Deerfield Management Company L.P. Series C Makes New Investment in SolarEdge Technologies, Inc. (NASDAQ:SEDG)

Deerfield Management Company L.P. Series C bought a new stake in shares of SolarEdge Technologies, Inc. (NASDAQ:SEDG) during the second quarter, Holdings Channel.com reports. The fund bought 26,824 shares of the semiconductor company’s stock, valued at approximately $678,000.

Several other hedge funds and other institutional investors also recently modified their holdings of SEDG. GAMMA Investing LLC boosted 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 valued at $43,000 after acquiring an additional 289 shares in the last quarter. Versant Capital Management Inc raised 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 worth $50,000 after purchasing an additional 640 shares in the last quarter. EntryPoint Capital LLC bought a new position in SolarEdge Technologies in the first quarter worth $64,000. International Assets Investment Management LLC purchased a new position in SolarEdge Technologies during the second quarter valued at $28,000. Finally, Hexagon Capital Partners LLC boosted its holdings in shares of SolarEdge Technologies by 120.8% during the 1st quarter. Hexagon Capital Partners LLC now owns 1,115 shares of the semiconductor company’s stock valued at $79,000 after buying an additional 610 shares in the last quarter. Hedge funds and other institutional investors own 95.10% of the company’s stock.

Wall Street Analysts Forecast Growth

A number of research analysts recently issued reports on the stock. Jefferies Financial Group cut 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. Truist Financial reiterated a “hold” rating and set a $20.00 target price on shares of SolarEdge Technologies in a report on Tuesday, August 27th. Bank of America dropped their price target on SolarEdge Technologies from $31.00 to $25.00 and set a “neutral” rating on the stock in a research report on Thursday, August 8th. William Blair started coverage on SolarEdge Technologies in a research note on Thursday, August 29th. They set a “market perform” rating for the company. Finally, Roth Mkm dropped their target price on SolarEdge Technologies from $27.00 to $23.00 and set a “neutral” rating on the stock in a report on Thursday, August 8th. Five analysts have rated the stock with a sell rating, twenty-five have issued a hold rating and four have given a buy rating to the stock. According to data from MarketBeat.com, the company has an average rating of “Hold” and a consensus target price of $49.35.

SolarEdge Technologies Trading Up 7.1 %

Shares of NASDAQ:SEDG opened at $21.61 on Friday. The stock’s 50-day simple moving average is $23.57 and its two-hundred day simple moving average is $41.12. The stock has a market capitalization of $1.24 billion, a price-to-earnings ratio of -4.65 and a beta of 1.56. 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.

SolarEdge Technologies (NASDAQ:SEDG) last announced its earnings results on Wednesday, August 7th. The semiconductor company reported ($1.79) earnings per share (EPS) 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 the consensus estimate of $264.31 million. During the same quarter last year, the firm posted $2.06 earnings per share. The business’s quarterly revenue was down 73.2% compared to the same quarter last year. Analysts expect that SolarEdge Technologies, Inc. will post -8.67 EPS for the current 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.