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

Y Intercept Hong Kong Ltd bought a new stake in shares of SolarEdge Technologies, Inc. (NASDAQ:SEDG) in the third quarter, Holdings Channel reports. The fund bought 12,119 shares of the semiconductor company’s stock, valued at approximately $278,000.

Other hedge funds also recently added to or reduced their stakes in the company. International Assets Investment Management LLC acquired a new position in shares of SolarEdge Technologies in the 2nd quarter valued at about $28,000. KBC Group NV raised its position in SolarEdge Technologies by 95.8% during the third quarter. KBC Group NV now owns 2,816 shares of the semiconductor company’s stock valued at $65,000 after acquiring an additional 1,378 shares in the last quarter. US Bancorp DE lifted its holdings in SolarEdge Technologies by 243.6% in the third quarter. US Bancorp DE now owns 6,818 shares of the semiconductor company’s stock valued at $156,000 after acquiring an additional 4,834 shares during the period. GFG Capital LLC purchased a new stake in SolarEdge Technologies in the 3rd quarter worth approximately $229,000. Finally, Magnetar Financial LLC acquired a new stake in shares of SolarEdge Technologies during the 2nd quarter worth approximately $286,000. 95.10% of the stock is owned by hedge funds and other institutional investors.

Analyst Upgrades and Downgrades

A number of brokerages recently issued reports on SEDG. Truist Financial lowered their price target on shares of SolarEdge Technologies from $20.00 to $15.00 and set a “hold” rating on the stock in a report on Friday, November 8th. Glj Research restated a “sell” rating and set a $3.90 target price on shares of SolarEdge Technologies in a research report on Friday, November 29th. Bank of America lowered SolarEdge Technologies from a “neutral” rating to an “underperform” rating and cut their price target for the company from $21.00 to $14.00 in a research note on Thursday, November 7th. William Blair assumed coverage on SolarEdge Technologies in a report on Thursday, August 29th. They issued a “market perform” rating on the stock. Finally, UBS Group reduced their target price on SolarEdge Technologies from $26.00 to $18.00 and set a “neutral” rating for the company in a research note on Friday, November 8th. Eight research analysts have rated the stock with a sell rating, nineteen have assigned a hold rating and three have given a buy rating to the stock. According to MarketBeat.com, the company has a consensus rating of “Hold” and a consensus price target of $22.40.

SolarEdge Technologies Stock Down 3.7 %

SEDG stock opened at $13.84 on Thursday. SolarEdge Technologies, Inc. has a one year low of $10.24 and a one year high of $103.15. The firm has a market cap of $802.03 million, a PE ratio of -0.48 and a beta of 1.56. The firm’s 50 day moving average price is $14.89 and its 200-day moving average price is $22.85. The company has a debt-to-equity ratio of 0.39, a quick ratio of 1.46 and a current ratio of 2.34.

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

Insider Transactions at SolarEdge Technologies

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

About SolarEdge Technologies

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.