Quarry LP Buys New Shares in SolarEdge Technologies, Inc. (NASDAQ:SEDG)

Quarry LP purchased a new position in SolarEdge Technologies, Inc. (NASDAQ:SEDG) in the second quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The firm purchased 1,450,000 shares of the semiconductor company’s stock, valued at approximately $36,627,000. SolarEdge Technologies accounts for approximately 8.3% of Quarry LP’s investment portfolio, making the stock its biggest position.

Other large investors have also bought and sold shares of the company. GAMMA Investing LLC boosted its position in shares of 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 purchasing an additional 289 shares in the last quarter. Versant Capital Management Inc grew its stake 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 acquiring an additional 640 shares during the period. EntryPoint Capital LLC bought a new stake in shares of SolarEdge Technologies during the first quarter valued at approximately $64,000. International Assets Investment Management LLC acquired a new position in shares of SolarEdge Technologies during the second quarter worth approximately $28,000. Finally, Hexagon Capital Partners LLC lifted 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 worth $79,000 after purchasing an additional 610 shares in the last quarter. 95.10% of the stock is currently owned by institutional investors and hedge funds.

Wall Street Analyst Weigh In

SEDG has been the topic of several research reports. Susquehanna lowered their price objective on shares of SolarEdge Technologies from $36.00 to $24.00 and set a “neutral” rating on the stock in a report on Thursday, August 8th. TD Cowen lowered their target price on shares of SolarEdge Technologies from $50.00 to $35.00 and set a “buy” rating on the stock in a report on Thursday, August 8th. DZ Bank downgraded SolarEdge Technologies from a “hold” rating to a “sell” rating and set a $24.00 price target for the company. in a research note on Wednesday, July 17th. Canaccord Genuity Group lowered their price objective on SolarEdge Technologies from $38.00 to $27.00 and set a “hold” rating for the company in a research note on Thursday, August 8th. Finally, Piper Sandler cut their target price on SolarEdge Technologies from $29.00 to $25.00 and set a “neutral” rating on the stock in a research report on Thursday, August 8th. Five investment 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. According to MarketBeat, SolarEdge Technologies has an average rating of “Hold” and a consensus target price of $49.35.

SolarEdge Technologies Stock Performance

Shares of SEDG opened at $23.12 on Monday. SolarEdge Technologies, Inc. has a 1 year low of $17.12 and a 1 year high of $135.95. The company has a debt-to-equity ratio of 0.32, a current ratio of 5.10 and a quick ratio of 2.45. The stock’s fifty day moving average price is $23.52 and its two-hundred day moving average price is $40.35. The firm has a market cap of $1.32 billion, a PE ratio of -4.97 and a beta of 1.56.

SolarEdge Technologies (NASDAQ:SEDG) last released its quarterly earnings data on Wednesday, August 7th. The semiconductor company reported ($1.79) EPS for the quarter, missing the consensus estimate of ($1.60) by ($0.19). The business had revenue of $265.41 million for the quarter, compared to analysts’ expectations of $264.31 million. SolarEdge Technologies had a negative net margin of 33.86% and a negative return on equity of 18.00%. SolarEdge Technologies’s revenue for the quarter was down 73.2% compared to the same quarter last year. During the same period last year, the company earned $2.06 earnings per share. On average, equities research analysts forecast that SolarEdge Technologies, Inc. will post -8.57 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.