Enphase Energy Inc (ENPH): Dan Loeb’s Third Point LLC Sells 1.2 Mln Shares

Activist investor Dan Loeb once again makes the news, as his hedge fund Third Point LLC trimmed its exposure to Enphase Energy Inc (NASDAQ:ENPH) by 16%. Following the disposal* of 1.2 million shares, the fund owns 6.24 million shares of the $593 million market cap tech company. As the fund owns more than 10% of the company’s outstanding stock and has direct representation on the Board of Directors, in addition to the Schedule 13D, it had to file a Form 4, disclosing its transactions as an insider.

Mr. Loeb also sold, on August 19, 81,360 shares of Enphase Energy Inc (NASDAQ:ENPH), which he held directly. His holdings now amount to 423,684 shares. Overall, the total stake amasses around 15.7% of the company’s outstanding stock.

Third Point

Enphase Energy Inc (NASDAQ:ENPH) designs, develops and sells microinverter systems for the solar industry. Despite negative margins and returns, analysts seem to like the company, as most recommend buying its stock. In fact, consensus estimates point towards annual EPS growth rates around 35% over the next five years.

Despite Third Point’s reduction in its stake, the fund is, by far the largest institutional shareholder (these includes hedge funds, mutual funds, and other financial institutions) at Enphase Energy Inc (NASDAQ:ENPH), trailed by Madrone Partners, L.P., which disclosed ownership of 4.33 million shares on August 21, following the sale of 800,000 shares for a price of $10.03 each.

Other major hedge funds betting on Enphase Energy Inc (NASDAQ:ENPH) are Israel Englander’s Millennium Management and Chuck Royce’s Royce & Associates, which own 259,573 shares and 150,000 shares respectively.

Mr. Loeb had also hit the news a few weeks ago, when a company report revealed that he had received $24.3 million for his proxy battle with Sothebys (NYSE:BID).

* “On August 14, 2014, the Issuer entered into an underwriting agreement (the “Underwriting Agreement”) with Needham & Company, LLC as representative of the several underwriters named therein (collectively, the “Underwriters”), and certain stockholders of the Issuer named therein, in connection with a registered underwritten public offering of the Issuer’s common stock. Subject to the terms and conditions of the Underwriting Agreement, on August 19, 2014, the Reporting Persons sold to the Underwriters, and the Underwriters purchased from the Reporting Persons, an aggregate of 1,281,360 shares of Common Stock” (SEC).

Disclosure: Javier Hasse holds no position in any stocks or funds mentioned.

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