Company Update (NASDAQ:ENPH): Enphase Energy Inc Announces Proposed Public Offering of Common Stock
Enphase Energy Inc (NASDAQ:ENPH) announced that it intends to offer and sell shares of its common stock, subject to market and other conditions, in an underwritten public offering. Enphase also expects to grant the underwriters a 30-day option to purchase up to an additional 15% of the number of shares of common stock offered in the public offering to cover over-allotments, if any. Enphase anticipates using the net proceeds from the proposed offering for general corporate purposes, including working capital.
Oppenheimer & Co. Inc. is acting as sole underwriter for the offering. (Original Source)
Shares of Enphase Energy are currently falling nearly 8% to $1.53 in after-hours trading. ENPH has a 1-year high of $5.37 and a 1-year low of $1.28. The stock’s 50-day moving average is $1.79 and its 200-day moving average is $2.10.
On the ratings front, ENPH stock has been the subject of a number of recent research reports. In a report issued on August 31, Needham analyst Edwin Mok reiterated a Hold rating on ENPH. Separately, on August 3, Deutsche Bank’s Vishal Shah maintained a Sell rating on the stock .
According to TipRanks.com, which ranks over 7,500 financial analysts and bloggers to gauge the performance of their past recommendations, Edwin Mok and Vishal Shah have a total average return of 2.6% and -23.2% respectively. Mok has a success rate of 54.5% and is ranked #912 out of 4175 analysts, while Shah has a success rate of 25% and is ranked #4056.
The street is mostly Neutral on ENPH stock. Out of 6 analysts who cover the stock, 5 suggest a Hold rating and one recommends to Sell the stock.
Enphase Energy, Inc. delivers energy management solutions which advance the worldwide potential of renewable energy. Its semiconductor-based microinverter system converts direct current electricity to alternating current electricity at the individual solar module level, and brings a system-based, high technology approach to solar energy generation leveraging its design expertise across power electronics, semiconductors, networking, and cloud-based software technologies.