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Thurman Rodgers, a director at Enphase Energy, Inc. (NASDAQ:ENPH), sold 100,000 shares of the company’s common stock on March 7. The shares were sold at an average price of $61.257, amounting to a total transaction value of approximately $6.13 million. The sale comes as Enphase’s stock has declined over 52% in the past year, with InvestingPro data showing the company currently trades at a P/E ratio of 80.5x.
Following the sale, Rodgers holds 1,881,760 shares indirectly through a trust, which he manages with his spouse. Additionally, other holdings include 542 shares directly owned, and various trusts hold additional shares, including a charitable trust with 85,200 shares. With a market capitalization of $8.2 billion, InvestingPro analysis indicates the stock is currently trading below its Fair Value.
The transactions reflect Rodgers’ ongoing involvement with Enphase Energy, a leading semiconductor company based in Fremont, California. According to InvestingPro, the company shows high stock price volatility with a beta of 2.12. Subscribers can access 15 additional ProTips and a comprehensive analysis through the Pro Research Report.
In other recent news, Enphase Energy reported a strong fourth-quarter performance, with revenues of $382.7 million, marking a 26.5% increase year over year, and adjusted earnings per share of $0.94, a significant 74.2% rise from the previous year. Canaccord Genuity upgraded Enphase Energy shares to Buy, raising the price target to $82.00, following the company’s robust results. Despite these positive earnings, Jefferies adjusted the price target for Enphase Energy to $54.00, maintaining an Underperform rating, citing a subdued first-quarter outlook. Craig-Hallum also cut the price target to $101.00 but kept a Buy rating, noting Enphase’s strong gross margins and revenue beat. Northland maintained an Outperform rating with a $90.00 target, highlighting strong demand for Enphase’s microinverters in the U.S. market. The company’s expansion into grid services in North America, including programs in Puerto Rico, Colorado, and Nova Scotia, underscores its commitment to enhancing grid reliability. These programs offer incentives to homeowners for participating in virtual power plants, which could provide long-term value. Enphase Energy continues to face challenges in Europe, with a noted decline in demand for rooftop solar installations, impacting its revenue in that region.
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