While oil and gas prices are reaching for the sky, insiders at Enphase Energy (ENPH) are selling shares of the California-based energy technology company.
Notably, with a current market capitalization of $28 billion, shares of Enphase Energy, which provides energy management technology solutions for the solar photovoltaic industry across the world, have doubled over the past year.
Recently, insiders at Enphase Energy are Very Negative about the stock’s near-term prospects and have sold $6.8 million worth of shares at the end of the last week.
On June 3, Director at Enphase Energy, Benjamin John Kortlang, made an informative Sell of 25,000 shares of the stock worth $4.95 million at $197.88 price levels.
With his latest Sell and current holding of 251,900 shares worth $49.46 million, he now owns 0.19% of the shares outstanding.
Furthermore, on the same day, another Director, Richard Mora, made an informative Sell of 6,000 ENPH shares worth $1.19 million at $198.50.
Wall Street’s Take
Consensus among analysts is a Strong Buy based on 21 Buys and six Holds. The average analyst Enphase Energy stock forecast of $225.08 implies 8.22% upside potential from the current levels.
The stock has been volatile over the last twelve months, trading from the lows of $113.40 in January this year to highs of $282.46 seen in November last year.
It is important to note that the two Informative Sell transactions are the only ones that have taken place in the last three months.