12,119 Shares in SolarEdge Technologies, Inc. (NASDAQ:SEDG) Purchased by Y Intercept Hong Kong Ltd

Y Intercept Hong Kong Ltd bought a new position in SolarEdge Technologies, Inc. (NASDAQ:SEDG) during the third quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The fund bought 12,119 shares of the semiconductor company’s stock, valued at approximately $278,000.

A number of other hedge funds also recently made changes to their positions in SEDG. Quarry LP purchased a new stake in shares of SolarEdge Technologies in the second quarter worth about $36,627,000. Marshall Wace LLP lifted 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 worth $14,044,000 after buying an additional 450,081 shares in the last quarter. Soros Fund Management LLC purchased a new stake in SolarEdge Technologies during the third quarter valued at approximately $5,293,000. Connor Clark & Lunn Investment Management Ltd. lifted its stake in shares of SolarEdge Technologies by 683.1% in the 3rd quarter. Connor Clark & Lunn Investment Management Ltd. now owns 252,553 shares of the semiconductor company’s stock valued at $5,786,000 after purchasing an additional 220,304 shares during the last quarter. Finally, Handelsbanken Fonder AB boosted its holdings in shares of SolarEdge Technologies by 1,634.6% in the 3rd quarter. Handelsbanken Fonder AB now owns 214,368 shares of the semiconductor company’s stock worth $4,911,000 after purchasing an additional 202,010 shares during the period. 95.10% of the stock is currently owned by hedge funds and other institutional investors.

Analysts Set New Price Targets

Several research firms recently weighed in on SEDG. Bank of America lowered SolarEdge Technologies from a “neutral” rating to an “underperform” rating and decreased their price target for the company from $21.00 to $14.00 in a report on Thursday, November 7th. Susquehanna lowered their target price on shares of SolarEdge Technologies from $20.00 to $11.00 and set a “neutral” rating for the company in a report on Thursday, November 7th. BMO Capital Markets cut their price target on shares of SolarEdge Technologies from $21.00 to $12.00 and set a “market perform” rating on the stock in a report on Thursday, November 7th. Barclays decreased their price objective on shares of SolarEdge Technologies from $17.00 to $7.00 and set an “underperform” rating for the company in a research note on Friday, November 15th. Finally, Piper Sandler cut SolarEdge Technologies from a “neutral” rating to an “underweight” rating and cut their target price for the company from $17.00 to $9.00 in a research note on Thursday, November 7th. Eight equities research analysts have rated the stock with a sell rating, nineteen have issued a hold rating and three have given a buy rating to the stock. According to data from MarketBeat, the company currently has a consensus rating of “Hold” and an average target price of $22.40.

Insider Buying and Selling at SolarEdge Technologies

In other news, Chairman More Avery purchased 156,000 shares of the company’s stock in a transaction on Monday, November 11th. The shares were acquired at an average price of $13.65 per share, for a total transaction of $2,129,400.00. Following the purchase, the chairman now owns 244,478 shares in the company, valued at $3,337,124.70. This trade represents a 176.32 % increase in their ownership of the stock. The acquisition was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this hyperlink. 0.67% of the stock is currently owned by company insiders.

SolarEdge Technologies Stock Down 3.7 %

SolarEdge Technologies stock opened at $13.84 on Thursday. The business has a fifty day moving average price of $14.89 and a 200-day moving average price of $22.85. SolarEdge Technologies, Inc. has a 1-year low of $10.24 and a 1-year high of $103.15. The stock has a market capitalization of $802.03 million, a price-to-earnings ratio of -0.48 and a beta of 1.56. The company has a debt-to-equity ratio of 0.39, a current ratio of 2.34 and a quick ratio of 1.46.

SolarEdge Technologies (NASDAQ:SEDG) last issued its quarterly earnings results on Wednesday, November 6th. The semiconductor company reported ($15.33) earnings per share for the quarter, missing analysts’ consensus estimates of ($1.55) by ($13.78). The business had revenue of $260.90 million for the quarter, compared to analysts’ expectations of $272.80 million. SolarEdge Technologies had a negative return on equity of 65.79% and a negative net margin of 158.19%. SolarEdge Technologies’s revenue was down 64.0% on a year-over-year basis. During the same quarter in the previous year, the firm posted ($1.03) EPS. Equities research analysts forecast that SolarEdge Technologies, Inc. will post -19.18 EPS for the current fiscal year.

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.