Rhumbline Advisers Reduces Stock Position in SolarEdge Technologies, Inc. (NASDAQ:SEDG)

Rhumbline Advisers cut its stake in SolarEdge Technologies, Inc. (NASDAQ:SEDG) by 4.9% in the 1st quarter, according to the company in its most recent disclosure with the SEC. The institutional investor owned 78,460 shares of the semiconductor company’s stock after selling 4,008 shares during the quarter. Rhumbline Advisers owned about 0.13% of SolarEdge Technologies worth $1,269,000 at the end of the most recent quarter.

A number of other hedge funds and other institutional investors also recently made changes to their positions in the stock. Millstone Evans Group LLC bought a new stake in SolarEdge Technologies during the 4th quarter worth approximately $27,000. Jones Financial Companies Lllp grew its position in shares of SolarEdge Technologies by 401.2% during the 4th quarter. Jones Financial Companies Lllp now owns 2,441 shares of the semiconductor company’s stock valued at $33,000 after purchasing an additional 1,954 shares in the last quarter. Resona Asset Management Co. Ltd. bought a new position in shares of SolarEdge Technologies in the fourth quarter worth $133,000. Mercer Global Advisors Inc. ADV bought a new position in shares of SolarEdge Technologies in the fourth quarter worth $145,000. Finally, KLP Kapitalforvaltning AS purchased a new stake in shares of SolarEdge Technologies in the fourth quarter worth $146,000. 95.10% of the stock is currently owned by institutional investors.

SolarEdge Technologies Stock Performance

Shares of SEDG stock opened at $16.98 on Friday. The company has a market capitalization of $1.00 billion, a P/E ratio of -0.56 and a beta of 1.59. SolarEdge Technologies, Inc. has a fifty-two week low of $10.24 and a fifty-two week high of $35.29. The company has a debt-to-equity ratio of 0.62, a quick ratio of 1.39 and a current ratio of 2.04. The stock has a 50 day moving average price of $16.51 and a two-hundred day moving average price of $15.53.

SolarEdge Technologies (NASDAQ:SEDG) last posted its quarterly earnings results on Tuesday, May 6th. The semiconductor company reported ($1.14) EPS for the quarter, beating analysts’ consensus estimates of ($1.26) by $0.12. The company had revenue of $219.48 million during the quarter, compared to analyst estimates of $205.39 million. SolarEdge Technologies had a negative net margin of 182.81% and a negative return on equity of 127.53%. The firm’s revenue was up 7.4% compared to the same quarter last year. During the same period in the prior year, the business posted ($1.90) EPS. Analysts expect that SolarEdge Technologies, Inc. will post -4.54 earnings per share for the current year.

Wall Street Analyst Weigh In

A number of equities analysts have weighed in on SEDG shares. The Goldman Sachs Group upped their target price on SolarEdge Technologies from $21.00 to $31.00 and gave the stock a “buy” rating in a research note on Thursday, February 20th. BMO Capital Markets lowered SolarEdge Technologies from a “market perform” rating to an “underperform” rating and boosted their price objective for the stock from $13.00 to $15.00 in a report on Thursday, February 20th. Royal Bank Of Canada upped their price objective on shares of SolarEdge Technologies from $14.00 to $15.00 and gave the stock a “sector perform” rating in a research report on Thursday, February 20th. Northland Securities upgraded shares of SolarEdge Technologies from an “under perform” rating to a “market perform” rating and set a $15.50 target price for the company in a research report on Friday, May 23rd. Finally, Glj Research lowered shares of SolarEdge Technologies from a “hold” rating to a “strong sell” rating and set a $6.90 price target on the stock. in a report on Tuesday. Twelve equities research analysts have rated the stock with a sell rating, fifteen have assigned a hold rating and two have given a buy rating to the company’s stock. According to MarketBeat.com, the company currently has a consensus rating of “Hold” and a consensus target price of $16.96.

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.