SouthState Corp Has $80,000 Position in Enphase Energy, Inc. (NASDAQ:ENPH)

SouthState Corp lessened its stake in shares of Enphase Energy, Inc. (NASDAQ:ENPH) by 23.8% in the second quarter, according to the company in its most recent filing with the SEC. The fund owned 800 shares of the semiconductor company’s stock after selling 250 shares during the quarter. SouthState Corp’s holdings in Enphase Energy were worth $80,000 as of its most recent SEC filing.

A number of other hedge funds also recently modified their holdings of the stock. Swedbank AB acquired a new stake in Enphase Energy during the first quarter worth approximately $424,130,000. Baillie Gifford & Co. increased its stake in shares of Enphase Energy by 57.9% during the second 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 period. Norges Bank acquired a new stake in Enphase Energy during the 4th quarter worth approximately $149,425,000. Canada Pension Plan Investment Board bought a new stake in Enphase Energy in the 1st quarter valued at $59,128,000. Finally, Westfield Capital Management Co. LP bought a new stake in Enphase Energy in the 4th quarter valued at $41,068,000. Institutional investors and hedge funds own 72.12% of the company’s stock.

Insider Activity at Enphase Energy

In other news, EVP David A. Ranhoff sold 5,000 shares of Enphase Energy stock in a transaction dated Monday, June 17th. The shares were sold at an average price of $123.27, for a total transaction of $616,350.00. Following the completion of the transaction, the executive vice president now directly owns 107,943 shares in the company, valued at $13,306,133.61. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this link. 3.40% of the stock is owned by corporate insiders.

Enphase Energy Stock Performance

Enphase Energy stock opened at $108.65 on Friday. The company has a market capitalization of $14.78 billion, a P/E ratio of 56.59, a P/E/G ratio of 6.22 and a beta of 1.71. The business has a 50 day moving average of $111.33 and a 200-day moving average of $115.47. The company has a debt-to-equity ratio of 1.36, a current ratio of 4.23 and a quick ratio of 3.90. Enphase Energy, Inc. has a 1 year low of $73.49 and a 1 year high of $141.63.

Enphase Energy (NASDAQ:ENPH) last released its quarterly earnings results on Tuesday, July 23rd. The semiconductor company reported $0.43 earnings per share (EPS) for the quarter, missing the consensus estimate of $0.49 by ($0.06). The firm had revenue of $303.80 million for the quarter, compared to the consensus estimate of $309.73 million. Enphase Energy had a return on equity of 17.30% and a net margin of 9.12%. The firm’s revenue for the quarter was down 57.3% compared to the same quarter last year. During the same quarter in the previous year, the business posted $1.16 EPS. On average, equities research analysts predict that Enphase Energy, Inc. will post 1.23 earnings per share for the current year.

Analyst Upgrades and Downgrades

ENPH has been the topic of several recent research reports. HSBC upgraded Enphase Energy from a “hold” rating to a “buy” rating and set a $166.00 price objective on the stock in a research report on Monday, June 10th. Bank of America dropped their price objective on shares of Enphase Energy from $71.00 to $70.00 and set an “underperform” rating for the company in a research note on Wednesday, July 17th. Susquehanna boosted their price objective on shares of Enphase Energy from $140.00 to $147.00 and gave the company a “positive” rating in a report on Monday, July 15th. BMO Capital Markets boosted their price target on Enphase Energy from $110.00 to $115.00 and gave the company a “market perform” rating in a research note on Wednesday, July 24th. Finally, JPMorgan Chase & Co. raised their price objective on Enphase Energy from $124.00 to $130.00 and gave the stock an “overweight” rating in a research note on Tuesday, July 16th. Four analysts have rated the stock with a sell rating, ten have issued a hold rating and eighteen have given a buy rating to the company’s stock. According to MarketBeat, the stock currently has an average rating of “Hold” and a consensus price target of $128.89.

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.