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

Enphase Energy, Inc. (NASDAQ:ENPH) was the recipient of a significant growth in short interest during the month of November. As of November 15th, there was short interest totalling 20,790,000 shares, a growth of 31.3% from the October 31st total of 15,840,000 shares. Approximately 16.0% of the company’s stock are short sold. Based on an average daily trading volume, of 4,330,000 shares, the short-interest ratio is currently 4.8 days.

Institutional Inflows and Outflows

A number of hedge funds and other institutional investors have recently made changes to their positions in ENPH. Baillie Gifford & Co. increased its position in shares of Enphase Energy by 57.9% during the 2nd quarter. Baillie Gifford & Co. now owns 6,285,059 shares of the semiconductor company’s stock worth $626,683,000 after purchasing an additional 2,304,408 shares in the last quarter. Electron Capital Partners LLC increased its holdings in shares of Enphase Energy by 1,021.4% during the second quarter. Electron Capital Partners LLC now owns 1,183,713 shares of the semiconductor company’s stock worth $118,028,000 after buying an additional 1,078,154 shares in the last quarter. Anomaly Capital Management LP bought a new position in shares of Enphase Energy in the second quarter valued at approximately $51,582,000. Mizuho Securities USA LLC boosted its holdings in shares of Enphase Energy by 4,177.9% in the 3rd quarter. Mizuho Securities USA LLC now owns 448,918 shares of the semiconductor company’s stock worth $50,737,000 after acquiring an additional 438,424 shares in the last quarter. Finally, Aspex Management HK Ltd acquired a new position in shares of Enphase Energy in the 3rd quarter worth approximately $48,442,000. 72.12% of the stock is owned by institutional investors.

Wall Street Analysts Forecast Growth

A number of research firms have issued reports on ENPH. Raymond James reduced their target price on shares of Enphase Energy from $140.00 to $130.00 and set an “outperform” rating for the company in a research note on Wednesday, October 23rd. Bank of America reduced their price objective on shares of Enphase Energy from $72.00 to $62.00 and set an “underperform” rating for the company in a research note on Thursday, November 7th. Janney Montgomery Scott downgraded shares of Enphase Energy from a “buy” rating to a “neutral” rating and set a $83.00 target price on the stock. in a research report on Wednesday, October 23rd. Piper Sandler reduced their price target on Enphase Energy from $85.00 to $70.00 and set a “neutral” rating for the company in a research report on Friday, November 22nd. Finally, HSBC downgraded Enphase Energy from a “buy” rating to a “hold” rating and decreased their price target for the stock from $154.00 to $81.00 in a research note on Friday, November 8th. Four investment analysts have rated the stock with a sell rating, sixteen have given a hold rating and fourteen have issued a buy rating to the stock. Based on data from MarketBeat, Enphase Energy presently has an average rating of “Hold” and a consensus price target of $101.13.

Enphase Energy Price Performance

Shares of Enphase Energy stock opened at $71.35 on Monday. Enphase Energy has a twelve month low of $58.33 and a twelve month high of $141.63. The company has a debt-to-equity ratio of 1.29, a quick ratio of 3.88 and a current ratio of 4.16. The firm has a market cap of $9.64 billion, a P/E ratio of 162.16, a price-to-earnings-growth ratio of 21.09 and a beta of 1.77. The firm’s 50-day simple moving average is $86.46 and its 200-day simple moving average is $104.68.

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

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.