Mirae Asset Global Investments Co. Ltd. bought a new position in SolarEdge Technologies, Inc. (NASDAQ:SEDG – Free Report) in the 3rd quarter, HoldingsChannel reports. The fund bought 60,000 shares of the semiconductor company’s stock, valued at approximately $1,912,000.
Several other large investors also recently made changes to their positions in the company. Counterpoint Mutual Funds LLC grew its holdings in SolarEdge Technologies by 22.1% in the 3rd quarter. Counterpoint Mutual Funds LLC now owns 22,526 shares of the semiconductor company’s stock worth $718,000 after buying an additional 4,083 shares in the last quarter. Vontobel Holding Ltd. boosted its position in SolarEdge Technologies by 250.1% during the 3rd quarter. Vontobel Holding Ltd. now owns 26,921 shares of the semiconductor company’s stock worth $858,000 after acquiring an additional 19,231 shares during the period. Farther Finance Advisors LLC grew its stake in shares of SolarEdge Technologies by 18.7% in the third quarter. Farther Finance Advisors LLC now owns 3,045 shares of the semiconductor company’s stock worth $97,000 after purchasing an additional 479 shares in the last quarter. Miller Global Investments LLC grew its stake in shares of SolarEdge Technologies by 61.2% in the third quarter. Miller Global Investments LLC now owns 5,747 shares of the semiconductor company’s stock worth $183,000 after purchasing an additional 2,181 shares in the last quarter. Finally, State Street Corp increased its holdings in shares of SolarEdge Technologies by 0.7% during the second quarter. State Street Corp now owns 1,761,901 shares of the semiconductor company’s stock valued at $102,965,000 after purchasing an additional 12,188 shares during the period. Institutional investors and hedge funds own 95.10% of the company’s stock.
More SolarEdge Technologies News
Here are the key news stories impacting SolarEdge Technologies this week:
- Positive Sentiment: SolarEdge’s quarterly earnings per share beat consensus expectations, helping drive unusually high trading volume. Revenue came in slightly below estimates, tempering the positive result. SolarEdge sees unusually high trading volume on better-than-expected earnings
- Neutral Sentiment: Susquehanna lowered its target from $32 to $31 but maintained a neutral rating; JPMorgan also kept a neutral rating while cutting its target from $38 to $31. Both targets remain above the reference share price. Susquehanna sets new price target
- Negative Sentiment: Royal Bank of Canada cut its target from $30 to $25 and rated the shares sector perform. Citigroup lowered its target from $30 to $24 with a sell rating, while Goldman Sachs cut its target from $29 to $25 and also rated the stock sell. These calls point to limited upside or potential downside. Royal Bank of Canada recommendations
- Negative Sentiment: Weak demand is seen as clouding SolarEdge’s recovery, adding to concerns that a rebound may take longer than hoped. SolarEdge: Weak Demand Clouds The Recovery
Analyst Upgrades and Downgrades
Several equities research analysts recently weighed in on the stock. Susquehanna reduced their price objective on shares of SolarEdge Technologies from $32.00 to $31.00 and set a “neutral” rating for the company in a report on Thursday. Mizuho boosted their target price on SolarEdge Technologies from $38.00 to $40.00 and gave the stock a “neutral” rating in a report on Friday, September 11th. Weiss Ratings upgraded SolarEdge Technologies from a “sell (e+)” rating to a “sell (d-)” rating in a research report on Friday, October 2nd. Citigroup decreased their price target on SolarEdge Technologies from $30.00 to $24.00 and set a “sell” rating for the company in a research note on Thursday. Finally, UBS Group upgraded SolarEdge Technologies from a “neutral” rating to a “buy” rating and upped their price objective for the company from $36.00 to $42.00 in a report on Wednesday, August 26th. Two investment analysts have rated the stock with a Buy rating, eleven have given a Hold rating and five have given a Sell rating to the company. According to data from MarketBeat.com, SolarEdge Technologies presently has a consensus rating of “Reduce” and an average target price of $36.93.
Get Our Latest Stock Analysis on SolarEdge Technologies
SolarEdge Technologies Trading Up 5.0%
SolarEdge Technologies stock opened at $27.51 on Friday. The company has a debt-to-equity ratio of 0.83, a quick ratio of 1.38 and a current ratio of 2.12. The firm has a market cap of $1.69 billion, a price-to-earnings ratio of -7.24 and a beta of 1.31. SolarEdge Technologies, Inc. has a 1 year low of $25.25 and a 1 year high of $81.25. The firm’s 50 day moving average price is $32.65 and its two-hundred day moving average price is $42.12.
SolarEdge Technologies (NASDAQ:SEDG – Get Free Report) last announced its quarterly earnings data on Wednesday, November 4th. The semiconductor company reported $0.29 EPS for the quarter, beating analysts’ consensus estimates of $0.04 by $0.25. The company had revenue of $325.40 million during the quarter, compared to the consensus estimate of $326.78 million. SolarEdge Technologies had a negative return on equity of 19.80% and a negative net margin of 17.34%. The company’s quarterly revenue was down 4.2% compared to the same quarter last year. During the same quarter in the prior year, the firm earned ($0.31) EPS. On average, research analysts predict that SolarEdge Technologies, Inc. will post -1.21 EPS for the current fiscal year.
SolarEdge Technologies Profile
SolarEdge Technologies, Inc (NASDAQ: SEDG) develops technologies for solar energy generation, storage and management. Its core products include power optimizers, solar inverters and monitoring systems designed to improve the performance, visibility and safety of photovoltaic installations.
The company also offers complementary smart-energy solutions, including battery storage, electric-vehicle charging equipment, energy-management software and related products for residential, commercial and industrial customers.
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