 509 shares during the last quarter. Pilgrim Partners Asia Pte Ltd bought a new stake in Enphase Energy during the fourth quarter worth approximately $47,000. GeoWealth Management LLC grew its position in Enphase Energy by 56.3% in the fourth quarter. GeoWealth Management LLC now owns 891 shares of the semiconductor company’s stock worth $61,000 after buying an additional 321 shares during the last quarter. Finally, Sava Infond d.o.o. bought a new position in shares of Enphase Energy in the fourth quarter valued at $69,000. 72.12% of the stock is owned by institutional investors and hedge funds.

Enphase Energy Price Performance

Shares of Enphase Energy stock traded down $2.26 on Tuesday, hitting $59.79. The company had a trading volume of 166,909 shares, compared to its average volume of 3,940,846. 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 $7.92 billion, a PE ratio of 80.91 and a beta of 2.12. The business has a 50-day simple moving average of $62.21 and a 200-day simple moving average of $75.12. The company has a debt-to-equity ratio of 1.44, a current ratio of 3.53 and a quick ratio of 3.28.

Enphase Energy (NASDAQ:ENPH) last issued its quarterly earnings results 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 return on equity of 15.62% and a net margin of 7.72%. Research analysts expect that Enphase Energy will post 2.08 EPS for the current fiscal year.

Analysts Set New Price Targets

A number of analysts recently commented on the company. Piper Sandler dropped their price objective on Enphase Energy from $70.00 to $65.00 and set a “neutral” rating for the company in a research report on Wednesday, February 5th. OTR Global raised shares of Enphase Energy from a “negative” rating to a “mixed” rating in a research report on Friday, December 20th. BMO Capital Markets decreased their target price on shares of Enphase Energy from $69.00 to $66.00 and set a “market perform” rating on the stock in a research report on Wednesday, February 5th. Wells Fargo & Company cut their price target on Enphase Energy from $77.00 to $75.00 and set an “overweight” rating for the company in a report on Thursday, March 27th. Finally, Glj Research reaffirmed a “sell” rating and issued a $50.69 price objective on shares of Enphase Energy in a research report on Tuesday, February 4th. Four research analysts have rated the stock with a sell rating, sixteen have given a hold rating and fourteen have assigned a buy rating to the company’s stock. According to data from MarketBeat.com, the stock presently has a consensus rating of “Hold” and a consensus price target 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.