Advisors Asset Management Inc. Grows Position in SolarEdge Technologies, Inc. (NASDAQ:SEDG)

Advisors Asset Management Inc. grew its holdings in SolarEdge Technologies, Inc. (NASDAQ:SEDG) by 86.5% in the third quarter, according to its most recent disclosure with the Securities & Exchange Commission. The fund owned 15,307 shares of the semiconductor company’s stock after buying an additional 7,099 shares during the period. Advisors Asset Management Inc.’s holdings in SolarEdge Technologies were worth $351,000 as of its most recent filing with the Securities & Exchange Commission.

Several other hedge funds and other institutional investors have also recently modified their holdings of the business. AMG National Trust Bank purchased a new stake in SolarEdge Technologies in the 3rd quarter valued at $4,055,000. Connor Clark & Lunn Investment Management Ltd. grew its holdings in shares of SolarEdge Technologies by 683.1% in the third quarter. Connor Clark & Lunn Investment Management Ltd. now owns 252,553 shares of the semiconductor company’s stock valued at $5,786,000 after purchasing an additional 220,304 shares during the period. Mizuho Markets Americas LLC increased its position in SolarEdge Technologies by 653.4% during the third quarter. Mizuho Markets Americas LLC now owns 188,340 shares of the semiconductor company’s stock worth $4,315,000 after purchasing an additional 163,340 shares during the last quarter. Meitav Investment House Ltd. raised its stake in SolarEdge Technologies by 9.6% during the third quarter. Meitav Investment House Ltd. now owns 582,109 shares of the semiconductor company’s stock worth $13,340,000 after purchasing an additional 51,065 shares during the period. Finally, DekaBank Deutsche Girozentrale acquired a new position in SolarEdge Technologies in the 3rd quarter valued at about $1,495,000. 95.10% of the stock is owned by hedge funds and other institutional investors.

Analysts Set New Price Targets

Several analysts have recently commented on the stock. Jefferies Financial Group lowered shares of SolarEdge Technologies from a “hold” rating to an “underperform” rating and reduced their price target for the company from $27.00 to $17.00 in a research report on Tuesday, September 17th. Piper Sandler downgraded SolarEdge Technologies from a “neutral” rating to an “underweight” rating and reduced their target price for the company from $17.00 to $9.00 in a research report on Thursday, November 7th. Bank of America cut SolarEdge Technologies from a “neutral” rating to an “underperform” rating and lowered their price target for the stock from $21.00 to $14.00 in a report on Thursday, November 7th. Canaccord Genuity Group reduced their price objective on shares of SolarEdge Technologies from $38.00 to $27.00 and set a “hold” rating on the stock in a report on Thursday, August 8th. Finally, TD Cowen lowered their target price on shares of SolarEdge Technologies from $16.00 to $11.00 and set a “hold” rating for the company in a research note on Thursday, November 7th. Nine investment analysts have rated the stock with a sell rating, nineteen have issued a hold rating and two have issued a buy rating to the company’s stock. According to data from MarketBeat, the stock has a consensus rating of “Hold” and a consensus target price of $22.79.

SolarEdge Technologies Trading Up 8.5 %

NASDAQ:SEDG opened at $14.86 on Friday. 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, Inc. has a 1 year low of $10.24 and a 1 year high of $103.15. The stock has a market cap of $861.14 million, a P/E ratio of -0.51 and a beta of 1.59. The stock has a 50-day simple moving average of $16.95 and a 200-day simple moving average of $26.59.

SolarEdge Technologies (NASDAQ:SEDG) last announced its quarterly earnings results on Wednesday, November 6th. The semiconductor company reported ($15.33) EPS for the quarter, missing the consensus estimate of ($1.55) by ($13.78). SolarEdge Technologies had a negative net margin of 158.19% and a negative return on equity of 65.79%. The company had revenue of $260.90 million during the quarter, compared to analysts’ expectations of $272.80 million. During the same quarter in the prior year, the company earned ($1.03) earnings per share. The business’s revenue for the quarter was down 64.0% on a year-over-year basis. As a group, analysts anticipate that SolarEdge Technologies, Inc. will post -19.05 earnings per share for the current fiscal year.

Insider Buying and Selling

In other news, Chairman More Avery acquired 156,000 shares of the company’s stock in a transaction on Monday, November 11th. The shares were bought at an average price of $13.65 per share, with a total value of $2,129,400.00. Following the completion of the acquisition, the chairman now owns 244,478 shares in the company, valued at $3,337,124.70. This trade represents a 176.32 % increase in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this link. 0.67% of the stock is owned by company insiders.

SolarEdge Technologies 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.