Enphase Energy Inc (NASDAQ:ENPH) was the target of a significant growth in short interest in June. As of June 15th, there was short interest totalling 13,997,272 shares, a growth of 19.6% from the May 31st total of 11,701,132 shares. Based on an average daily trading volume, of 5,713,421 shares, the days-to-cover ratio is currently 2.4 days. Currently, 20.1% of the shares of the stock are short sold.
Shares of Enphase Energy opened at $7.30 on Wednesday, Marketbeat reports. Enphase Energy has a fifty-two week low of $0.76 and a fifty-two week high of $7.35. The stock has a market cap of $641.14 million, a P/E ratio of -13.52 and a beta of 0.45. The company has a quick ratio of 1.25, a current ratio of 1.43 and a debt-to-equity ratio of -1.17.
Enphase Energy (NASDAQ:ENPH) last announced its earnings results on Tuesday, May 1st. The semiconductor company reported ($0.01) earnings per share for the quarter, beating the Thomson Reuters’ consensus estimate of ($0.04) by $0.03. The firm had revenue of $70.00 million for the quarter, compared to the consensus estimate of $67.06 million. During the same period in the prior year, the business earned ($0.18) EPS. The company’s quarterly revenue was up 27.9% compared to the same quarter last year. sell-side analysts predict that Enphase Energy will post -0.02 EPS for the current fiscal year.
Several brokerages recently weighed in on ENPH. ValuEngine raised Enphase Energy from a “hold” rating to a “buy” rating in a research note on Tuesday. HC Wainwright set a $9.00 target price on Enphase Energy and gave the company a “buy” rating in a research note on Wednesday, June 13th. B. Riley set a $8.00 target price on Enphase Energy and gave the company a “buy” rating in a research note on Wednesday, June 13th. BidaskClub cut Enphase Energy from a “strong-buy” rating to a “buy” rating in a research note on Thursday, June 7th. Finally, Craig Hallum raised their target price on Enphase Energy from $6.00 to $8.00 and gave the company a “buy” rating in a research note on Tuesday, June 5th. Two investment analysts have rated the stock with a hold rating and eight have assigned a buy rating to the stock. Enphase Energy has an average rating of “Buy” and a consensus price target of $6.86.
Several large investors have recently added to or reduced their stakes in ENPH. Two Sigma Securities LLC acquired a new position in shares of Enphase Energy in the 4th quarter valued at $107,000. Wade G W & Inc. acquired a new position in shares of Enphase Energy in the 4th quarter valued at $108,000. Goldman Sachs Group Inc. acquired a new position in shares of Enphase Energy in the 4th quarter valued at $128,000. Verition Fund Management LLC acquired a new position in shares of Enphase Energy in the 1st quarter valued at $131,000. Finally, Jane Street Group LLC acquired a new position in shares of Enphase Energy in the 1st quarter valued at $133,000. Institutional investors and hedge funds own 30.01% of the company’s stock.
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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