DNB Asset Management AS Sells 5,686 Shares of SolarEdge Technologies, Inc. (NASDAQ:SEDG)

DNB Asset Management AS decreased its stake in SolarEdge Technologies, Inc. (NASDAQ:SEDG) by 6.2% in the 2nd quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The fund owned 85,891 shares of the semiconductor company’s stock after selling 5,686 shares during the period. DNB Asset Management AS’s holdings in SolarEdge Technologies were worth $2,170,000 at the end of the most recent quarter.

A number of other hedge funds have also recently added to or reduced their stakes in SEDG. Swedbank AB bought a new position in shares of SolarEdge Technologies in the 1st quarter valued at $261,312,000. Vanguard Group Inc. increased its holdings in SolarEdge Technologies by 2.8% in the 1st quarter. Vanguard Group Inc. now owns 2,347,396 shares of the semiconductor company’s stock worth $166,618,000 after purchasing an additional 62,942 shares in the last quarter. Harel Insurance Investments & Financial Services Ltd. raised its position in SolarEdge Technologies by 2.3% in the first quarter. Harel Insurance Investments & Financial Services Ltd. now owns 1,007,934 shares of the semiconductor company’s stock valued at $71,543,000 after purchasing an additional 23,033 shares during the last quarter. Impax Asset Management Group plc boosted its stake in shares of SolarEdge Technologies by 1.6% during the fourth quarter. Impax Asset Management Group plc now owns 954,264 shares of the semiconductor company’s stock valued at $88,890,000 after purchasing an additional 14,878 shares in the last quarter. Finally, Franklin Resources Inc. grew its holdings in shares of SolarEdge Technologies by 112.0% during the fourth quarter. Franklin Resources Inc. now owns 555,796 shares of the semiconductor company’s stock worth $52,023,000 after purchasing an additional 293,588 shares during the last quarter. Institutional investors and hedge funds own 95.10% of the company’s stock.

SolarEdge Technologies Stock Down 4.5 %

NASDAQ SEDG traded down $1.12 during mid-day trading on Tuesday, hitting $23.90. The company’s stock had a trading volume of 2,866,872 shares, compared to its average volume of 3,137,723. The firm has a market capitalization of $1.37 billion, a price-to-earnings ratio of -5.18 and a beta of 1.52. The company’s 50 day simple moving average is $33.39 and its 200 day simple moving average is $54.07. The company has a current ratio of 4.54, a quick ratio of 2.19 and a debt-to-equity ratio of 0.30. SolarEdge Technologies, Inc. has a twelve month low of $23.21 and a twelve month high of $186.79.

SolarEdge Technologies (NASDAQ:SEDG) last issued its quarterly earnings data on Wednesday, May 8th. The semiconductor company reported ($2.42) earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of ($2.07) by ($0.35). SolarEdge Technologies had a negative net margin of 11.68% and a negative return on equity of 6.43%. The business had revenue of $204.40 million for the quarter, compared to analyst estimates of $194.82 million. Analysts anticipate that SolarEdge Technologies, Inc. will post -6.76 earnings per share for the current year.

Analyst Upgrades and Downgrades

SEDG has been the topic of several recent research reports. Citigroup cut their target price on shares of SolarEdge Technologies from $83.00 to $71.00 and set a “neutral” rating on the stock in a research report on Thursday, May 9th. Canaccord Genuity Group cut their price target on shares of SolarEdge Technologies from $58.00 to $38.00 and set a “hold” rating on the stock in a report on Tuesday, June 25th. Truist Financial decreased their price objective on SolarEdge Technologies from $60.00 to $28.00 and set a “hold” rating for the company in a report on Tuesday. BMO Capital Markets cut their target price on SolarEdge Technologies from $73.00 to $56.00 and set a “market perform” rating on the stock in a report on Thursday, May 9th. Finally, Barclays increased their price target on SolarEdge Technologies from $50.00 to $61.00 and gave the company an “underweight” rating in a research note on Tuesday, April 16th. Four research analysts have rated the stock with a sell rating, twenty-four have issued a hold rating and four have issued a buy rating to the stock. According to MarketBeat, SolarEdge Technologies currently has a consensus rating of “Hold” and a consensus target price of $57.92.

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.