Third Point Trims Enphase Energy Stake ~ market folly

Monday, August 25, 2014

Third Point Trims Enphase Energy Stake

Dan Loeb's hedge fund firm Third Point has filed an amended 13D and Form 4 with the SEC regarding Enphase Energy (ENPH).  Per the filing, Third Point has disclosed a 15.7% ownership in ENPH with over 6.75 million shares.

This marks a decrease of over 1.28 million shares.  The filing notes they sold shares on August 19th at $10.269 to the underwriters in connection with the public offering of ENPH stock.  This price represents the public offering of $10.50 net of the underwriting discount of $0.4731 per share.

Check out the rest of Third Point's portfolio in the brand new issue of our Hedge Fund Wisdom publication.

Per Google Finance, Enphase Energy "designs, develops and sells microinverter systems for the solar photovoltaic industry. The Company’s microinverter system consists of three components: Enphase microinverter, Envoy communications gateway and Enlighten Web-based software. The Company’s Enphase microinverter delivers power conversion at the individual solar module level by introducing a digital architecture that incorporates custom application specific integrated circuits (ASICs) power electronics devices and an embedded software subsystem. The Company’s Envoy communications gateway is installed in the system owner’s home or business and serves as a networking hub that collects data from the microinverter array and sends the information to its hosted data center. The Company’s Enlighten Web-based software collects and analyzes this information to enable system owners to monitor and realize the performance of their solar photovoltaics."

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