DekaBank Deutsche Girozentrale Purchases New Shares in SolarEdge Technologies, Inc. (NASDAQ:SEDG)

DekaBank Deutsche Girozentrale purchased a new stake in shares of SolarEdge Technologies, Inc. (NASDAQ:SEDG) during the third quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The firm purchased 66,000 shares of the semiconductor company’s stock, valued at approximately $1,495,000.

Several other hedge funds have also added to or reduced their stakes in the stock. Swedbank AB bought a new stake in SolarEdge Technologies in the first quarter worth about $261,312,000. Vanguard Group Inc. raised its position in shares of SolarEdge Technologies by 2.8% in the first quarter. Vanguard Group Inc. now owns 2,347,396 shares of the semiconductor company’s stock valued at $166,618,000 after purchasing an additional 62,942 shares during the period. Quarry LP bought a new stake in shares of SolarEdge Technologies in the second quarter valued at approximately $36,627,000. Harel Insurance Investments & Financial Services Ltd. raised its position in shares of SolarEdge Technologies by 0.3% in the second quarter. Harel Insurance Investments & Financial Services Ltd. now owns 1,010,729 shares of the semiconductor company’s stock valued at $25,531,000 after purchasing an additional 2,795 shares during the period. Finally, Marshall Wace LLP raised its position in shares of SolarEdge Technologies by 425.1% in the second quarter. Marshall Wace LLP now owns 555,959 shares of the semiconductor company’s stock valued at $14,044,000 after purchasing an additional 450,081 shares during the period. Institutional investors own 95.10% of the company’s stock.

SolarEdge Technologies Trading Up 3.7 %

NASDAQ:SEDG opened at $17.69 on Friday. The company has a fifty day moving average of $20.05 and a 200 day moving average of $32.33. SolarEdge Technologies, Inc. has a 52 week low of $14.82 and a 52 week high of $103.15. 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 firm has a market capitalization of $1.01 billion, a P/E ratio of -1.97 and a beta of 1.56.

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 analysts’ consensus estimates 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 firm had revenue of $265.41 million for the quarter, compared to the consensus estimate of $264.31 million. During the same quarter in the prior year, the company earned $2.06 earnings per share. The company’s quarterly revenue was down 73.2% compared to the same quarter last year. On average, research analysts predict that SolarEdge Technologies, Inc. will post -8.85 earnings per share for the current year.

Analyst Ratings Changes

Several research firms have recently issued reports on SEDG. Jefferies Financial Group lowered shares of SolarEdge Technologies from a “hold” rating to an “underperform” rating and lowered their price target for the company from $27.00 to $17.00 in a research report on Tuesday, September 17th. Glj Research cut shares of SolarEdge Technologies from a “strong-buy” rating to a “strong sell” rating in a research note on Tuesday, October 8th. Piper Sandler reduced their price objective on shares of SolarEdge Technologies from $25.00 to $17.00 and set a “neutral” rating for the company in a research note on Thursday, October 17th. William Blair initiated coverage on shares of SolarEdge Technologies in a research note on Thursday, August 29th. They set a “market perform” rating for the company. Finally, Canaccord Genuity Group cut their price target on shares of SolarEdge Technologies from $38.00 to $27.00 and set a “hold” rating for the company in a research note on Thursday, August 8th. Seven investment analysts have rated the stock with a sell rating, twenty-two have given a hold rating and three have issued a buy rating to the company’s stock. Based on data from MarketBeat, the company has an average rating of “Hold” and a consensus price target of $31.52.

SolarEdge Technologies 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.