Long trade : Enphase Energy (ENPH) +570% YTD (8/19)

Enphase Energy is a renewable energy company. It designs and manufactures software-driven home energy solutions.

• Sector: Technology
• Industry: Semiconductor Equipment & Materials
• Full Time Employees: 427
• Headquarters: Fremont, California.
• Founded in 2006
• http://www.enphase.com

Enphase Energy (ENPH) reported earnings on Tue 30 Apr 2019 (a/h)

** charts before earnings **

 

 

** charts after earnings **

Enphase Energy beats by $0.03, beats on revs; guides Q2 revs above consensus

• Reports Q1 (Mar) earnings of $0.08 per share, excluding non-recurring items, $0.03 better than the S&P Capital IQ Consensus of $0.05; revenues rose 43.1% year/year to $100.15 mln vs the $92.26 mln S&P Capital IQ Consensus.
• Co issues upside guidance for Q2, sees Q2 revs of $115 -125 mln vs. $96.42 mln S&P Capital IQ Consensus; GAAP and non-GAAP gross margin to be within a range of 32% to 35%; Non-GAAP operating expenses to be within a range of $21.0 million to $23.0 million.
• "We experienced component shortages which constrained our revenue in Q1'19. The capacity we paid for in May 2018 came online in Q1'19. We expect to get additional supply from our multi-year agreements for high-voltage power transistors; some of this supply is expected in Q2'19 and most of it is expected in the second half of 2019."

Enphase Energy (ENPH) reported earnings on Tue 27 Feb 2018 (a/h)

** charts before earnings **

 

** charts after earnings **

 

Enphase Energy beats by $0.02, beats on revs; guides Q1 revs in-line 

• Reports Q4 (Dec) earnings of $0.01 per share, $0.02 better than the Capital IQ Consensus of ($0.01); revenues fell 12.1% year/year to $79.67 mln vs the $75.62 mln Capital IQ Consensus.
  • Non-GAAP gross margin was 24.2%, an increase of 240 basis points from 21.8% in the prior quarter. The increase was primarily due to the IQ 6 transition in North America, supply chain optimization and pricing management.
• Co issues in-line guidance for Q1, sees Q1 revs of $65-70 mln vs. $65.19 mln Capital IQ Consensus Estimate.

Enphase Energy (ENPH) started trading on the NASDAQ

Enphase Energy (ENPH), a high technology company whose microinverter system serves solar energy markets, visited the NASDAQ MarketSite in Times Square in celebration of its initial public offering (IPO), which occurred today, March 30, 2012, on The NASDAQ Stock Market.

IPOs this week (26 March 2012): 10 companies scheduled

The following companies are scheduled to IPO this week:

1. Annie's (BNNY), which is a leading organic and natural packaged food company known for its mac-n-cheese, plans to raise $75 million by offering 5.0 million shares at a price range of $14.00 to $16.00. At the midpoint of the proposed range, Annie's would command a market value of $263 million. Annie's, which was founded in 1989, booked $135 million in sales over the last 12 months. The Berkeley, CA-based company plans to list on the NYSE under the symbol BNNY. Credit Suisse and J.P. Morgan are the joint bookrunners on the deal.
2. CafePress (CPRS), which has e-commerce sites where customers create, buy and sell personalized products, plans to raise $77 million by offering 4.5 million shares at a price range of $16.00 to $18.00. At the midpoint of the proposed range, CafePress would command a market value of $304 million. CafePress, which was founded in 1999, booked $175 million in sales over the last 12 months. The San Mateo, CA-based company plans to list on the NASDAQ under the symbol CPRS. J.P. Morgan and Jefferies & Co. are the joint bookrunners on the deal.    Mar 28, 2012 update: CafePress changed its ticker from CPRS to PRSS.
3. Enphase Energy (ENPH), which is a leading provider of microinverter solutions for the solar industry, plans to raise $80 million by offering 7.3 million shares at a price range of $10.00 to $12.00. At the midpoint of the proposed range, Enphase Energy would command a market value of $435 million. Enphase Energy, which was founded in 2006, booked $150 million in sales over the last 12 months. The Petaluma, CA-based company plans to list on the NASDAQ under the symbol ENPH. Morgan Stanley, BofA Merrill Lynch and Deutsche Bank Securities are the joint bookrunners on the deal.
4. GasLog (GLOG), which operates 14 carriers for natural gas shipping, plans to raise $400 million by offering 23.5 million shares at a price range of $16.00 to $18.00. At the midpoint of the proposed range, GasLog would command a market value of $1.07 billion. GasLog, which was founded in 2001, booked $66 million in sales over the last 12 months. The Monaco-based company plans to list on the NYSE under the symbol GLOG. Goldman, Sachs & Co., Citi, J.P. Morgan and UBS Investment Bank are the joint bookrunners on the deal.
5. Luca Technologies Inc. (LUCA), which uses biotechnology to create and produce coalbed methane (natural gas), plans to raise $102 million by offering 8.5 million shares at a price range of $11.00 to $13.00. At the midpoint of the proposed range, Luca Technologies Inc. would command a market value of $352 million. Luca Technologies Inc., which was founded in 2003, booked $1 million in sales over the last 12 months. The Golden, CO-based company plans to list on the NASDAQ under the symbol LUCA. Citi, Piper Jaffray and Raymond James are the joint bookrunners on the deal.
6. Merrimack Pharmaceuticals (MACK), which uses its Network Biology system to discover and develop cancer treatments, plans to raise $100 million by offering 14.3 million shares at a price of $7.00. At the midpoint of the proposed range, Merrimack would command a market value of $737 million. Merrimack, which was founded in 1993, booked $34 million in revenue over the last 12 months. The Cambridge, MA-based company plans to list on the NASDAQ under the symbol MACK. J.P. Morgan is the bookrunner on the deal.
7. Millennial Media (MM), a second largest mobile advertising platform in the US, plans to raise $102 million by offering 10.2 million shares at a price range of $9.00 to $11.00. At the midpoint of the proposed range, Millennial Media would command a market value of $818 million. Millennial Media was founded in 2006. The Baltimore, MD-based company plans to list on the NYSE under the symbol MM. Morgan Stanley, Goldman, Sachs & Co. and Barclays Capital are the joint bookrunners on the deal.
8. Regional Management (RM), which offers installment, auto and furniture/appliance loans to underbanked consumers, plans to raise $76 million by offering 4.2 million shares at a price range of $17.00 to $19.00. At the midpoint of the proposed range, Regional Management would command a market value of $226 million. Regional Management, which was founded in 1987, booked $105 million in sales over the last 12 months. The Greenville, SC-based company plans to list on the NYSE under the symbol RM. Jefferies & Co. and Stephens Inc. are the joint bookrunners on the deal.
9. Rexnord Corporation (RXN), which manufactures power transmission and water management products, plans to raise $450 million by offering 23.7 million shares at a price range of $18.00 to $20.00. At the midpoint of the proposed range, Rexnord Corporation would command a market value of $1.87 billion. Rexnord Corporation, which was founded in 1891, booked $1.88 billion in sales over the last 12 months. The Milwaukee, WI-based company plans to list on the NYSE under the symbol RXN. BofA Merrill Lynch, Goldman, Sachs & Co., Credit Suisse and Deutsche Bank Securities are the joint bookrunners on the deal.
10. Vocera Communications (VCRA), which provides a mobile communications platform for hospitals and healthcare facilities, plans to raise $75 million by offering 5.8 million shares at a price range of $12.00 to $14.00. At the midpoint of the proposed range, Vocera Communications would command a market value of $283 million. Vocera Communications was founded in 2000. The San Jose, CA-based company plans to list on the NYSE under the symbol VCRA. J.P. Morgan and Piper Jaffray are the joint bookrunners on the deal.

Last week, there were 7 IPO pricings. ExactTarget (ET), which provides on-demand interactive marketing solutions to 4,700 clients, was the week's winner, ending up 39% from its IPO price.

March IPO calendar : 8 IPOs were priced

March is poised to have its busiest month since 2007 as eight companies set terms this week. There are 13 deals on the IPO calendar for the next two weeks. If all are completed, March could have 19 IPOs, topping the 17 IPOs completed in March of 2007.

BATS Global Markets, which operates the third largest securities exchange in the US, announced terms for its IPO on Monday. The Lenexa, KS-based company plans to raise $107 million by offering 6.3 million shares (100% insider) at a price range of $16.00 to $18.00. At the midpoint of the proposed range, BATS Global Markets would command a market value of $817 million. BATS Global Markets, which was founded in 2005 and booked $927 million in sales in 2011, plans to list on one of its own exchanges, the BZX, under the symbol BATS. Morgan Stanley, Citi and Credit Suisse are the lead underwriters on the deal.

Regional Management Corp., which provides an array of loan products to customers with limited access to traditional lenders, announced terms for its IPO on Monday. The Greenville, SC-based company plans to raise $76 million by offering 4.2 million shares (33% insider) at a price range of $17.00 to $19.00. At the midpoint of the proposed range, Regional Management would command a market value of $226 million. Regional Management, which was founded in 1987 and booked $105 million in sales in 2011, plans to list on the NYSE under the symbol RM. Jefferies, Stephens, JMP Securities, and BMO Capital Markets are the lead underwriters on the deal.

Enphase Energy, which delivers a semiconductor-based system that increases solar energy production, announced terms for its IPO on Monday. The Petaluma, CA-based company plans to raise $80 million by offering 7.3 million shares at a price range of $10.00 to $12.00. At the midpoint of the proposed range, Enphase Energy will command a fully diluted market value of $435 million. Since inception, Enphase has raised over $115 million in venture capital to help develop its unique, chip-based microinverter system, which includes a communications gateway and web-based software to monitor system performance. Backers include Third Point Ventures (the venture arm of Daniel Loeb's Third Point hedge fund), RockPort Capital, Madrone Partners (affiliated with the Walton family), Kleiner Perkins Caufield & Byers (KPCB), Applied Ventures and Bay Ventures, who will collectively own over 60% of the company following the IPO.

Enphase Energy, which was founded in 2006 by semiconductor and telecom equipment alums, booked $150 million in sales in 2011. The company plans to list on the NASDAQ under the symbol ENPH. Morgan Stanley, BofA Merrill Lynch and Deutsche Bank Securities are joint-bookrunning managers on the deal. Jefferies, Lazard and ThinkEquity are serving as co-managers.

Vocera Communications, which provides mobile communication solutions for hospitals and health care facilities, announced terms for its IPO on Tuesday. The San Jose, CA-based company plans to raise $75 million by offering 5.8 million shares (13% insider) at a price range of $12.00 to $14.00. At the midpoint of the proposed range, Vocera Communications would command a market value of $320 million. Vocera Communications, which was founded in 2000 and booked $80 million in sales in 2011, plans to list on the NYSE under the symbol VCRA. J.P. Morgan and Piper Jaffray are the joint bookrunners on the deal.

CafePress, which operates an e-commerce site where customers create, buy and sell personalized products, announced terms for its IPO on Wednesday. The San Mateo, CA-based company plans to raise $77 million by offering 4.5 million shares (44% insider) at a price range of $16.00 to $18.00. At the midpoint of the proposed range, CafePress would command a market value of $303 million. Venture capital firm Sequoia Capital is not selling and will own 17% of shares after the offering.

CafePress, which was founded in 1999 and booked $175 million in 2011 sales, plans to list on the NASDAQ under the symbol CPRS. J.P. Morgan and Jefferies are the joint bookrunners on the deal.

Millennial Media, which operates the leading independent mobile advertising platform, announced terms for its IPO on Thursday. The Baltimore, MD-based company plans to raise $102 million by offering 10.2 million shares (10% insider) at a price range of $9.00 to $11.00. At the midpoint of the proposed range, Millennial Media would command a market value of $818 million. Venture backers include Bessemer Venture Partners (18% post-IPO stake), Columbia Capital (18%), Charles River Ventures (14%) and New Enterprise Associates (15%); none are selling on the IPO.

Millennial Media, which was founded in 2006, booked $104 million in sales last year, more than double the $47 million booked in 2010. The company plans to list on the NYSE under the symbol MM. Morgan Stanley, Goldman, Sachs & Co. and Barclays Capital are the bookrunners on the deal.

Luca Technologies, which uses biotechnology to create and sustainably produce natural gas, announced terms for its IPO on Thursday. The Golden, CO-based company plans to raise $102 million by offering 8.5 million shares at a price range of $11.00 to $13.00. At the midpoint of the proposed range, Luca Technologies would command a market value of $352 million. Revenue in 2011 was $1 million, down 56% from 2010 and down 80% from 2008. Luca Technologies, which was founded in 2003, plans to list on the NASDAQ under the symbol LUCA. Citi, Piper Jaffray and Raymond James are the joint bookrunners on the deal.

Annie's, which is a leading organic food company that offers over 125 products, including a signature macaroni and cheese, announced terms for its IPO on Friday. The Berkeley, CA-based company plans to raise $75 million by offering 5 million shares (79% insider) at a price range of $14.00 to $16.00. At the midpoint of the proposed range, Annie's would command a market value of $263 million. Annie's, which was founded in 1989 and booked $135 million in sales in 2011, plans to list on the NYSE under the symbol BNNY. Credit Suisse and J.P. Morgan are the joint bookrunners on the deal.

The 6 IPOs that have been priced this month are all trading above their offer prices. Demandware is the best performer of this group, closing up 48% in its first day of trading yesterday. Yelp trails closely, posting a 45% return since its March 2nd debut. The IPO market has shown strong returns so far this year. The FTSE Renaissance US IPO Index is up 19% year-to-date.