Enphase Energy, Inc. (NASDAQ:ENPH) Sees Large Growth in Short Interest

Enphase Energy, Inc. (NASDAQ:ENPH) saw a large growth in short interest in the month of October. As of October 31st, there was short interest totalling 15,840,000 shares, a growth of 7.8% from the October 15th total of 14,700,000 shares. Approximately 12.2% of the shares of the company are short sold. Based on an average trading volume of 3,560,000 shares, the days-to-cover ratio is currently 4.4 days.

Institutional Inflows and Outflows

A number of large investors have recently added to or reduced their stakes in ENPH. Swedbank AB acquired a new position in Enphase Energy during the 1st quarter worth about $424,130,000. Baillie Gifford & Co. boosted its holdings in Enphase Energy by 57.9% in the second quarter. Baillie Gifford & Co. now owns 6,285,059 shares of the semiconductor company’s stock valued at $626,683,000 after acquiring an additional 2,304,408 shares during the last quarter. Electron Capital Partners LLC raised its holdings in Enphase Energy by 1,021.4% during the 2nd quarter. Electron Capital Partners LLC now owns 1,183,713 shares of the semiconductor company’s stock worth $118,028,000 after purchasing an additional 1,078,154 shares during the last quarter. Anomaly Capital Management LP bought a new stake in shares of Enphase Energy in the 2nd quarter valued at $51,582,000. Finally, Canada Pension Plan Investment Board bought a new position in Enphase Energy during the first quarter worth $59,128,000. Institutional investors own 72.12% of the company’s stock.

Enphase Energy Stock Down 2.6 %

Shares of NASDAQ:ENPH traded down $1.60 during midday trading on Tuesday, reaching $60.80. The company had a trading volume of 316,293 shares, compared to its average volume of 4,041,698. The business’s 50 day moving average price is $94.46 and its 200 day moving average price is $107.46. Enphase Energy has a 1-year low of $58.33 and a 1-year high of $141.63. The stock has a market cap of $8.21 billion, a PE ratio of 141.82, a P/E/G ratio of 18.32 and a beta of 1.77. 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 announced its quarterly earnings results on Tuesday, October 22nd. The semiconductor company reported $0.65 earnings per share (EPS) for the quarter, missing the consensus estimate of $0.77 by ($0.12). Enphase Energy had a net margin of 4.91% and a return on equity of 10.56%. The business had revenue of $380.90 million for the quarter, compared to analyst estimates of $392.51 million. During the same period in the prior year, the business earned $0.84 EPS. The company’s revenue for the quarter was down 30.9% compared to the same quarter last year. Research analysts forecast that Enphase Energy will post 0.91 EPS for the current fiscal year.

Analyst Ratings Changes

A number of analysts have recently weighed in on ENPH shares. TD Cowen reduced their price target on shares of Enphase Energy from $130.00 to $120.00 and set a “buy” rating for the company in a research note on Wednesday, October 23rd. Piper Sandler dropped their price target on Enphase Energy from $105.00 to $85.00 and set a “neutral” rating on the stock in a report on Wednesday, October 23rd. The Goldman Sachs Group reduced their price objective on Enphase Energy from $170.00 to $145.00 and set a “buy” rating for the company in a research note on Wednesday, October 23rd. Hsbc Global Res lowered Enphase Energy from a “strong-buy” rating to a “hold” rating in a research report on Friday, November 8th. Finally, Craig Hallum decreased their price target on Enphase Energy from $153.00 to $123.00 and set a “buy” rating for the company in a research report on Wednesday, October 23rd. Four analysts have rated the stock with a sell rating, sixteen have assigned a hold rating and fourteen have given a buy rating to the company. According to MarketBeat.com, Enphase Energy presently has an average rating of “Hold” and a consensus target price of $102.09.

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.