Dan Loeb Files 13D on Enphase Energy (ENPH) ~ market folly

Monday, April 9, 2012

Dan Loeb Files 13D on Enphase Energy (ENPH)

Dan Loeb's hedge fund firm Third Point just filed a 13D with the SEC on Enphase Energy (ENPH). This is a newly revealed stake for the hedge fund.

Third Point now owns 8,089,099 shares of ENPH which is a 20.4% ownership stake in the company. The disclosure was required due to trading activity on March 30th, 2012 when the company set its initial public offering (IPO).

The vast majority of shares were received in the IPO at a price of $6.00 per share. Third Point received theses shares due to conversion of numerous tiers of convertible preferred stock as well as junior convertible secured notes. They also purchased 948,386 shares in the open market at a price of $8.05.

In other portfolio activity from the fund, we've detailed that Third Point has an activist stake in Yahoo and is pressing for change with a proxy contest.

Per Google Finance, Enphase Energy "designs, develops and sells microinverter systems for the solar photovoltaic industry. The Company sells its microinverter systems primarily to distributors who resell them to solar installers. It also sells directly to installers, as well as through original equipment manufacturers (OEMs). The Company’s microinverter system consists of three components: Enphase microinverter, Envoy communications gateway and Enlighten Web-based software."

You can view the latest exposure and positioning of Third Point here. Be sure to also check out the very popular post: lessons Dan Loeb's learned as an investor.

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