Short Interest in Enphase Energy, Inc. (NASDAQ:ENPH) Declines By 7.9%

Enphase Energy, Inc. (NASDAQ:ENPH) was the recipient of a large decline in short interest in the month of November. As of November 30th, there was short interest totalling 19,140,000 shares, a decline of 7.9% from the November 15th total of 20,790,000 shares. Approximately 14.8% of the company’s shares are sold short. Based on an average daily trading volume, of 4,500,000 shares, the days-to-cover ratio is presently 4.3 days.

Enphase Energy Trading Up 1.2 %

NASDAQ ENPH opened at $73.84 on Monday. Enphase Energy has a 52 week low of $58.33 and a 52 week high of $141.63. The firm has a 50 day moving average of $78.75 and a two-hundred day moving average of $101.33. The stock has a market capitalization of $9.98 billion, a PE ratio of 167.82, a price-to-earnings-growth ratio of 22.03 and a beta of 1.69. The company has a quick ratio of 3.88, a current ratio of 4.16 and a debt-to-equity ratio of 1.29.

Enphase Energy (NASDAQ:ENPH) last issued its earnings results on Tuesday, October 22nd. The semiconductor company reported $0.65 EPS for the quarter, missing analysts’ consensus estimates of $0.77 by ($0.12). Enphase Energy had a return on equity of 10.56% and a net margin of 4.91%. The firm had revenue of $380.90 million for the quarter, compared to analyst estimates of $392.51 million. During the same quarter in the previous year, the firm posted $0.84 EPS. The business’s revenue for the quarter was down 30.9% on a year-over-year basis. As a group, research analysts expect that Enphase Energy will post 0.94 EPS for the current fiscal year.

Institutional Inflows and Outflows

A number of hedge funds have recently made changes to their positions in the business. Baillie Gifford & Co. lifted its stake in Enphase Energy by 0.9% during the third quarter. Baillie Gifford & Co. now owns 6,343,099 shares of the semiconductor company’s stock worth $716,897,000 after purchasing an additional 58,040 shares during the last quarter. Swedbank AB raised its holdings in Enphase Energy by 0.3% during the third quarter. Swedbank AB now owns 3,463,475 shares of the semiconductor company’s stock worth $391,442,000 after purchasing an additional 11,890 shares in the last quarter. Geode Capital Management LLC lifted its position in shares of Enphase Energy by 0.6% during the 3rd quarter. Geode Capital Management LLC now owns 3,382,316 shares of the semiconductor company’s stock worth $381,030,000 after buying an additional 20,579 shares during the last quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC boosted its holdings in shares of Enphase Energy by 6.5% in the 3rd quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC now owns 2,350,108 shares of the semiconductor company’s stock valued at $265,609,000 after buying an additional 142,491 shares in the last quarter. Finally, Electron Capital Partners LLC grew its position in shares of Enphase Energy by 1,021.4% in the 2nd quarter. Electron Capital Partners LLC now owns 1,183,713 shares of the semiconductor company’s stock valued at $118,028,000 after buying an additional 1,078,154 shares during the last quarter. Hedge funds and other institutional investors own 72.12% of the company’s stock.

Wall Street Analysts Forecast Growth

Several brokerages recently weighed in on ENPH. Raymond James lowered their price objective on Enphase Energy from $140.00 to $130.00 and set an “outperform” rating for the company in a research report on Wednesday, October 23rd. Janney Montgomery Scott cut Enphase Energy from a “buy” rating to a “neutral” rating and set a $83.00 price target for the company. in a report on Wednesday, October 23rd. Craig Hallum reduced their price objective on shares of Enphase Energy from $153.00 to $123.00 and set a “buy” rating on the stock in a report on Wednesday, October 23rd. Barclays lowered their target price on shares of Enphase Energy from $129.00 to $114.00 and set an “overweight” rating for the company in a research note on Wednesday, October 23rd. Finally, Piper Sandler dropped their price target on shares of Enphase Energy from $85.00 to $70.00 and set a “neutral” rating for the company in a research report on Friday, November 22nd. Four equities research analysts have rated the stock with a sell rating, sixteen have issued a hold rating and fourteen have given a buy rating to the stock. Based on data from MarketBeat, the company currently has a consensus rating of “Hold” and an average target price of $101.13.

Enphase Energy Company Profile

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.