Swedbank Robur Fonder AB recently announced the acquisition of new stake in Enphase Energy Inc (NASDAQ:ENPH). The institutional investor has increased its shareholding in the Technology company by 1.99% to 3.3 million shares with purchase of 64400.0 shares. This fresh investment now brings its stake to 2.42% valued currently at $262.95 million. In addition, BlackRock Advisors raised its holdings by 23985.0 to 3.22 million shares. And Invesco Capital Management LLC has lifted its position by 22.44% or 0.57 million shares – to 3.13 million shares.
With over 6.09 million Enphase Energy Inc (ENPH) shares trading Monday and a closing price of $98.50 on the day, the dollar volume was approximately $600.18 million. The shares have shown a negative half year performance of -40.18% and its price on 11/20/23 gained nearly 6.07%. Currently, there are 136.44M common shares owned by the public and among those 131.47M shares have been available to trade.
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An analysis of what Wall Street brokers have to say about the expected price targets for this stock gives us this picture: 41 analysts who have offered their price forecasts for ENPH have a consensus price objective of $112.18. The analysts have set the share’s price value over the next 12 months at a high of $160.00 and a low of $75.00. The average price target is 12.19% above its recent price level and a downside to the estimated low will see the stock lose -31.33% over that period. But an upside of 38.44% will see the stock hit the forecast high price target while median target price for the stock is $114.00.
Insiders at the company have transacted a total of 90 times over the past 12 months, according to data filed with the U.S. Securities and Exchange Commission (SEC). 43 of these insider trades were purchases, accounting for 1,810,350 shares. Insider sales of the common stock occurred on 47 occasions, with total insider shares sold totaling 335,738 shares.
The top 3 mutual fund holders in Enphase Energy Inc are Vanguard Total Stock Market ETF, Vanguard 500 Index Fund, and Vanguard Mid Cap Index Fund. Vanguard Total Stock Market ETF owns 4.05 million shares of the company’s stock, all valued at over $322.3 million. The company bought an additional 17022.0 shares recently to bring their total holdings to about 2.97% of the shares outstanding. Vanguard 500 Index Fund bought 14385.0 shares to see its total holdings expand to 3.29 million shares valued at over $261.93 million and representing 2.41% of the shares outstanding. Vanguard Mid Cap Index Fund bought 6819.0 shares to bring its total holdings to over 2.94 million shares at a value of $234.05 million. Vanguard Mid Cap Index Fund now owns shares totaling to 2.15% of the shares outstanding.
Shares of Enphase Energy Inc (NASDAQ: ENPH) opened at $93.55, up $0.69 from a prior closing price of $92.86. However, the script later moved the day high at 98.77, up 6.07%. The company’s stock has a 5-day price change of 25.40% and -23.24% over the past three months. ENPH shares are trading -62.82% year to date (YTD), with the 12-month market performance down to -68.53% lower. It has a 12-month low price of $73.49 and touched a high of $339.92 over the same period. ENPH has an average intraday trading volume of 4.57 million shares. The stock is trading above its simple moving averages at the SMA20, SMA50, and SMA200, as the current price level is off by 16.42%, -7.24%, and -38.24% respectively.
Institutional ownership of Enphase Energy Inc (NASDAQ: ENPH) shares accounts for 73.89% of the company’s 136.44M shares outstanding. Mutual fund holders own 27.78%, while other institutional holders and individual stakeholders account for 49.47% and 17.97% respectively.
It has a market capitalization of $13.45B and a beta (3y monthly) value of 1.57. The stock’s trailing 12-month PE ratio is 24.81, while the earnings-per-share (ttm) stands at $3.97. The company has a PEG of 2.28 and a Quick Ratio of 3.13 with the debt-to-equity ratio at 1.30. Price movements for the stock have been influenced by the stock’s volatility, which stands at 7.21% over the week and 6.07% over the month.
Analysts forecast that Enphase Energy Inc (ENPH) will achieve an EPS of $0.59 for the current quarter, $0.6 for the next quarter and $4.3 for 2024. The lowest estimate earnings-per-share for the quarter is $0.32 while analysts give the company a high EPS estimate of $1.14. Comparatively, EPS for the current quarter was $1.51 a year ago. Earnings per share for the fiscal year are expected to decrease by -1.87%, and -2.38% over the next financial year.
If you are looking to buy this stock, then you may note that the average analyst recommendation by 41 brokerage firm advisors rate Enphase Energy Inc (ENPH) as a “Moderate Buy” at a consensus score of 2.15. Specifically, 16 Wall Street analysts polled rate the stock as a buy, while 20 of the 41 advise that investors “hold,” and 0 rated it as a “Sell.”
Looking at the support for the ENPH, a number of firms have released research notes about the stock. Piper Sandler stated their Neutral rating for the stock in a research note on October 27, 2023, with the firm’s price target at $150-$75.
