Firsthand Capital Management Inc. Trims Stake in Enphase Energy, Inc. (NASDAQ:ENPH)

Firsthand Capital Management Inc. reduced its position in Enphase Energy, Inc. (NASDAQ:ENPH) by 87.0% during the fourth quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The firm owned 3,000 shares of the semiconductor company’s stock after selling 20,000 shares during the quarter. Enphase Energy accounts for approximately 0.5% of Firsthand Capital Management Inc.’s holdings, making the stock its 28th biggest holding. Firsthand Capital Management Inc.’s holdings in Enphase Energy were worth $420,000 at the end of the most recent quarter.

A number of other hedge funds and other institutional investors also recently added to or reduced their stakes in the company. Donoghue Forlines LLC grew its stake in Enphase Energy by 4.8% in the 4th quarter. Donoghue Forlines LLC now owns 1,953 shares of the semiconductor company’s stock worth $258,000 after acquiring an additional 90 shares in the last quarter. Fulton Breakefield Broenniman LLC grew its stake in Enphase Energy by 0.9% in the 4th quarter. Fulton Breakefield Broenniman LLC now owns 11,386 shares of the semiconductor company’s stock worth $1,505,000 after acquiring an additional 107 shares in the last quarter. VitalStone Financial LLC grew its stake in Enphase Energy by 14.3% in the 4th quarter. VitalStone Financial LLC now owns 888 shares of the semiconductor company’s stock worth $117,000 after acquiring an additional 111 shares in the last quarter. E Fund Management Co. Ltd. grew its stake in Enphase Energy by 5.5% in the 3rd quarter. E Fund Management Co. Ltd. now owns 2,526 shares of the semiconductor company’s stock worth $303,000 after acquiring an additional 131 shares in the last quarter. Finally, Covestor Ltd grew its stake in Enphase Energy by 61.6% in the 3rd quarter. Covestor Ltd now owns 349 shares of the semiconductor company’s stock worth $42,000 after acquiring an additional 133 shares in the last quarter. 72.12% of the stock is owned by hedge funds and other institutional investors.

Enphase Energy Price Performance

Shares of NASDAQ ENPH traded down $4.80 during trading on Thursday, hitting $129.72. The company had a trading volume of 2,670,931 shares, compared to its average volume of 4,077,259. The stock has a fifty day simple moving average of $117.71 and a two-hundred day simple moving average of $117.30. Enphase Energy, Inc. has a fifty-two week low of $73.49 and a fifty-two week high of $192.22. The firm has a market capitalization of $17.65 billion, a price-to-earnings ratio of 67.44, a price-to-earnings-growth ratio of 5.03 and a beta of 1.77. The company has a quick ratio of 3.78, a current ratio of 4.16 and a debt-to-equity ratio of 1.30.

Enphase Energy (NASDAQ:ENPH) last announced its earnings results on Tuesday, April 23rd. The semiconductor company reported ($0.06) earnings per share (EPS) for the quarter, missing the consensus estimate of $0.11 by ($0.17). Enphase Energy had a net margin of 15.10% and a return on equity of 31.89%. The company had revenue of $263.34 million during the quarter, compared to analyst estimates of $280.06 million. On average, research analysts expect that Enphase Energy, Inc. will post 1.53 earnings per share for the current year.

Insider Activity

In other news, EVP David A. Ranhoff sold 5,000 shares of Enphase Energy stock in a transaction dated Friday, March 15th. The shares were sold at an average price of $108.89, for a total value of $544,450.00. Following the sale, the executive vice president now owns 124,948 shares in the company, valued at $13,605,587.72. The sale was disclosed in a document filed with the SEC, which can be accessed through the SEC website. In other Enphase Energy news, CFO Mandy Yang purchased 4,000 shares of the stock in a transaction that occurred on Thursday, May 2nd. The shares were purchased at an average cost of $104.24 per share, for a total transaction of $416,960.00. Following the completion of the transaction, the chief financial officer now owns 62,973 shares of the company’s stock, valued at approximately $6,564,305.52. The acquisition was disclosed in a filing with the Securities & Exchange Commission, which is available at the SEC website. Also, EVP David A. Ranhoff sold 5,000 shares of the business’s stock in a transaction dated Friday, March 15th. The stock was sold at an average price of $108.89, for a total transaction of $544,450.00. Following the transaction, the executive vice president now owns 124,948 shares in the company, valued at $13,605,587.72. The disclosure for this sale can be found here. Insiders have sold a total of 349,526 shares of company stock worth $43,649,325 over the last 90 days. 3.40% of the stock is currently owned by company insiders.

Wall Street Analysts Forecast Growth

A number of equities analysts have recently issued reports on ENPH shares. Jefferies Financial Group downgraded shares of Enphase Energy from a “buy” rating to a “hold” rating and dropped their price objective for the company from $135.00 to $111.00 in a research note on Wednesday, April 24th. Guggenheim cut shares of Enphase Energy from a “neutral” rating to a “sell” rating and set a $92.00 target price for the company. in a research report on Wednesday, April 24th. Citigroup cut shares of Enphase Energy from a “buy” rating to a “neutral” rating and decreased their price target for the stock from $126.00 to $121.00 in a report on Friday, April 5th. Piper Sandler reaffirmed a “neutral” rating and issued a $111.00 price target (down previously from $113.00) on shares of Enphase Energy in a report on Wednesday, April 24th. Finally, Roth Mkm reaffirmed a “buy” rating and issued a $140.00 price target on shares of Enphase Energy in a report on Wednesday, April 24th. Three research analysts have rated the stock with a sell rating, twelve have given a hold rating and seventeen have assigned a buy rating to the company. According to MarketBeat.com, Enphase Energy currently has a consensus rating of “Hold” and an average price target of $136.68.

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.