SolarEdge Technologies, Inc. (NASDAQ:SEDG) Shares Acquired by The Manufacturers Life Insurance Company

The Manufacturers Life Insurance Company lifted its stake in shares of SolarEdge Technologies, Inc. (NASDAQ:SEDG) by 5.9% in the second quarter, according to the company in its most recent disclosure with the SEC. The institutional investor owned 21,122 shares of the semiconductor company’s stock after buying an additional 1,175 shares during the quarter. The Manufacturers Life Insurance Company’s holdings in SolarEdge Technologies were worth $534,000 at the end of the most recent reporting period.

Other institutional investors have also recently added to or reduced their stakes in the company. Green Alpha Advisors LLC lifted its stake in SolarEdge Technologies by 2.7% in the first quarter. Green Alpha Advisors LLC now owns 10,226 shares of the semiconductor company’s stock valued at $726,000 after buying an additional 270 shares during the last quarter. GAMMA Investing LLC grew its holdings in SolarEdge Technologies by 90.0% in the first quarter. GAMMA Investing LLC now owns 610 shares of the semiconductor company’s stock valued at $43,000 after purchasing an additional 289 shares during the last quarter. Trillium Asset Management LLC lifted its position in shares of SolarEdge Technologies by 1.6% in the first quarter. Trillium Asset Management LLC now owns 27,604 shares of the semiconductor company’s stock valued at $1,960,000 after acquiring an additional 427 shares in the last quarter. Yelin Lapidot Holdings Management Ltd. lifted its position in shares of SolarEdge Technologies by 5.1% in the second quarter. Yelin Lapidot Holdings Management Ltd. now owns 11,654 shares of the semiconductor company’s stock valued at $294,000 after acquiring an additional 564 shares in the last quarter. Finally, Texas Permanent School Fund Corp lifted its position in SolarEdge Technologies by 1.2% during the first quarter. Texas Permanent School Fund Corp now owns 49,655 shares of the semiconductor company’s stock worth $3,525,000 after buying an additional 585 shares during the period. Hedge funds and other institutional investors own 95.10% of the company’s stock.

SolarEdge Technologies Stock Performance

Shares of NASDAQ SEDG opened at $18.19 on Wednesday. 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 stock has a market capitalization of $1.04 billion, a price-to-earnings ratio of -2.02 and a beta of 1.56. The stock’s fifty day simple moving average is $22.00 and its 200 day simple moving average is $36.50. SolarEdge Technologies, Inc. has a 52-week low of $17.12 and a 52-week high of $130.38.

SolarEdge Technologies (NASDAQ:SEDG) last issued its quarterly earnings results on Wednesday, August 7th. The semiconductor company reported ($1.79) earnings per share for the quarter, missing analysts’ consensus estimates 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 analysts’ expectations of $264.31 million. During the same quarter in the prior year, the firm posted $2.06 EPS. The business’s quarterly revenue was down 73.2% compared to the same quarter last year. As a group, sell-side analysts forecast that SolarEdge Technologies, Inc. will post -8.53 earnings per share for the current fiscal year.

Wall Street Analyst Weigh In

Several research firms recently weighed in on SEDG. Morgan Stanley reduced their target price on SolarEdge Technologies from $28.00 to $23.00 and set an “equal weight” rating on the stock in a research report on Tuesday, October 8th. TD Cowen dropped their target price on SolarEdge Technologies from $50.00 to $35.00 and set a “buy” rating on the stock in a research report on Thursday, August 8th. Bank of America lowered their price objective on SolarEdge Technologies from $22.00 to $21.00 and set a “neutral” rating for the company in a research note on Thursday, October 10th. Deutsche Bank Aktiengesellschaft reduced their target price on SolarEdge Technologies from $40.00 to $25.00 and set a “hold” rating on the stock in a report on Friday, August 9th. Finally, The Goldman Sachs Group reduced their target price on SolarEdge Technologies from $25.00 to $19.00 and set a “sell” rating on the stock in a report on Friday, August 9th. Six equities research 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. According to data from MarketBeat.com, the stock currently has an average rating of “Hold” and an average price target of $41.00.

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.