Assenagon Asset Management S.A. Increases Stake in SolarEdge Technologies, Inc. (NASDAQ:SEDG)

Assenagon Asset Management S.A. lifted its stake in SolarEdge Technologies, Inc. (NASDAQ:SEDG) by 798.2% in the 2nd quarter, according to its most recent filing with the Securities & Exchange Commission. The fund owned 197,679 shares of the semiconductor company’s stock after purchasing an additional 175,671 shares during the quarter. Assenagon Asset Management S.A. owned about 0.34% of SolarEdge Technologies worth $4,993,000 as of its most recent SEC filing.

Several other hedge funds and other institutional investors have also recently modified their holdings of the stock. Yelin Lapidot Holdings Management Ltd. raised its position in shares of SolarEdge Technologies by 0.6% in the 4th quarter. Yelin Lapidot Holdings Management Ltd. now owns 21,513 shares of the semiconductor company’s stock valued at $2,014,000 after purchasing an additional 130 shares during the last quarter. Strategic Advocates LLC raised its position in SolarEdge Technologies by 10.1% during the 4th quarter. Strategic Advocates LLC now owns 2,329 shares of the semiconductor company’s stock worth $218,000 after buying an additional 214 shares during the last quarter. Manchester Capital Management LLC raised its position in SolarEdge Technologies by 1,345.0% during the 4th quarter. Manchester Capital Management LLC now owns 289 shares of the semiconductor company’s stock worth $27,000 after buying an additional 269 shares during the last quarter. Green Alpha Advisors LLC raised its position in SolarEdge Technologies by 2.7% during the 1st quarter. Green Alpha Advisors LLC now owns 10,226 shares of the semiconductor company’s stock worth $726,000 after buying an additional 270 shares during the last quarter. Finally, GAMMA Investing LLC raised its position in SolarEdge Technologies by 90.0% during the 1st quarter. GAMMA Investing LLC now owns 610 shares of the semiconductor company’s stock worth $43,000 after buying an additional 289 shares during the last quarter. 95.10% of the stock is owned by hedge funds and other institutional investors.

SolarEdge Technologies Stock Up 2.9 %

NASDAQ SEDG opened at $25.29 on Monday. SolarEdge Technologies, Inc. has a 52 week low of $19.81 and a 52 week high of $169.49. The company has a quick ratio of 2.45, a current ratio of 5.10 and a debt-to-equity ratio of 0.32. The business’s fifty day simple moving average is $28.82 and its 200-day simple moving average is $51.09. The firm has a market cap of $1.45 billion, a PE ratio of -5.44 and a beta of 1.52.

SolarEdge Technologies (NASDAQ:SEDG) last posted its quarterly earnings results on Wednesday, August 7th. The semiconductor company reported ($1.79) EPS for the quarter, missing the consensus estimate of ($1.60) by ($0.19). SolarEdge Technologies had a negative return on equity of 18.00% and a negative net margin of 33.86%. The company had revenue of $265.41 million for the quarter, compared to analysts’ expectations of $264.31 million. During the same quarter in the prior year, the firm earned $2.06 EPS. The firm’s revenue was down 73.2% on a year-over-year basis. As a group, equities analysts anticipate that SolarEdge Technologies, Inc. will post -8.5 earnings per share for the current year.

Analyst Upgrades and Downgrades

A number of equities analysts have issued reports on the stock. Susquehanna reduced their price target on shares of SolarEdge Technologies from $36.00 to $24.00 and set a “neutral” rating for the company in a research report on Thursday, August 8th. Wells Fargo & Company reduced their price target on shares of SolarEdge Technologies from $62.00 to $29.00 and set an “equal weight” rating for the company in a research report on Tuesday, July 2nd. Truist Financial reduced their price target on shares of SolarEdge Technologies from $60.00 to $28.00 and set a “hold” rating for the company in a research report on Tuesday, August 6th. JPMorgan Chase & Co. raised their price objective on shares of SolarEdge Technologies from $49.00 to $50.00 and gave the stock an “overweight” rating in a research note on Tuesday, July 16th. Finally, Canaccord Genuity Group dropped their price objective on shares of SolarEdge Technologies from $38.00 to $27.00 and set a “hold” rating on the stock in a research note on Thursday, August 8th. Four research analysts have rated the stock with a sell rating, twenty-four have assigned a hold rating and four have issued a buy rating to the stock. According to data from MarketBeat.com, SolarEdge Technologies presently has a consensus rating of “Hold” and an average price target of $52.92.

SolarEdge Technologies Company Profile

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.