Thurman J. Rodgers Purchases $4 Million of Solar Energy Company – Insider Weekends

Key Insights:

• The solar energy industry as a whole has faced a downturn over the last year, and the solar energy company Enphase Energy (ENPH) is no exception – the stock is down by over 55% in the past year.
• Enphase Energy specializes in producing a specific type of microinverter that converts DC energy generated by solar panels into AC power that can be used by households and grids.
• The insider who purchased shares, Thurman Rodgers, is well known in the industry – having founded and led the company Cypress Semiconductors for over 30 years, and having served on the boards of many energy companies, including both Enphase Energy and FTC Solar (FTCI).

We’ve written about all sorts of energy companies in the past, but tend to gravitate towards oil and natural gas businesses in our Insider Weekends articles. However, when we saw the $4 million purchase of Enphase Energy (ENPH), we were inspired to take a closer look, primarily because of the insider making the purchase.

TJ Rodgers is a familiar name and we’ve written about him twice in the past – the first after his purchase of the microcap solar energy company FTC Solar (FTCI). In an early April 2023 article on his purchases of FTC Solar, we noted the following:

Last week we saw a string of insider purchases by a former director of FTC Solar when he purchased nearly 90,000 shares at an average price of $2.26. The fact that this was a former director buying stock was a little surprising and caused me to dig deeper. Thurman J. Rodgers or T. J. Rodgers was the Chairman of the Board until January 2023 when he stepped down after serving on the board for five years. He was a founding investor of FTC Solar and has served on its board since its inception in 2017. Shaker Sadasivam, another director who has also been on the board since 2017, will take over as Chairman. The fact that Mr Rodgers is no longer on the board has not dampened his enthusiasm for the stock.

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