M&G Plc Sells 10,445,540 Shares of SolarEdge Technologies, Inc. (NASDAQ:SEDG)

M&G Plc cut its stake in shares of SolarEdge Technologies, Inc. (NASDAQ:SEDG) by 92.1% during the 2nd quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The institutional investor owned 894,710 shares of the semiconductor company’s stock after selling 10,445,540 shares during the period. M&G Plc’s holdings in SolarEdge Technologies were worth $22,368,000 as of its most recent SEC filing.

A number of other hedge funds have also recently bought and sold shares of the company. Manchester Capital Management LLC raised its holdings in shares of SolarEdge Technologies by 1,345.0% in the fourth quarter. Manchester Capital Management LLC now owns 289 shares of the semiconductor company’s stock valued at $27,000 after purchasing an additional 269 shares during the last quarter. GAMMA Investing LLC bought a new position in shares of SolarEdge Technologies during the 4th quarter worth approximately $30,000. Versant Capital Management Inc boosted its stake in shares of SolarEdge Technologies by 1,066.7% in the 1st quarter. Versant Capital Management Inc now owns 700 shares of the semiconductor company’s stock worth $50,000 after buying an additional 640 shares during the last quarter. EntryPoint Capital LLC bought a new position in shares of SolarEdge Technologies in the first quarter valued at approximately $64,000. Finally, Hexagon Capital Partners LLC lifted its holdings in SolarEdge Technologies by 120.8% during the first quarter. Hexagon Capital Partners LLC now owns 1,115 shares of the semiconductor company’s stock worth $79,000 after acquiring an additional 610 shares during the period. 95.10% of the stock is owned by hedge funds and other institutional investors.

Analyst Ratings Changes

A number of brokerages have issued reports on SEDG. Susquehanna reduced their price objective on SolarEdge Technologies from $36.00 to $24.00 and set a “neutral” rating for the company in a research note on Thursday, August 8th. Northland Capmk downgraded shares of SolarEdge Technologies from a “strong-buy” rating to a “hold” rating in a report on Thursday, May 9th. The Goldman Sachs Group lowered their price objective on shares of SolarEdge Technologies from $25.00 to $19.00 and set a “sell” rating on the stock in a research report on Friday, August 9th. Canaccord Genuity Group reduced their target price on shares of SolarEdge Technologies from $58.00 to $38.00 and set a “hold” rating for the company in a research report on Tuesday, June 25th. Finally, Northland Securities cut shares of SolarEdge Technologies from an “outperform” rating to a “market perform” rating in a report on Thursday, May 9th. Four equities research analysts have rated the stock with a sell rating, twenty-four have issued a hold rating and four have given a buy rating to the stock. According to MarketBeat.com, the stock presently has a consensus rating of “Hold” and an average price target of $52.92.

SolarEdge Technologies Stock Up 2.1 %

Shares of NASDAQ:SEDG opened at $21.88 on Wednesday. The firm has a fifty day moving average price of $30.25 and a two-hundred day moving average price of $52.04. The company has a market cap of $1.25 billion, a price-to-earnings ratio of -4.71 and a beta of 1.52. The company has a debt-to-equity ratio of 0.32, a current ratio of 5.10 and a quick ratio of 2.45. SolarEdge Technologies, Inc. has a one year low of $19.81 and a one year high of $177.85.

SolarEdge Technologies (NASDAQ:SEDG) last issued its quarterly earnings data on Wednesday, August 7th. The semiconductor company reported ($1.79) earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of ($1.60) by ($0.19). SolarEdge Technologies had a negative return on equity of 18.00% and a negative net margin of 33.86%. The business had revenue of $265.41 million during the quarter, compared to analysts’ expectations of $264.31 million. During the same quarter last year, the business posted $2.06 EPS. The company’s quarterly revenue was down 73.2% on a year-over-year basis. Analysts anticipate that SolarEdge Technologies, Inc. will post -7.01 EPS for the current fiscal year.

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.