State of New Jersey Common Pension Fund D Trims Position in SolarEdge Technologies, Inc. (NASDAQ:SEDG)

State of New Jersey Common Pension Fund D lowered its holdings in SolarEdge Technologies, Inc. (NASDAQ:SEDG) by 7.9% in the second quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The firm owned 38,300 shares of the semiconductor company’s stock after selling 3,264 shares during the period. State of New Jersey Common Pension Fund D’s holdings in SolarEdge Technologies were worth $967,000 as of its most recent SEC filing.

Several other institutional investors have also recently added to or reduced their stakes in SEDG. GAMMA Investing LLC grew its holdings in SolarEdge Technologies by 90.0% in the 1st quarter. GAMMA Investing LLC now owns 610 shares of the semiconductor company’s stock valued at $43,000 after buying an additional 289 shares during the period. Versant Capital Management Inc grew its holdings in SolarEdge Technologies by 1,066.7% in the first quarter. Versant Capital Management Inc now owns 700 shares of the semiconductor company’s stock valued at $50,000 after purchasing an additional 640 shares during the period. EntryPoint Capital LLC acquired a new position in SolarEdge Technologies during the first quarter worth approximately $64,000. International Assets Investment Management LLC purchased a new position in SolarEdge Technologies during the second quarter worth approximately $28,000. Finally, Hexagon Capital Partners LLC boosted its holdings in shares of SolarEdge Technologies by 120.8% in the 1st quarter. Hexagon Capital Partners LLC now owns 1,115 shares of the semiconductor company’s stock valued at $79,000 after purchasing an additional 610 shares during the last quarter. 95.10% of the stock is currently owned by institutional investors and hedge funds.

SolarEdge Technologies Stock Down 5.1 %

Shares of NASDAQ:SEDG opened at $20.17 on Thursday. SolarEdge Technologies, Inc. has a 52 week low of $17.12 and a 52 week high of $135.95. The company has a debt-to-equity ratio of 0.32, a quick ratio of 2.45 and a current ratio of 5.10. The company has a market cap of $1.16 billion, a PE ratio of -4.34 and a beta of 1.56. The firm has a 50 day simple moving average of $23.68 and a 200 day simple moving average of $41.26.

SolarEdge Technologies (NASDAQ:SEDG) last released its earnings results on Wednesday, August 7th. The semiconductor company reported ($1.79) earnings per share for the quarter, missing the consensus estimate of ($1.60) by ($0.19). SolarEdge Technologies had a negative net margin of 33.86% and a negative return on equity of 18.00%. The business had revenue of $265.41 million for the quarter, compared to analysts’ expectations of $264.31 million. During the same period last year, the firm earned $2.06 EPS. The company’s revenue was down 73.2% compared to the same quarter last year. As a group, research analysts expect that SolarEdge Technologies, Inc. will post -8.67 earnings per share for the current year.

Analyst Upgrades and Downgrades

A number of research analysts recently weighed in on SEDG shares. Wells Fargo & Company reduced their target price on SolarEdge Technologies from $62.00 to $29.00 and set an “equal weight” rating on the stock in a report on Tuesday, July 2nd. Royal Bank of Canada decreased their price target on shares of SolarEdge Technologies from $37.00 to $35.00 and set a “sector perform” rating for the company in a research report on Thursday, August 8th. Truist Financial reissued a “hold” rating and issued a $20.00 price objective on shares of SolarEdge Technologies in a research report on Tuesday, August 27th. Scotiabank decreased their target price on SolarEdge Technologies from $46.00 to $41.00 and set a “sector perform” rating for the company in a research report on Thursday, August 8th. Finally, TD Cowen dropped their target price on SolarEdge Technologies from $50.00 to $35.00 and set a “buy” rating on the stock in a report on Thursday, August 8th. Five equities research analysts have rated the stock with a sell rating, twenty-five have assigned a hold rating and four have given a buy rating to the stock. Based on data from MarketBeat, the company has an average rating of “Hold” and a consensus target price of $49.35.

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.