Quarry LP Makes New Investment in SolarEdge Technologies, Inc. (NASDAQ:SEDG)

Quarry LP bought a new position in shares of SolarEdge Technologies, Inc. (NASDAQ:SEDG) during the second quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The institutional investor bought 1,450,000 shares of the semiconductor company’s stock, valued at approximately $36,627,000. SolarEdge Technologies makes up 8.3% of Quarry LP’s investment portfolio, making the stock its largest holding. Quarry LP owned about 2.53% of SolarEdge Technologies at the end of the most recent quarter.

Several other hedge funds also recently made changes to their positions in SEDG. Swedbank AB acquired a new stake in SolarEdge Technologies during the first quarter worth approximately $261,312,000. Vanguard Group Inc. grew its holdings in shares of SolarEdge Technologies by 2.8% during the 1st quarter. Vanguard Group Inc. now owns 2,347,396 shares of the semiconductor company’s stock worth $166,618,000 after purchasing an additional 62,942 shares in the last quarter. Harel Insurance Investments & Financial Services Ltd. increased its position in shares of SolarEdge Technologies by 0.3% in the second quarter. Harel Insurance Investments & Financial Services Ltd. now owns 1,010,729 shares of the semiconductor company’s stock worth $25,531,000 after purchasing an additional 2,795 shares during the period. Marshall Wace LLP raised its stake in SolarEdge Technologies by 425.1% in the second quarter. Marshall Wace LLP now owns 555,959 shares of the semiconductor company’s stock valued at $14,044,000 after purchasing an additional 450,081 shares in the last quarter. Finally, UniSuper Management Pty Ltd lifted its position in SolarEdge Technologies by 2.0% during the first quarter. UniSuper Management Pty Ltd now owns 549,163 shares of the semiconductor company’s stock worth $38,980,000 after purchasing an additional 10,866 shares during the period. 95.10% of the stock is owned by institutional investors.

SolarEdge Technologies Stock Performance

Shares of SEDG stock opened at $23.12 on Monday. The stock has a market capitalization of $1.32 billion, a PE ratio of -4.97 and a beta of 1.56. The business’s 50 day simple moving average is $23.52 and its 200 day simple moving average is $40.35. 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 $17.12 and a one year high of $135.95.

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

Analyst Upgrades and Downgrades

Several equities analysts have commented on SEDG shares. Royal Bank of Canada decreased their target price on shares of SolarEdge Technologies from $37.00 to $35.00 and set a “sector perform” rating on the stock in a report on Thursday, August 8th. Roth Mkm lowered their price objective on shares of SolarEdge Technologies from $27.00 to $23.00 and set a “neutral” rating for the company in a research report on Thursday, August 8th. DZ Bank downgraded SolarEdge Technologies from a “hold” rating to a “sell” rating and set a $24.00 target price on the stock. in a report on Wednesday, July 17th. Canaccord Genuity Group decreased their price target on SolarEdge Technologies from $38.00 to $27.00 and set a “hold” rating on the stock in a research note on Thursday, August 8th. Finally, Morgan Stanley reduced their price objective on SolarEdge Technologies from $83.00 to $41.00 and set an “equal weight” rating on the stock in a research note on Wednesday, June 26th. Five research analysts have rated the stock with a sell rating, twenty-five have issued a hold rating and four have given a buy rating to the company’s stock. According to data from MarketBeat.com, SolarEdge Technologies has a consensus rating of “Hold” and a consensus price target of $49.35.

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.