Short Interest in Enphase Energy Inc (NASDAQ:ENPH) Expands By 18.3%

Enphase Energy Inc (NASDAQ:ENPH) was the recipient of a large growth in short interest during the month of August. As of August 31st, there was short interest totalling 24,024,207 shares, a growth of 18.3% from the August 15th total of 20,309,948 shares. Based on an average daily trading volume, of 2,928,957 shares, the short-interest ratio is presently 8.2 days. Currently, 38.7% of the shares of the stock are short sold.

NASDAQ:ENPH traded down $0.13 on Friday, reaching $4.51. 2,675,054 shares of the stock traded hands, compared to its average volume of 2,654,113. The company has a debt-to-equity ratio of -1.11, a quick ratio of 1.20 and a current ratio of 1.36. The firm has a market cap of $469.71 million, a P/E ratio of -8.35 and a beta of 0.30. Enphase Energy has a 12 month low of $1.24 and a 12 month high of $7.60.

Enphase Energy (NASDAQ:ENPH) last announced its quarterly earnings results on Tuesday, July 31st. The semiconductor company reported $0.02 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.01 by $0.01. The company had revenue of $75.90 million for the quarter, compared to analysts’ expectations of $76.76 million. The business’s revenue was up 1.6% compared to the same quarter last year. During the same period in the previous year, the business earned ($0.08) EPS. On average, equities research analysts predict that Enphase Energy will post -0.08 EPS for the current year.

In other news, CFO Eric Branderiz purchased 19,880 shares of the company’s stock in a transaction on Thursday, August 23rd. The stock was acquired at an average price of $5.03 per share, with a total value of $99,996.40. Following the transaction, the chief financial officer now directly owns 19,880 shares of the company’s stock, valued at approximately $99,996.40. The acquisition was disclosed in a document filed with the Securities & Exchange Commission, which is available through this hyperlink. Also, CEO Badrinarayanan Kothandaraman purchased 15,000 shares of the company’s stock in a transaction on Monday, August 20th. The shares were purchased at an average cost of $4.88 per share, with a total value of $73,200.00. Following the transaction, the chief executive officer now directly owns 95,677 shares in the company, valued at $466,903.76. The disclosure for this purchase can be found here. 13.52% of the stock is owned by corporate insiders.

Several hedge funds and other institutional investors have recently made changes to their positions in ENPH. BlackRock Inc. boosted its holdings in shares of Enphase Energy by 656.0% in the second quarter. BlackRock Inc. now owns 5,543,050 shares of the semiconductor company’s stock worth $37,305,000 after buying an additional 4,809,849 shares during the last quarter. Guggenheim Capital LLC boosted its holdings in shares of Enphase Energy by 17,262.5% in the first quarter. Guggenheim Capital LLC now owns 3,403,924 shares of the semiconductor company’s stock worth $15,556,000 after buying an additional 3,384,319 shares during the last quarter. Gilder Gagnon Howe & Co. LLC boosted its holdings in shares of Enphase Energy by 90.6% in the second quarter. Gilder Gagnon Howe & Co. LLC now owns 3,153,516 shares of the semiconductor company’s stock worth $21,223,000 after buying an additional 1,498,591 shares during the last quarter. Millennium Management LLC boosted its holdings in shares of Enphase Energy by 379.0% in the first quarter. Millennium Management LLC now owns 1,026,880 shares of the semiconductor company’s stock worth $4,693,000 after buying an additional 812,493 shares during the last quarter. Finally, Northern Trust Corp boosted its holdings in shares of Enphase Energy by 484.3% in the second quarter. Northern Trust Corp now owns 918,088 shares of the semiconductor company’s stock worth $6,179,000 after buying an additional 760,975 shares during the last quarter. 39.17% of the stock is currently owned by hedge funds and other institutional investors.

Several equities research analysts have weighed in on the stock. ValuEngine cut shares of Enphase Energy from a “buy” rating to a “hold” rating in a research report on Monday, July 2nd. Zacks Investment Research upgraded shares of Enphase Energy from a “hold” rating to a “buy” rating and set a $8.00 price objective for the company in a report on Tuesday, July 3rd. HC Wainwright set a $9.00 price objective on shares of Enphase Energy and gave the stock a “buy” rating in a report on Wednesday, June 13th. B. Riley set a $8.00 price objective on shares of Enphase Energy and gave the stock a “buy” rating in a report on Wednesday, June 13th. Finally, BidaskClub lowered shares of Enphase Energy from a “hold” rating to a “sell” rating in a research note on Tuesday, July 31st. One equities research analyst has rated the stock with a sell rating, two have issued a hold rating and six have assigned a buy rating to the company. Enphase Energy has a consensus rating of “Buy” and an average price target of $7.21.

About Enphase Energy

Enphase Energy, Inc, together with its subsidiaries, designs, develops, and sells microinverter systems for residential and commercial markets in the United States and internationally. The company's semiconductor-based microinverter system converts direct current (DC) electricity to alternating current (AC) electricity at the individual solar module level.

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