FORA Capital LLC Purchases New Position in SolarEdge Technologies, Inc. (NASDAQ:SEDG)

FORA Capital LLC acquired a new position in SolarEdge Technologies, Inc. (NASDAQ:SEDG) during the third quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The fund acquired 87,237 shares of the semiconductor company’s stock, valued at approximately $1,999,000. FORA Capital LLC owned about 0.15% of SolarEdge Technologies at the end of the most recent reporting period.

Several other hedge funds have also modified their holdings of SEDG. Healthcare of Ontario Pension Plan Trust Fund raised its stake in SolarEdge Technologies by 2.9% during the third quarter. Healthcare of Ontario Pension Plan Trust Fund now owns 186,738 shares of the semiconductor company’s stock valued at $4,278,000 after purchasing an additional 5,238 shares in the last quarter. Advisors Asset Management Inc. raised its position in shares of SolarEdge Technologies by 86.5% during the 3rd quarter. Advisors Asset Management Inc. now owns 15,307 shares of the semiconductor company’s stock valued at $351,000 after buying an additional 7,099 shares in the last quarter. Connor Clark & Lunn Investment Management Ltd. lifted its holdings in shares of SolarEdge Technologies by 683.1% in the 3rd quarter. Connor Clark & Lunn Investment Management Ltd. now owns 252,553 shares of the semiconductor company’s stock valued at $5,786,000 after acquiring an additional 220,304 shares during the last quarter. AMG National Trust Bank purchased a new position in SolarEdge Technologies in the third quarter worth about $4,055,000. Finally, Mizuho Markets Americas LLC increased its stake in SolarEdge Technologies by 653.4% during the third quarter. Mizuho Markets Americas LLC now owns 188,340 shares of the semiconductor company’s stock worth $4,315,000 after acquiring an additional 163,340 shares during the last quarter. 95.10% of the stock is owned by hedge funds and other institutional investors.

SolarEdge Technologies Stock Up 8.5 %

SolarEdge Technologies stock opened at $14.86 on Thursday. The company has a quick ratio of 1.46, a current ratio of 2.34 and a debt-to-equity ratio of 0.39. The firm has a market cap of $861.14 million, a P/E ratio of -0.51 and a beta of 1.59. The business has a fifty day moving average of $17.08 and a two-hundred day moving average of $26.67. SolarEdge Technologies, Inc. has a twelve month low of $10.24 and a twelve month high of $103.15.

SolarEdge Technologies (NASDAQ:SEDG) last issued its quarterly earnings data on Wednesday, November 6th. The semiconductor company reported ($15.33) earnings per share for the quarter, missing analysts’ consensus estimates of ($1.55) by ($13.78). SolarEdge Technologies had a negative return on equity of 65.79% and a negative net margin of 158.19%. The company had revenue of $260.90 million for the quarter, compared to analysts’ expectations of $272.80 million. During the same quarter last year, the company earned ($1.03) earnings per share. The company’s revenue for the quarter was down 64.0% compared to the same quarter last year. On average, analysts forecast that SolarEdge Technologies, Inc. will post -19.05 earnings per share for the current fiscal year.

Insider Transactions at SolarEdge Technologies

In other SolarEdge Technologies news, Chairman More Avery acquired 156,000 shares of the 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 transaction, the chairman now directly owns 244,478 shares of the company’s stock, valued at $3,337,124.70. This trade represents a 176.32 % increase in their ownership of the stock. The acquisition was disclosed in a legal filing with the SEC, which can be accessed through this hyperlink. Insiders own 0.67% of the company’s stock.

Analysts Set New Price Targets

Several equities research analysts have recently issued reports on SEDG shares. Royal Bank of Canada lowered their price objective on SolarEdge Technologies from $35.00 to $25.00 and set a “sector perform” rating for the company in a research note on Tuesday, October 15th. Mizuho downgraded SolarEdge Technologies from an “outperform” rating to a “neutral” rating and lowered their price target for the stock from $35.00 to $11.00 in a research report on Thursday, November 7th. BMO Capital Markets cut their price objective on shares of SolarEdge Technologies from $21.00 to $12.00 and set a “market perform” rating on the stock in a research report 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. Finally, JPMorgan Chase & Co. cut their price target on shares of SolarEdge Technologies from $35.00 to $29.00 and set an “overweight” rating on the stock in a report on Wednesday, October 23rd. Nine research analysts have rated the stock with a sell rating, nineteen have given a hold rating and two have assigned a buy rating to the stock. Based on data from MarketBeat, SolarEdge Technologies has a consensus rating of “Hold” and an average price target of $22.79.

SolarEdge Technologies Profile

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.