Enphase Energy, Inc. (NASDAQ:ENPH) Short Interest Up 7.8% in October

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

Enphase Energy Price Performance

ENPH opened at $62.40 on Tuesday. Enphase Energy has a 12-month low of $58.33 and a 12-month high of $141.63. The company has a current ratio of 4.16, a quick ratio of 3.88 and a debt-to-equity ratio of 1.29. The business’s fifty day simple moving average is $94.46 and its 200-day simple moving average is $107.46. The company has a market capitalization of $8.43 billion, a price-to-earnings ratio of 141.82, a PEG ratio of 18.32 and a beta of 1.77.

Enphase Energy (NASDAQ:ENPH) last posted its quarterly earnings results on Tuesday, October 22nd. The semiconductor company reported $0.65 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $0.77 by ($0.12). Enphase Energy had a return on equity of 10.56% and a net margin of 4.91%. The firm had revenue of $380.90 million for the quarter, compared to the consensus estimate of $392.51 million. During the same period in the previous year, the company posted $0.84 EPS. Enphase Energy’s quarterly revenue was down 30.9% compared to the same quarter last year. On average, equities research analysts anticipate that Enphase Energy will post 0.91 earnings per share for the current fiscal year.

Hedge Funds Weigh In On Enphase Energy

A number of hedge funds and other institutional investors have recently made changes to their positions in ENPH. Swedbank AB purchased a new stake in shares of Enphase Energy during the 1st quarter worth $424,130,000. Baillie Gifford & Co. lifted its stake 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 during the last quarter. Electron Capital Partners LLC lifted its stake in shares of 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 purchased a new stake in shares of Enphase Energy during the 2nd quarter worth $51,582,000. Finally, Canada Pension Plan Investment Board purchased a new stake in shares of Enphase Energy during the 1st quarter worth $59,128,000. Institutional investors own 72.12% of the company’s stock.

Analyst Upgrades and Downgrades

ENPH has been the topic of several recent research reports. Northland Securities decreased their price objective on Enphase Energy from $110.00 to $90.00 and set an “outperform” rating on the stock in a report on Tuesday. Truist Financial decreased their price objective on Enphase Energy from $130.00 to $110.00 and set a “buy” rating on the stock in a report on Wednesday, October 16th. Morgan Stanley decreased their price objective on Enphase Energy from $93.00 to $74.00 and set an “equal weight” rating on the stock in a report on Friday. Jefferies Financial Group cut Enphase Energy from a “hold” rating to an “underperform” rating and decreased their price objective for the stock from $93.00 to $61.00 in a report on Thursday, November 7th. Finally, Citigroup decreased their price objective on Enphase Energy from $114.00 to $99.00 and set a “neutral” rating on the stock in a report on Tuesday, October 22nd. Four analysts have rated the stock with a sell rating, sixteen have given a hold rating and fourteen have given a buy rating to the company’s stock. According to MarketBeat, the company has a consensus rating of “Hold” and a consensus price target 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.