SolarEdge Technologies, Inc. (NASDAQ:SEDG) Shares Purchased by Meitav Investment House Ltd.

Meitav Investment House Ltd. boosted its stake in shares of SolarEdge Technologies, Inc. (NASDAQ:SEDG) by 9.6% during the 3rd quarter, HoldingsChannel reports. The institutional investor owned 582,109 shares of the semiconductor company’s stock after purchasing an additional 51,065 shares during the quarter. Meitav Investment House Ltd.’s holdings in SolarEdge Technologies were worth $13,340,000 at the end of the most recent reporting period.

A number of other hedge funds also recently added to or reduced their stakes in the stock. International Assets Investment Management LLC purchased a new stake in SolarEdge Technologies during the second quarter worth $28,000. EntryPoint Capital LLC acquired a new stake in SolarEdge Technologies in the 1st quarter valued at about $64,000. First Pacific Financial increased its holdings in SolarEdge Technologies by 53.0% during the 2nd quarter. First Pacific Financial now owns 5,208 shares of the semiconductor company’s stock valued at $132,000 after acquiring an additional 1,805 shares in the last quarter. GFG Capital LLC acquired a new position in SolarEdge Technologies during the third quarter worth about $229,000. Finally, State Board of Administration of Florida Retirement System purchased a new stake in shares of SolarEdge Technologies in the first quarter valued at about $236,000. 95.10% of the stock is owned by hedge funds and other institutional investors.

Wall Street Analyst Weigh In

SEDG has been the subject of a number of recent research reports. Roth Mkm dropped their price objective on shares of SolarEdge Technologies from $23.00 to $20.00 and set a “neutral” rating for the company in a research note on Monday, October 21st. Glj Research cut SolarEdge Technologies from a “strong-buy” rating to a “strong sell” rating in a report on Tuesday, October 8th. Canaccord Genuity Group decreased their price objective 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. William Blair started coverage on shares of SolarEdge Technologies in a research note on Thursday, August 29th. They issued a “market perform” rating for the company. Finally, Morgan Stanley lowered their price target on shares of SolarEdge Technologies from $28.00 to $23.00 and set an “equal weight” rating for the company in a report on Tuesday, October 8th. Seven research analysts have rated the stock with a sell rating, twenty-two have given a hold rating and three have issued a buy rating to the company’s stock. According to data from MarketBeat.com, SolarEdge Technologies currently has an average rating of “Hold” and an average target price of $31.52.

SolarEdge Technologies Price Performance

Shares of SEDG stock opened at $16.75 on Thursday. SolarEdge Technologies, Inc. has a twelve month low of $14.82 and a twelve month high of $103.15. The company has a market capitalization of $959.76 million, a PE ratio of -3.63 and a beta of 1.56. The company has a current ratio of 5.10, a quick ratio of 2.45 and a debt-to-equity ratio of 0.32. The firm has a fifty day simple moving average of $20.44 and a 200-day simple moving average of $32.74.

SolarEdge Technologies (NASDAQ:SEDG) last announced its earnings results 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). 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 analyst estimates of $264.31 million. During the same quarter in the prior year, the business earned $2.06 earnings per share. The firm’s revenue was down 73.2% on a year-over-year basis. Equities research analysts anticipate that SolarEdge Technologies, Inc. will post -8.85 earnings per share for the current fiscal year.

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.