Hillsdale Investment Management Inc. has made a notable investment in Enphase Energy, Inc., acquiring a stake valued at approximately $718,000. The investment, which includes 18,100 shares of the semiconductor company, was disclosed in a recent filing with the Securities and Exchange Commission (SEC). The transaction occurred during the second quarter of the fiscal year, underscoring growing institutional interest in Enphase Energy.
Several other institutional investors have also increased their stakes in Enphase Energy. Notably, Invesco Ltd. raised its holdings by 15.5% in the first quarter, now owning 5,264,521 shares valued at approximately $326.7 million. Geode Capital Management LLC increased its position by 2.1% during the second quarter, holding 3,542,878 shares worth $140.2 million.
Furthermore, Assenagon Asset Management S.A. saw a dramatic increase of 827.3% in its holdings, acquiring an additional 1,028,259 shares to reach a total of 1,152,546 shares valued at approximately $45.7 million. Charles Schwab Investment Management Inc. boosted its holdings by 8.0%, while AQR Capital Management LLC increased its stake significantly by 9,236.6% in the same quarter. Collectively, institutional investors and hedge funds now own 72.12% of Enphase Energy’s stock.
Stock Performance and Analyst Ratings
As of Monday, October 30, 2023, Enphase Energy’s stock opened at $26.93. The company has experienced volatility, with a 12-month low of $25.77 and a high of $78.26. Financial metrics show a current ratio of 2.04 and a debt-to-equity ratio of 0.57, indicating a solid balance sheet. The firm has a market capitalization of $3.52 billion and a price-to-earnings (P/E) ratio of 18.57.
Analysts have varying opinions on Enphase Energy’s potential. Barclays recently increased its price target from $29.00 to $33.00, maintaining an “underweight” rating. BMO Capital Markets reaffirmed an “underperform” rating with a target price of $31.00. In contrast, Johnson Rice adjusted its rating from “buy” to “accumulate” with a revised target of $45.00. Overall, five analysts rated the stock as a Buy, while twelve issued a Hold rating and thirteen recommended a Sell. According to MarketBeat, Enphase Energy holds an average rating of “Reduce” with a price target of $39.90.
Insider Transactions and Company Overview
In addition to institutional investments, the company’s CEO, Badrinarayanan Kothandaraman, purchased 5,000 shares on November 10, 2023, at an average cost of $30.69 per share, totaling approximately $153,450. Following this transaction, Kothandaraman owns 1,635,632 shares valued at around $50.2 million. This represents a 0.31% increase in his position, reflecting confidence in the company’s future.
Enphase Energy, based in the United States, specializes in designing and manufacturing home energy solutions for the solar photovoltaic industry. The company is known for its innovative semiconductor-based microinverters that convert energy at the individual solar module level, coupled with proprietary networking and software technologies that enable efficient energy monitoring and control.
This latest investment and insider activity indicate growing confidence in Enphase Energy’s potential within the renewable energy sector, as institutional investors continue to show a strong interest in the company’s future prospects.
