Assenagon Asset Management S.A. Buys 564,490 Shares of SolarEdge Technologies, Inc. (NASDAQ:SEDG)

Assenagon Asset Management S.A. boosted its stake in SolarEdge Technologies, Inc. (NASDAQ:SEDG) by 182.3% during the 4th quarter, according to the company in its most recent disclosure with the SEC. The firm owned 874,113 shares of the semiconductor company’s stock after acquiring an additional 564,490 shares during the period. Assenagon Asset Management S.A. owned 1.51% of SolarEdge Technologies worth $11,888,000 as of its most recent filing with the SEC.

A number of other hedge funds and other institutional investors have also recently added to or reduced their stakes in SEDG. KBC Group NV grew its stake in shares of SolarEdge Technologies by 95.8% during the 3rd quarter. KBC Group NV now owns 2,816 shares of the semiconductor company’s stock worth $65,000 after acquiring an additional 1,378 shares during the period. GAMMA Investing LLC lifted its holdings in SolarEdge Technologies by 655.2% during the fourth quarter. GAMMA Investing LLC now owns 5,264 shares of the semiconductor company’s stock valued at $72,000 after purchasing an additional 4,567 shares during the last quarter. US Bancorp DE boosted its position in SolarEdge Technologies by 243.6% during the third quarter. US Bancorp DE now owns 6,818 shares of the semiconductor company’s stock worth $156,000 after purchasing an additional 4,834 shares during the period. GFG Capital LLC bought a new position in SolarEdge Technologies during the third quarter worth about $229,000. Finally, Magnetar Financial LLC bought a new stake in shares of SolarEdge Technologies in the second quarter valued at approximately $286,000. 95.10% of the stock is currently owned by hedge funds and other institutional investors.

Wall Street Analysts Forecast Growth

Several research firms recently commented on SEDG. Morgan Stanley reaffirmed an “underweight” rating and issued a $9.00 price objective (down from $23.00) on shares of SolarEdge Technologies in a report on Friday, November 15th. Roth Mkm reduced their price target on SolarEdge Technologies from $20.00 to $12.00 and set a “neutral” rating for the company in a research report on Thursday, November 7th. Citigroup reissued a “sell” rating and set a $9.00 price objective (down previously from $12.00) on shares of SolarEdge Technologies in a report on Wednesday, January 8th. BMO Capital Markets reduced their target price on SolarEdge Technologies from $21.00 to $12.00 and set a “market perform” rating for the company in a report on Thursday, November 7th. Finally, Guggenheim raised shares of SolarEdge Technologies from a “sell” rating to a “neutral” rating in a report on Wednesday, November 20th. Eight research analysts have rated the stock with a sell rating, eighteen have issued a hold rating, three have given a buy rating and one has given a strong buy rating to the company. Based on data from MarketBeat.com, SolarEdge Technologies presently has a consensus rating of “Hold” and an average price target of $21.24.

Insider Activity

In other SolarEdge Technologies news, Chairman More Avery purchased 156,000 shares of SolarEdge Technologies stock in a transaction that occurred on Monday, November 11th. The shares were bought at an average price of $13.65 per share, for a total transaction of $2,129,400.00. Following the acquisition, the chairman now directly owns 244,478 shares in the company, valued at approximately $3,337,124.70. This trade represents a 176.32 % increase in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at this link. Insiders own 0.67% of the company’s stock.

SolarEdge Technologies Stock Performance

SolarEdge Technologies stock opened at $13.91 on Friday. The firm has a fifty day simple moving average of $13.81 and a two-hundred day simple moving average of $19.34. The company has a quick ratio of 1.46, a current ratio of 2.34 and a debt-to-equity ratio of 0.39. SolarEdge Technologies, Inc. has a twelve month low of $10.24 and a twelve month high of $87.98. The company has a market capitalization of $806.08 million, a PE ratio of -0.48 and a beta of 1.56.

SolarEdge Technologies (NASDAQ:SEDG) last released its earnings results 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 net margin of 158.19% and a negative return on equity of 65.79%. The company had revenue of $260.90 million during the quarter, compared to the consensus estimate of $272.80 million. During the same period last year, the firm posted ($1.03) EPS. The company’s revenue was down 64.0% on a year-over-year basis. Research analysts expect that SolarEdge Technologies, Inc. will post -23.2 EPS 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.