Short Interest in Enphase Energy Inc (NASDAQ:ENPH) Decreases By 12.9%

Enphase Energy Inc (NASDAQ:ENPH) was the target of a significant decrease in short interest in June. As of June 30th, there was short interest totalling 12,956,800 shares, a decrease of 12.9% from the May 30th total of 14,867,500 shares. Based on an average daily trading volume, of 3,140,000 shares, the days-to-cover ratio is presently 4.1 days. Approximately 18.4% of the shares of the stock are sold short.

A number of equities analysts recently issued reports on ENPH shares. TheStreet downgraded shares of Unit from a “c-” rating to a “d+” rating in a research note on Tuesday, May 21st. B. Riley reiterated a “buy” rating and set a $21.00 price objective on shares of Enphase Energy in a report on Wednesday, June 12th. ValuEngine lowered shares of Zosano Pharma from a “buy” rating to a “hold” rating in a report on Wednesday, May 1st. Credit Suisse Group set a $155.00 price target on shares of Allergan and gave the company a “hold” rating in a report on Monday, March 25th. Finally, Craig Hallum boosted their price target on shares of 1-800-Flowers.Com from $26.00 to $20.00 and gave the company a “buy” rating in a report on Wednesday, May 1st. One equities research analyst has rated the stock with a sell rating, three have assigned a hold rating, five have issued a buy rating and two have given a strong buy rating to the stock. The company presently has a consensus rating of “Buy” and an average price target of $16.69.

In related news, VP David A. Ranhoff sold 63,516 shares of the stock in a transaction that occurred on Thursday, May 16th. The stock was sold at an average price of $14.62, for a total transaction of $928,603.92. Following the sale, the vice president now owns 790,517 shares of the company’s stock, valued at $11,557,358.54. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Corporate insiders own 12.46% of the company’s stock.

Large investors have recently added to or reduced their stakes in the business. Gilder Gagnon Howe & Co. LLC lifted its stake in shares of Enphase Energy by 30.5% in the 1st quarter. Gilder Gagnon Howe & Co. LLC now owns 4,514,342 shares of the semiconductor company’s stock valued at $41,667,000 after purchasing an additional 1,053,833 shares during the period. Redmond Asset Management LLC acquired a new position in shares of Enphase Energy in the 1st quarter valued at approximately $861,000. Two Sigma Advisers LP raised its position in shares of Enphase Energy by 0.6% in the 4th quarter. Two Sigma Advisers LP now owns 418,709 shares of the semiconductor company’s stock valued at $1,980,000 after purchasing an additional 2,500 shares in the last quarter. BlackRock Inc. raised its position in shares of Enphase Energy by 2.8% in the 4th quarter. BlackRock Inc. now owns 5,688,416 shares of the semiconductor company’s stock valued at $26,907,000 after purchasing an additional 154,094 shares in the last quarter. Finally, Cambridge Trust Co. acquired a new position in shares of Enphase Energy in the 1st quarter valued at approximately $115,000. 48.41% of the stock is currently owned by institutional investors.

Shares of NASDAQ:ENPH traded up $0.19 during trading hours on Friday, hitting $19.67. The company’s stock had a trading volume of 3,275,460 shares, compared to its average volume of 2,608,126. Enphase Energy has a 52 week low of $3.70 and a 52 week high of $20.67. The company has a debt-to-equity ratio of 4.63, a current ratio of 1.52 and a quick ratio of 1.42. The firm has a market capitalization of $2.19 billion, a P/E ratio of -163.92 and a beta of 0.92. The company’s fifty day moving average is $17.27.

Enphase Energy (NASDAQ:ENPH) last posted its quarterly earnings results on Tuesday, April 30th. The semiconductor company reported $0.08 EPS for the quarter, beating the consensus estimate of $0.05 by $0.03. The business had revenue of $100.15 million during the quarter, compared to the consensus estimate of $92.26 million. During the same quarter in the prior year, the firm posted ($0.01) EPS. The company’s revenue for the quarter was up 43.1% compared to the same quarter last year. Equities research analysts forecast that Enphase Energy will post 0.35 EPS for the current year.

Enphase Energy Company Profile

Enphase Energy, Inc, together with its subsidiaries, designs, develops, and sells home energy solutions for the solar photovoltaic industry in the United States and internationally. The company offers semiconductor-based microinverter that converts energy at the individual solar module level and combines with its proprietary networking and software technologies to provide energy monitoring and control services.

Further Reading: Diversification

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