Skandinaviska Enskilda Banken AB publ Sells 2,410 Shares of SolarEdge Technologies, Inc. (NASDAQ:SEDG)

Skandinaviska Enskilda Banken AB publ reduced its position in SolarEdge Technologies, Inc. (NASDAQ:SEDG) by 8.9% during the second quarter, according to its most recent 13F filing with the SEC. The institutional investor owned 24,525 shares of the semiconductor company’s stock after selling 2,410 shares during the period. Skandinaviska Enskilda Banken AB publ’s holdings in SolarEdge Technologies were worth $620,000 at the end of the most recent quarter.

A number of other institutional investors have also modified their holdings of the company. International Assets Investment Management LLC acquired a new stake in SolarEdge Technologies in the 2nd quarter worth approximately $28,000. GAMMA Investing LLC boosted its stake 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 in the last quarter. Versant Capital Management Inc boosted its stake in SolarEdge Technologies by 1,066.7% in the 1st quarter. Versant Capital Management Inc now owns 700 shares of the semiconductor company’s stock worth $50,000 after purchasing an additional 640 shares in the last quarter. EntryPoint Capital LLC acquired a new stake in SolarEdge Technologies in the 1st quarter worth approximately $64,000. Finally, Hexagon Capital Partners LLC boosted its stake in SolarEdge Technologies by 120.8% in the 1st quarter. Hexagon Capital Partners LLC now owns 1,115 shares of the semiconductor company’s stock worth $79,000 after purchasing an additional 610 shares in the last quarter. 95.10% of the stock is currently owned by institutional investors.

Wall Street Analysts Forecast Growth

A number of analysts recently commented on SEDG shares. Roth Mkm lowered their target price on shares of SolarEdge Technologies from $27.00 to $23.00 and set a “neutral” rating for the company in a research note 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 objective for the company. in a research note on Wednesday, July 17th. Bank of America decreased their price objective on shares of SolarEdge Technologies from $31.00 to $25.00 and set a “neutral” rating for the company in a research note on Thursday, August 8th. JPMorgan Chase & Co. lifted their price objective on shares of SolarEdge Technologies from $49.00 to $50.00 and gave the company an “overweight” rating in a research note on Tuesday, July 16th. Finally, Piper Sandler decreased their price objective on shares of SolarEdge Technologies from $29.00 to $25.00 and set a “neutral” rating for the company in a research note on Thursday, August 8th. Five investment analysts have rated the stock with a sell rating, twenty-five have given a hold rating and four have given a buy rating to the stock. According to MarketBeat.com, the company has a consensus rating of “Hold” and an average price target of $49.35.

SolarEdge Technologies Price Performance

Shares of NASDAQ SEDG opened at $20.64 on Tuesday. The firm has a market cap of $1.18 billion, a PE ratio of -4.44 and a beta of 1.56. The firm has a fifty day moving average of $24.01 and a 200 day moving average of $41.79. 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, Inc. has a one year low of $17.12 and a one year high of $138.16.

SolarEdge Technologies (NASDAQ:SEDG) last released its earnings results on Wednesday, August 7th. The semiconductor company reported ($1.79) earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of ($1.60) by ($0.19). SolarEdge Technologies had a negative return on equity of 18.00% and a negative net margin of 33.86%. The business had revenue of $265.41 million for the quarter, compared to analysts’ expectations of $264.31 million. During the same period in the previous year, the company earned $2.06 EPS. SolarEdge Technologies’s quarterly revenue was down 73.2% compared to the same quarter last year. As a group, research analysts predict that SolarEdge Technologies, Inc. will post -8.67 EPS for the current fiscal year.

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.