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

Renaissance Technologies LLC bought a new position in SolarEdge Technologies, Inc. (NASDAQ:SEDG) in the second quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The fund bought 106,413 shares of the semiconductor company’s stock, valued at approximately $2,688,000. Renaissance Technologies LLC owned about 0.19% of SolarEdge Technologies at the end of the most recent quarter.

A number of other institutional investors also recently modified their holdings of the stock. Corient Private Wealth LLC boosted its holdings in shares of SolarEdge Technologies by 93.6% in the fourth quarter. Corient Private Wealth LLC now owns 6,583 shares of the semiconductor company’s stock valued at $616,000 after buying an additional 3,183 shares during the period. Alberta Investment Management Corp lifted its position in shares of SolarEdge Technologies by 10.9% in the fourth quarter. Alberta Investment Management Corp now owns 13,176 shares of the semiconductor company’s stock worth $1,233,000 after purchasing an additional 1,300 shares in the last quarter. Royal London Asset Management Ltd. lifted its position in shares of SolarEdge Technologies by 1.8% in the fourth quarter. Royal London Asset Management Ltd. now owns 21,870 shares of the semiconductor company’s stock worth $2,047,000 after purchasing an additional 378 shares in the last quarter. Pinebridge Investments L.P. lifted its position in shares of SolarEdge Technologies by 28.2% in the fourth quarter. Pinebridge Investments L.P. now owns 59,342 shares of the semiconductor company’s stock worth $5,554,000 after purchasing an additional 13,041 shares in the last quarter. Finally, Clal Insurance Enterprises Holdings Ltd raised its position in SolarEdge Technologies by 189.0% during the fourth quarter. Clal Insurance Enterprises Holdings Ltd now owns 146,686 shares of the semiconductor company’s stock worth $13,730,000 after acquiring an additional 95,925 shares in the last quarter. 95.10% of the stock is owned by institutional investors.

SolarEdge Technologies Stock Performance

Shares of SEDG stock opened at $22.91 on Tuesday. The company has a market cap of $1.31 billion, a price-to-earnings ratio of -4.93 and a beta of 1.56. SolarEdge Technologies, Inc. has a 52 week low of $17.12 and a 52 week high of $130.38. The company has a quick ratio of 2.45, a current ratio of 5.10 and a debt-to-equity ratio of 0.32. The firm has a 50 day moving average of $23.45 and a 200-day moving average of $40.06.

SolarEdge Technologies (NASDAQ:SEDG) last posted its quarterly earnings results on Wednesday, August 7th. The semiconductor company reported ($1.79) earnings per share (EPS) for the quarter, missing the consensus estimate of ($1.60) by ($0.19). The business had revenue of $265.41 million during the quarter, compared to analyst estimates of $264.31 million. SolarEdge Technologies had a negative net margin of 33.86% and a negative return on equity of 18.00%. The business’s revenue for the quarter was down 73.2% compared to the same quarter last year. During the same period in the previous year, the business posted $2.06 EPS. On average, equities analysts forecast that SolarEdge Technologies, Inc. will post -8.57 earnings per share for the current year.

Analyst Upgrades and Downgrades

Several analysts have issued reports on the stock. Scotiabank dropped their price target on shares of SolarEdge Technologies from $46.00 to $41.00 and set a “sector perform” rating on the stock in a research report on Thursday, August 8th. Canaccord Genuity Group dropped their price objective on shares of SolarEdge Technologies from $58.00 to $38.00 and set a “hold” rating on the stock in a research report on Tuesday, June 25th. Roth Mkm decreased their price target on shares of SolarEdge Technologies from $27.00 to $23.00 and set a “neutral” rating on the stock in a research note on Thursday, August 8th. William Blair assumed coverage on shares of SolarEdge Technologies in a research note on Thursday, August 29th. They issued a “market perform” rating on the stock. Finally, TD Cowen decreased their price target on shares of SolarEdge Technologies from $50.00 to $35.00 and set a “buy” rating on the stock in a research note on Thursday, August 8th. Five analysts have rated the stock with a sell rating, twenty-five have given a hold rating and four have issued a buy rating to the company’s stock. According to MarketBeat.com, SolarEdge Technologies has an average rating of “Hold” and a consensus price target of $49.35.

SolarEdge Technologies Company 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.