Migdal Insurance & Financial Holdings Ltd. lowered its position in SolarEdge Technologies, Inc. (NASDAQ:SEDG – Free Report) by 38.0% in the third quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The institutional investor owned 261,675 shares of the semiconductor company’s stock after selling 160,163 shares during the quarter. Migdal Insurance & Financial Holdings Ltd.’s holdings in SolarEdge Technologies were worth $5,997,000 at the end of the most recent quarter.
A number of other hedge funds have also made changes to their positions in SEDG. M&G PLC boosted its stake in shares of SolarEdge Technologies by 4.2% during the third quarter. M&G PLC now owns 932,711 shares of the semiconductor company’s stock valued at $21,452,000 after acquiring an additional 38,001 shares during the last quarter. Harvest Portfolios Group Inc. acquired a new stake in shares of SolarEdge Technologies during the third quarter valued at $353,000. Van ECK Associates Corp boosted its stake in SolarEdge Technologies by 12.1% in the 3rd quarter. Van ECK Associates Corp now owns 78,635 shares of the semiconductor company’s stock worth $1,802,000 after buying an additional 8,490 shares during the last quarter. US Bancorp DE grew its holdings in shares of SolarEdge Technologies by 243.6% during the 3rd quarter. US Bancorp DE now owns 6,818 shares of the semiconductor company’s stock worth $156,000 after purchasing an additional 4,834 shares during the period. Finally, Bank Hapoalim BM grew its holdings in shares of SolarEdge Technologies by 2.5% during the 3rd quarter. Bank Hapoalim BM now owns 33,573 shares of the semiconductor company’s stock worth $769,000 after purchasing an additional 812 shares during the period. Hedge funds and other institutional investors own 95.10% of the company’s stock.
Wall Street Analysts Forecast Growth
A number of analysts have recently issued reports on SEDG shares. UBS Group decreased their target price on SolarEdge Technologies from $26.00 to $18.00 and set a “neutral” rating for the company in a report on Friday. Citigroup decreased their target price on SolarEdge Technologies from $31.00 to $19.00 and set a “neutral” rating for the company in a report on Tuesday, October 22nd. DZ Bank cut SolarEdge Technologies from a “hold” rating to a “sell” rating and set a $24.00 target price for the company. in a report on Wednesday, July 17th. Truist Financial decreased their target price on SolarEdge Technologies from $20.00 to $15.00 and set a “hold” rating for the company in a report on Friday. Finally, StockNews.com raised SolarEdge Technologies to a “sell” rating in a research report on Friday. Nine equities research analysts have rated the stock with a sell rating, nineteen have assigned a hold rating and two have assigned a buy rating to the company. Based on data from MarketBeat.com, SolarEdge Technologies has a consensus rating of “Hold” and a consensus target price of $23.79.
SolarEdge Technologies Stock Down 9.1 %
SEDG traded down $1.35 during trading on Friday, reaching $13.53. 7,877,671 shares of the company were exchanged, compared to its average volume of 5,314,403. The firm has a 50 day moving average of $19.12 and a 200 day moving average of $30.71. The company has a debt-to-equity ratio of 0.39, a current ratio of 2.34 and a quick ratio of 2.45. SolarEdge Technologies, Inc. has a 52 week low of $12.38 and a 52 week high of $103.15.
SolarEdge Technologies (NASDAQ:SEDG – Get Free Report) last released its quarterly 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 return on equity of 65.79% and a negative net margin of 158.19%. The business had revenue of $265.41 million during the quarter, compared to the consensus estimate of $264.31 million. During the same period in the previous year, the company posted $2.06 EPS. The company’s revenue for the quarter was down 73.2% compared to the same quarter last year. As a group, equities research analysts expect that SolarEdge Technologies, Inc. will post -8.85 earnings per share for the current year.
SolarEdge Technologies Company 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.
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