Hillsdale Investment Management Inc. has acquired a new stake in Enphase Energy, Inc. (NASDAQ:ENPH), investing approximately $718,000 during the second quarter of 2023. This investment involved the purchase of 18,100 shares of the semiconductor firm, according to a recent disclosure submitted to the Securities and Exchange Commission.
Institutional investors and hedge funds have shown a growing interest in Enphase Energy, with several notable transactions reported. For instance, Invesco Ltd. increased its holdings by 15.5% in the first quarter, acquiring an additional 706,656 shares, bringing its total ownership to 5,264,521 shares, valued at around $326.7 million. Meanwhile, Geode Capital Management LLC raised its stake by 2.1%, now holding 3,542,878 shares worth approximately $140.2 million after purchasing an extra 73,459 shares.
Assenagon Asset Management S.A. significantly boosted its position by 827.3% in the second quarter, acquiring 1,152,546 shares valued at $45.7 million. Additionally, Charles Schwab Investment Management Inc. and AQR Capital Management LLC enhanced their holdings by 8.0% and 9,236.6%, respectively, indicating a strong institutional interest in the company. Collectively, hedge funds and institutional investors own 72.12% of Enphase Energy’s stock.
The stock opened at $26.93 on Monday, reflecting a 3.1% increase. Over the past year, Enphase Energy’s shares have fluctuated, with a low of $25.77 and a high of $78.26. The company currently has a market capitalization of $3.52 billion, a price-to-earnings ratio of 18.57, and a beta of 1.63, indicating its volatility relative to the market.
Analysts Adjust Price Targets
Analysts have been actively reassessing their price targets for Enphase Energy. Barclays recently raised its price objective from $29.00 to $33.00, rating the stock as “underweight.” BMO Capital Markets reaffirmed an “underperform” rating with a target price of $31.00. In contrast, Johnson Rice downgraded its recommendation from “buy” to “accumulate” with a price target of $45.00.
Morgan Stanley has reduced its price target from $28.00 to $26.00, maintaining an “underweight” rating. Loop Capital has also set a price objective of $31.00. Overall, five analysts have issued a Buy rating, while twelve have assigned a Hold rating, and thirteen have given a Sell rating. According to MarketBeat, the average rating for Enphase Energy is “Reduce,” with a price target of $39.90.
Insider Transactions Indicate Confidence
In a notable insider transaction, CEO Badrinarayanan Kothandaraman purchased 5,000 shares on November 10, 2023, at an average price of $30.69 per share, totaling $153,450. Following this acquisition, Kothandaraman’s total ownership in the company reached 1,635,632 shares, valued at approximately $50.2 million. This transaction reflects a 0.31% increase in his position, indicating confidence in the company’s future.
The current percentage of stock owned by company insiders stands at 3.10%.
About Enphase Energy
Enphase Energy, Inc. specializes in providing home energy solutions for the solar photovoltaic industry, both domestically and internationally. The company designs, develops, manufactures, and sells semiconductor-based microinverters, which convert energy at the individual solar module level. These products are integrated with proprietary networking and software technologies for enhanced energy monitoring and control.
As the landscape for renewable energy evolves, institutional interest in companies like Enphase Energy reflects broader market trends towards sustainable energy solutions. The latest investments and analyst assessments will play a crucial role in shaping the company’s trajectory as it navigates this competitive sector.
