US Bancorp DE Acquires 4,834 Shares of SolarEdge Technologies, Inc. (NASDAQ:SEDG)

US Bancorp DE increased its holdings in shares of SolarEdge Technologies, Inc. (NASDAQ:SEDG) by 243.6% during the third quarter, Holdings Channel.com reports. The fund owned 6,818 shares of the semiconductor company’s stock after purchasing an additional 4,834 shares during the quarter. US Bancorp DE’s holdings in SolarEdge Technologies were worth $156,000 as of its most recent filing with the SEC.

Several other hedge funds and other institutional investors have also bought and sold shares of SEDG. Meitav Investment House Ltd. raised its position in shares of SolarEdge Technologies by 9.6% in the third quarter. Meitav Investment House Ltd. now owns 582,109 shares of the semiconductor company’s stock valued at $13,340,000 after buying an additional 51,065 shares in the last quarter. DekaBank Deutsche Girozentrale acquired a new position in SolarEdge Technologies in the 3rd quarter valued at $1,495,000. E. Ohman J or Asset Management AB grew its holdings in shares of SolarEdge Technologies by 109.3% during the 3rd quarter. E. Ohman J or Asset Management AB now owns 373,581 shares of the semiconductor company’s stock worth $8,559,000 after purchasing an additional 195,085 shares in the last quarter. Assenagon Asset Management S.A. grew its holdings in shares of SolarEdge Technologies by 56.6% during the 3rd quarter. Assenagon Asset Management S.A. now owns 309,623 shares of the semiconductor company’s stock worth $7,093,000 after purchasing an additional 111,944 shares in the last quarter. Finally, Deerfield Management Company L.P. Series C bought a new position in shares of SolarEdge Technologies in the second quarter worth $678,000. Institutional investors and hedge funds own 95.10% of the company’s stock.

Wall Street Analysts Forecast Growth

A number of equities research analysts have issued reports on the stock. Susquehanna reduced their price objective on shares of SolarEdge Technologies from $20.00 to $11.00 and set a “neutral” rating on the stock in a research note on Thursday, November 7th. Royal Bank of Canada decreased their price objective on shares of SolarEdge Technologies from $35.00 to $25.00 and set a “sector perform” rating on the stock in a research note on Tuesday, October 15th. Guggenheim cut SolarEdge Technologies from a “neutral” rating to a “sell” rating and set a $10.00 target price for the company. in a research note on Thursday, October 17th. TD Cowen decreased their price target on SolarEdge Technologies from $16.00 to $11.00 and set a “hold” rating on the stock in a research note on Thursday, November 7th. Finally, William Blair began coverage on SolarEdge Technologies in a research report on Thursday, August 29th. They set a “market perform” rating for the company. Ten research analysts have rated the stock with a sell rating, eighteen have issued a hold rating and two have issued a buy rating to the stock. According to MarketBeat, the company has an average rating of “Hold” and a consensus target price of $22.79.

SolarEdge Technologies Stock Performance

Shares of SEDG opened at $10.64 on Friday. The company has a current ratio of 2.34, a quick ratio of 1.46 and a debt-to-equity ratio of 0.39. The firm’s fifty day simple moving average is $18.19 and its two-hundred day simple moving average is $29.31. SolarEdge Technologies, Inc. has a 12 month low of $10.55 and a 12 month high of $103.15. The stock has a market capitalization of $616.59 million, a P/E ratio of -0.37 and a beta of 1.59.

SolarEdge Technologies (NASDAQ:SEDG) last announced its earnings results on Wednesday, November 6th. The semiconductor company reported ($15.33) EPS for the quarter, missing the consensus estimate of ($1.55) by ($13.78). The business had revenue of $260.90 million for the quarter, compared to the consensus estimate of $272.80 million. SolarEdge Technologies had a negative net margin of 158.19% and a negative return on equity of 65.79%. The firm’s revenue for the quarter was down 64.0% on a year-over-year basis. During the same quarter in the previous year, the company earned ($1.03) EPS. As a group, analysts predict that SolarEdge Technologies, Inc. will post -17.69 EPS for the current year.

Insider Activity

In other news, Chairman More Avery bought 156,000 shares of SolarEdge Technologies stock in a transaction dated Monday, November 11th. The stock was bought at an average cost of $13.65 per share, for a total transaction of $2,129,400.00. Following the purchase, the chairman now directly owns 244,478 shares in the company, valued at approximately $3,337,124.70. This represents a 176.32 % increase in their position. The purchase was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through the SEC website. 0.67% of the stock is currently owned by company insiders.

About SolarEdge Technologies

SolarEdge Technologies, Inc, together with its subsidiaries, designs, develops, manufactures, and sells direct current (DC) optimized inverter systems for solar photovoltaic (PV) installations in the United States, Germany, the Netherlands, Italy, rest of Europe, and internationally. It operates in two segments, Solar and Energy Storage.