Victory Capital Management Inc. Sells 654 Shares of SolarEdge Technologies, Inc. (NASDAQ:SEDG)

Victory Capital Management Inc. reduced its stake in SolarEdge Technologies, Inc. (NASDAQ:SEDG) by 5.6% during the third quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 11,058 shares of the semiconductor company’s stock after selling 654 shares during the period. Victory Capital Management Inc.’s holdings in SolarEdge Technologies were worth $253,000 at the end of the most recent reporting period.

A number of other hedge funds have also added to or reduced their stakes in SEDG. International Assets Investment Management LLC bought a new position in shares of SolarEdge Technologies during the second quarter valued at approximately $28,000. First Pacific Financial boosted its stake in shares of SolarEdge Technologies by 53.0% during the second quarter. First Pacific Financial now owns 5,208 shares of the semiconductor company’s stock valued at $132,000 after purchasing an additional 1,805 shares in the last quarter. US Bancorp DE boosted its stake in shares of SolarEdge Technologies by 243.6% during the third quarter. US Bancorp DE now owns 6,818 shares of the semiconductor company’s stock valued at $156,000 after purchasing an additional 4,834 shares in the last quarter. GFG Capital LLC bought a new position in shares of SolarEdge Technologies during the third quarter valued at approximately $229,000. Finally, Magnetar Financial LLC bought a new position in shares of SolarEdge Technologies during the second quarter valued at approximately $286,000. 95.10% of the stock is currently owned by institutional investors.

Wall Street Analysts Forecast Growth

SEDG has been the subject of a number of analyst reports. Morgan Stanley reissued an “underweight” rating and set a $9.00 target price (down previously from $23.00) on shares of SolarEdge Technologies in a research report on Friday, November 15th. Citigroup decreased their target price on shares of SolarEdge Technologies from $31.00 to $19.00 and set a “neutral” rating for the company in a research report on Tuesday, October 22nd. JPMorgan Chase & Co. decreased their target price on shares of SolarEdge Technologies from $35.00 to $29.00 and set an “overweight” rating for the company in a research report on Wednesday, October 23rd. Truist Financial decreased their target price on shares of SolarEdge Technologies from $20.00 to $15.00 and set a “hold” rating for the company in a research report on Friday, November 8th. Finally, Deutsche Bank Aktiengesellschaft decreased their target price on shares of SolarEdge Technologies from $40.00 to $25.00 and set a “hold” rating for the company in a research report on Friday, August 9th. Nine research analysts have rated the stock with a sell rating, nineteen have given a hold rating and two have issued a buy rating to the company. Based on data from MarketBeat.com, the stock has an average rating of “Hold” and an average price target of $22.04.

Insider Buying and Selling at SolarEdge Technologies

In other news, Chairman More Avery acquired 156,000 shares of SolarEdge Technologies stock in a transaction on Monday, November 11th. The stock was bought at an average cost of $13.65 per share, with a total value of $2,129,400.00. Following the completion of the purchase, the chairman now owns 244,478 shares of the company’s stock, valued at $3,337,124.70. This represents a 176.32 % increase in their ownership of the stock. The purchase was disclosed in a document filed with the SEC, which is available at this hyperlink. 0.67% of the stock is owned by corporate insiders.

SolarEdge Technologies Stock Performance

Shares of NASDAQ SEDG opened at $15.80 on Friday. The company has a 50-day simple moving average of $16.73 and a 200-day simple moving average of $26.26. The company has a market cap of $915.61 million, a PE ratio of -0.54 and a beta of 1.59. The company has a debt-to-equity ratio of 0.39, a current ratio of 2.34 and a quick ratio of 1.46. SolarEdge Technologies, Inc. has a 12 month low of $10.24 and a 12 month high of $103.15.

SolarEdge Technologies (NASDAQ:SEDG) last released its quarterly earnings results on Wednesday, November 6th. The semiconductor company reported ($15.33) EPS for the quarter, missing the consensus estimate of ($1.55) by ($13.78). The firm had revenue of $260.90 million for the quarter, compared to the consensus estimate of $272.80 million. SolarEdge Technologies had a negative return on equity of 65.79% and a negative net margin of 158.19%. The firm’s revenue was down 64.0% on a year-over-year basis. During the same quarter in the prior year, the company posted ($1.03) EPS. On average, equities analysts anticipate that SolarEdge Technologies, Inc. will post -19.05 earnings per share for the current 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.