SolarEdge Technologies, Inc. (NASDAQ:SEDG) Shares Sold by Guinness Asset Management LTD

Guinness Asset Management LTD lessened its position in SolarEdge Technologies, Inc. (NASDAQ:SEDG) by 24.0% during the fourth quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The firm owned 75,973 shares of the semiconductor company’s stock after selling 24,017 shares during the period. Guinness Asset Management LTD owned approximately 0.13% of SolarEdge Technologies worth $1,033,000 at the end of the most recent reporting period.

Other hedge funds have also recently bought and sold shares of the company. Quarry LP bought a new position in SolarEdge Technologies in the 2nd quarter worth about $36,627,000. Two Sigma Advisers LP boosted its position in shares of SolarEdge Technologies by 0.3% during the third quarter. Two Sigma Advisers LP now owns 1,142,100 shares of the semiconductor company’s stock worth $26,166,000 after buying an additional 3,400 shares during the period. M&G PLC grew its holdings in SolarEdge Technologies by 4.2% in the 3rd quarter. M&G PLC now owns 932,711 shares of the semiconductor company’s stock worth $21,452,000 after buying an additional 38,001 shares in the last quarter. Assenagon Asset Management S.A. increased its position in SolarEdge Technologies by 182.3% in the 4th quarter. Assenagon Asset Management S.A. now owns 874,113 shares of the semiconductor company’s stock valued at $11,888,000 after acquiring an additional 564,490 shares during the period. Finally, Geode Capital Management LLC raised its stake in SolarEdge Technologies by 3.7% during the 3rd quarter. Geode Capital Management LLC now owns 708,044 shares of the semiconductor company’s stock valued at $16,227,000 after acquiring an additional 25,474 shares in the last quarter. 95.10% of the stock is currently owned by institutional investors.

Insider Activity at SolarEdge Technologies

In other news, Chairman More Avery acquired 156,000 shares of the business’s stock in a transaction that occurred on Monday, November 11th. The stock was acquired at an average cost of $13.65 per share, for a total transaction of $2,129,400.00. Following the completion of the acquisition, the chairman now owns 244,478 shares in the company, valued at approximately $3,337,124.70. The trade was a 176.32 % increase in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. 0.67% of the stock is currently owned by insiders.

SolarEdge Technologies Trading Down 2.1 %

Shares of SolarEdge Technologies stock opened at $13.91 on Monday. SolarEdge Technologies, Inc. has a 12 month low of $10.24 and a 12 month high of $87.98. The company has a quick ratio of 1.46, a current ratio of 2.34 and a debt-to-equity ratio of 0.39. The business has a fifty day simple moving average of $13.81 and a 200-day simple moving average of $19.30.

SolarEdge Technologies (NASDAQ:SEDG) last announced its quarterly earnings data on Wednesday, November 6th. The semiconductor company reported ($15.33) EPS for the quarter, missing analysts’ consensus estimates of ($1.55) by ($13.78). The business had revenue of $260.90 million for the quarter, compared to analyst estimates of $272.80 million. SolarEdge Technologies had a negative return on equity of 65.79% and a negative net margin of 158.19%. The company’s revenue was down 64.0% compared to the same quarter last year. During the same quarter in the previous year, the business posted ($1.03) earnings per share. Equities analysts predict that SolarEdge Technologies, Inc. will post -23.2 earnings per share for the current fiscal year.

Analyst Upgrades and Downgrades

Several research analysts have recently issued reports on SEDG shares. Piper Sandler cut SolarEdge Technologies from a “neutral” rating to an “underweight” rating and decreased their price target for the stock from $17.00 to $9.00 in a research note on Thursday, November 7th. UBS Group lowered their target price on shares of SolarEdge Technologies from $26.00 to $18.00 and set a “neutral” rating on the stock in a research note on Friday, November 8th. JPMorgan Chase & Co. reduced their price target on shares of SolarEdge Technologies from $35.00 to $29.00 and set an “overweight” rating for the company in a research note on Wednesday, October 23rd. Citigroup reiterated a “sell” rating and set a $9.00 price objective (down previously from $12.00) on shares of SolarEdge Technologies in a research note on Wednesday, January 8th. Finally, Canaccord Genuity Group upped their target price on SolarEdge Technologies from $16.00 to $18.00 and gave the stock a “hold” rating in a research report on Tuesday, January 7th. Eight equities research analysts have rated the stock with a sell rating, eighteen have given a hold rating, three have given a buy rating and one has assigned a strong buy rating to the stock. According to data from MarketBeat.com, SolarEdge Technologies currently has an average rating of “Hold” and a consensus price target of $21.24.

About SolarEdge Technologies

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.