SIR Capital Management L.P. Purchases Shares of 188,900 SolarEdge Technologies, Inc. (NASDAQ:SEDG)
SIR Capital Management L.P. has acquired 188,900 shares of SolarEdge Technologies, Inc. (NASDAQ:SEDG) valued at approximately $2.57 million, representing 0.33% ownership. Other institutional investors also increased their stakes in the company during the 4th quarter. SolarEdge's stock opened at $20.84, with a market cap of $1.23 billion. The company reported a quarterly EPS of ($1.14), beating estimates, and a revenue of $219.48 million. Analysts have mixed ratings on the stock, with a consensus rating of "Hold" and a price target of $16.32.
SIR Capital Management L.P. acquired a new position in shares of SolarEdge Technologies, Inc. (NASDAQ:SEDG - Free Report) in the 4th quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The institutional investor acquired 188,900 shares of the semiconductor company's stock, valued at approximately $2,569,000. SIR Capital Management L.P. owned approximately 0.33% of SolarEdge Technologies as of its most recent SEC filing.
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A number of other hedge funds and other institutional investors have also made changes to their positions in the stock. Point72 Asset Management L.P. bought a new position in shares of SolarEdge Technologies during the 4th quarter worth approximately $17,909,000. Ion Asset Management Ltd. acquired a new position in SolarEdge Technologies during the fourth quarter worth $12,005,000. Grantham Mayo Van Otterloo & Co. LLC grew its position in SolarEdge Technologies by 14.9% in the fourth quarter. Grantham Mayo Van Otterloo & Co. LLC now owns 4,953,698 shares of the semiconductor company's stock valued at $67,370,000 after purchasing an additional 641,915 shares in the last quarter. Assenagon Asset Management S.A. increased its stake in SolarEdge Technologies by 182.3% in the 4th quarter. Assenagon Asset Management S.A. now owns 874,113 shares of the semiconductor company's stock valued at $11,888,000 after buying an additional 564,490 shares during the last quarter. Finally, Legal & General Group Plc lifted its position in SolarEdge Technologies by 67.6% during the 4th quarter. Legal & General Group Plc now owns 1,269,298 shares of the semiconductor company's stock worth $17,262,000 after buying an additional 512,035 shares in the last quarter. 95.10% of the stock is currently owned by institutional investors and hedge funds.
SolarEdge Technologies Price Performance
Shares of NASDAQ SEDG opened at $20.84 on Friday. The business has a fifty day moving average price of $14.94 and a two-hundred day moving average price of $14.74. The stock has a market capitalization of $1.23 billion, a PE ratio of -0.67 and a beta of 1.50. The company has a debt-to-equity ratio of 0.56, a current ratio of 1.95 and a quick ratio of 1.46. SolarEdge Technologies, Inc. has a fifty-two week low of $10.24 and a fifty-two week high of $53.58.
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SolarEdge Technologies (NASDAQ:SEDG - Get Free Report) last posted its quarterly earnings results on Tuesday, May 6th. The semiconductor company reported ($1.14) EPS for the quarter, beating analysts' consensus estimates of ($1.26) by $0.12. The business had revenue of $219.48 million during the quarter, compared to the consensus estimate of $205.39 million. SolarEdge Technologies had a negative return on equity of 95.05% and a negative net margin of 192.13%. SolarEdge Technologies's revenue for the quarter was up 7.4% compared to the same quarter last year. During the same quarter in the previous year, the firm earned ($1.90) earnings per share. As a group, equities analysts predict that SolarEdge Technologies, Inc. will post -4.54 earnings per share for the current fiscal year.
Wall Street Analysts Forecast Growth
SEDG has been the subject of several analyst reports. Barclays raised their price objective on SolarEdge Technologies from $10.00 to $11.00 and gave the company an "underweight" rating in a report on Wednesday, April 16th. Susquehanna reduced their price target on SolarEdge Technologies from $17.00 to $12.00 and set a "neutral" rating for the company in a research report on Monday, April 14th. The Goldman Sachs Group boosted their price target on SolarEdge Technologies from $21.00 to $31.00 and gave the stock a "buy" rating in a research report on Thursday, February 20th. Morgan Stanley reiterated an "underweight" rating and set a $10.00 price objective on shares of SolarEdge Technologies in a research note on Wednesday, April 23rd. Finally, UBS Group decreased their target price on shares of SolarEdge Technologies from $22.00 to $17.00 and set a "neutral" rating for the company in a research note on Thursday, May 8th. Ten equities research analysts have rated the stock with a sell rating, fifteen have given a hold rating, two have assigned a buy rating and one has given a strong buy rating to the company's stock. According to MarketBeat.com, the stock currently has a consensus rating of "Hold" and a consensus price target of $16.32.
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Check Out Our Latest Research Report on SolarEdge Technologies
Insider Transactions at SolarEdge Technologies
In related news, Chairman More Avery acquired 30,000 shares of the company's stock in a transaction that occurred on Tuesday, March 4th. The stock was acquired at an average price of $13.70 per share, with a total value of $411,000.00. Following the purchase, the chairman now directly owns 274,478 shares in the company, valued at approximately $3,760,348.60. This trade represents a 12.27% increase in their ownership of the stock. The purchase was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this link. 0.67% of the stock is owned by insiders.
SolarEdge Technologies Company Profile
(Free Report)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.
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Want to see what other hedge funds are holding SEDG? Visit HoldingsChannel.com to get the latest 13F filings and insider trades for SolarEdge Technologies, Inc. (NASDAQ:SEDG - Free Report).
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