Public Sector Pension Investment Board Acquires 9,658 Shares of SolarEdge Technologies, Inc. (NASDAQ:SEDG)

Public Sector Pension Investment Board increased its holdings in SolarEdge Technologies, Inc. (NASDAQ:SEDG) by 8.3% in the 2nd quarter, according to its most recent filing with the SEC. The institutional investor owned 126,108 shares of the semiconductor company’s stock after buying an additional 9,658 shares during the quarter. Public Sector Pension Investment Board owned about 0.22% of SolarEdge Technologies worth $3,185,000 at the end of the most recent reporting period.

A number of other hedge funds have also bought and sold shares of SEDG. Green Alpha Advisors LLC grew its stake in shares of SolarEdge Technologies by 2.7% in the first quarter. Green Alpha Advisors LLC now owns 10,226 shares of the semiconductor company’s stock worth $726,000 after acquiring an additional 270 shares during the period. GAMMA Investing LLC grew its position in SolarEdge Technologies by 90.0% in the 1st quarter. GAMMA Investing LLC now owns 610 shares of the semiconductor company’s stock worth $43,000 after purchasing an additional 289 shares during the period. Royal London Asset Management Ltd. raised its stake in SolarEdge Technologies by 1.8% during the 4th quarter. Royal London Asset Management Ltd. now owns 21,870 shares of the semiconductor company’s stock valued at $2,047,000 after buying an additional 378 shares during the last quarter. Trillium Asset Management LLC lifted its holdings in shares of SolarEdge Technologies by 1.6% during the 1st quarter. Trillium Asset Management LLC now owns 27,604 shares of the semiconductor company’s stock valued at $1,960,000 after buying an additional 427 shares during the period. Finally, Yelin Lapidot Holdings Management Ltd. boosted its stake in shares of SolarEdge Technologies by 5.1% in the 2nd quarter. Yelin Lapidot Holdings Management Ltd. now owns 11,654 shares of the semiconductor company’s stock worth $294,000 after buying an additional 564 shares during the last quarter. Hedge funds and other institutional investors own 95.10% of the company’s stock.

SolarEdge Technologies Stock Up 7.0 %

NASDAQ SEDG opened at $23.12 on Friday. The stock has a 50 day moving average price of $23.52 and a 200-day moving average price of $40.54. SolarEdge Technologies, Inc. has a one year low of $17.12 and a one year high of $135.95. The company has a market capitalization of $1.32 billion, a P/E ratio of -4.97 and a beta of 1.56. The company has a debt-to-equity ratio of 0.32, a quick ratio of 2.45 and a current ratio of 5.10.

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

Wall Street Analysts Forecast Growth

A number of research analysts have weighed in on SEDG shares. Wells Fargo & Company lowered their target price on SolarEdge Technologies from $62.00 to $29.00 and set an “equal weight” rating on the stock in a report on Tuesday, July 2nd. Deutsche Bank Aktiengesellschaft dropped their price objective on shares of SolarEdge Technologies from $40.00 to $25.00 and set a “hold” rating on the stock in a report on Friday, August 9th. Piper Sandler reduced their target price on shares of SolarEdge Technologies from $29.00 to $25.00 and set a “neutral” rating for the company in a report on Thursday, August 8th. DZ Bank cut shares of SolarEdge Technologies from a “hold” rating to a “sell” rating and set a $24.00 price target on the stock. in a research note on Wednesday, July 17th. Finally, Scotiabank reduced their price objective on SolarEdge Technologies from $46.00 to $41.00 and set a “sector perform” rating for the company in a research note on Thursday, August 8th. Five equities research analysts have rated the stock with a sell rating, twenty-five have assigned a hold rating and four have issued a buy rating to the company’s stock. According to data from MarketBeat, the stock presently has an average rating of “Hold” and an average price target of $49.35.

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.