Assenagon Asset Management S.A. Buys 564,490 Shares of SolarEdge Technologies, Inc. (NASDAQ:SEDG)

Assenagon Asset Management S.A. increased its stake in SolarEdge Technologies, Inc. (NASDAQ:SEDG) by 182.3% in the fourth quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 874,113 shares of the semiconductor company’s stock after buying an additional 564,490 shares during the period. Assenagon Asset Management S.A.’s holdings in SolarEdge Technologies were worth $11,888,000 at the end of the most recent reporting period.

Several other institutional investors and hedge funds have also bought and sold shares of the stock. KBC Group NV grew its holdings in shares of SolarEdge Technologies by 95.8% during the 3rd quarter. KBC Group NV now owns 2,816 shares of the semiconductor company’s stock worth $65,000 after acquiring an additional 1,378 shares during the period. GAMMA Investing LLC grew its stake in SolarEdge Technologies by 655.2% in the fourth quarter. GAMMA Investing LLC now owns 5,264 shares of the semiconductor company’s stock worth $72,000 after purchasing an additional 4,567 shares during the period. US Bancorp DE raised its holdings in SolarEdge Technologies by 243.6% in the third 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 in the last quarter. GFG Capital LLC purchased a new position in SolarEdge Technologies during the third quarter valued at $229,000. Finally, Y Intercept Hong Kong Ltd bought a new stake in shares of SolarEdge Technologies during the 3rd quarter valued at $278,000. 95.10% of the stock is currently owned by hedge funds and other institutional investors.

SolarEdge Technologies Stock Down 2.1 %

SEDG opened at $13.91 on Friday. SolarEdge Technologies, Inc. has a 1-year low of $10.24 and a 1-year high of $87.98. The firm’s 50 day simple moving average is $13.81 and its two-hundred day simple moving average is $19.34. The company has a current ratio of 2.34, a quick ratio of 1.46 and a debt-to-equity ratio of 0.39. The company has a market capitalization of $806.08 million, a PE ratio of -0.48 and a beta of 1.56.

SolarEdge Technologies (NASDAQ:SEDG) last released its quarterly earnings results on Wednesday, November 6th. The semiconductor company reported ($15.33) earnings per share (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 for the quarter, compared to the consensus estimate of $272.80 million. During the same period in the prior year, the firm posted ($1.03) EPS. The business’s revenue for the quarter was down 64.0% on a year-over-year basis. As a group, equities analysts forecast that SolarEdge Technologies, Inc. will post -23.2 EPS for the current year.

Insider Activity at SolarEdge Technologies

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

Wall Street Analyst Weigh In

Several research analysts recently issued reports on SEDG shares. TD Cowen decreased their price target 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. Susquehanna lowered their target price on shares of SolarEdge Technologies from $20.00 to $11.00 and set a “neutral” rating for the company in a report on Thursday, November 7th. UBS Group dropped their price target on SolarEdge Technologies from $26.00 to $18.00 and set a “neutral” rating on the stock in a research report on Friday, November 8th. Citigroup reaffirmed a “sell” rating and set a $9.00 price objective (down previously from $12.00) on shares of SolarEdge Technologies in a research report on Wednesday, January 8th. Finally, Morgan Stanley reissued an “underweight” rating and issued a $9.00 target price (down from $23.00) on shares of SolarEdge Technologies in a report on Friday, November 15th. Eight investment analysts have rated the stock with a sell rating, eighteen have assigned a hold rating, three have given a buy rating and one has given a strong buy rating to the stock. Based on data from MarketBeat, the company currently has an average rating of “Hold” and a consensus price target of $21.24.

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.