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Dan Loeb, Third Point Buy Shares of Enphase Energy at $6.83 Per Share

Dan Loeb‘s Third Point, revealed, in a new form 4, buying a total of 190,100 shares of Enphase Energy Inc (NASDAQ:ENPH). The shares have been bought in one transaction, the price amounting to $6.83 apiece. Following the acquisition of additional shares, Third Point holds in aggregate some 7.95 million shares of the company.


Enphase Energy is engaged in the microinverter systems for the solar photovoltaic panels. For the third quarter of the year, the company posted a 7% growth in its revenues, which totaled $62 million. The net loss under GAAP, amounted to $6.3 million, equal to $0.15 per share, an improvement from the net loss of $8.9 million posted for the same period of last year.  For the last quarter of the year, the company expects revenues between $62 and $65 million. The non-GAAP operating expenses are forecasted to remain flat over the quarter at approximately $20.4 million.

Out of the funds we track, Drew Cupps’ Cupps Capital Management, and Ellington, managed by Mike Vranos sold out their stakes in Enphase Energy, Cupps holding around 20,500 shares, and Ellington owning 12,700 shares.

In the latest round of 13F filings, Dan Loeb’s Third Point revealed holdings from its equity portfolio as at the end of the third quarter. The largest stake is held by Third Point in Yahoo! Inc. (NASDAQ:YHOO), the fund disclosing holding a total of 16 million shares, worth about $530.7 million. On the second place is situated American International Group Inc (NYSE:AIG), with a position worth $486.3 million, which amasses 10 million shares. Some smaller holdings involve 6.2 million shares held in Sothebys (NYSE:BID), and 2 million shares of FedEx Corporation (NYSE:FDX).

Earlier Dan Loeb caught everyone’s attention after revealing that he holds a long activist position in FedEx Corporation (NYSE:FDX), and after disclosing that Third Point is the largest shareholder of Sothebys (NYSE:BID) and that he intends to pursue some measures to increase the shareholder value of the company. As a reply, Sothebys adopted a so-called “poison pill.”

Disclosure: none

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