Migdal Insurance & Financial Holdings Ltd. Sells 250,734 Shares of SolarEdge Technologies, Inc. (NASDAQ:SEDG)

Migdal Insurance & Financial Holdings Ltd. lowered its holdings in shares of SolarEdge Technologies, Inc. (NASDAQ:SEDG) by 95.8% in the fourth quarter, according to its most recent disclosure with the SEC. The firm owned 10,941 shares of the semiconductor company’s stock after selling 250,734 shares during the period. Migdal Insurance & Financial Holdings Ltd.’s holdings in SolarEdge Technologies were worth $149,000 as of its most recent filing with the SEC.

Other hedge funds and other institutional investors have also bought and sold shares of the company. AMG National Trust Bank bought a new position in SolarEdge Technologies during the third quarter worth about $4,055,000. Connor Clark & Lunn Investment Management Ltd. grew its holdings in SolarEdge Technologies by 683.1% during the third quarter. Connor Clark & Lunn Investment Management Ltd. now owns 252,553 shares of the semiconductor company’s stock worth $5,786,000 after purchasing an additional 220,304 shares during the period. Mizuho Markets Americas LLC grew its holdings in SolarEdge Technologies by 653.4% during the third quarter. Mizuho Markets Americas LLC now owns 188,340 shares of the semiconductor company’s stock worth $4,315,000 after purchasing an additional 163,340 shares during the period. Meitav Investment House Ltd. grew its holdings in SolarEdge Technologies by 9.6% during the third quarter. Meitav Investment House Ltd. now owns 582,109 shares of the semiconductor company’s stock worth $13,340,000 after purchasing an additional 51,065 shares during the period. Finally, DekaBank Deutsche Girozentrale bought a new position in SolarEdge Technologies during the third quarter worth about $1,495,000. Institutional investors own 95.10% of the company’s stock.

SolarEdge Technologies Trading Down 3.2 %

NASDAQ:SEDG opened at $14.29 on Friday. The company has a debt-to-equity ratio of 0.39, a quick ratio of 1.46 and a current ratio of 2.34. The firm has a market cap of $828.11 million, a price-to-earnings ratio of -0.49 and a beta of 1.56. SolarEdge Technologies, Inc. has a 52 week low of $10.24 and a 52 week high of $87.98. The firm has a 50-day moving average price of $14.16 and a two-hundred day moving average price of $17.97.

SolarEdge Technologies (NASDAQ:SEDG) last released its quarterly earnings data 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 business had revenue of $260.90 million during 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 quarterly revenue was down 64.0% on a year-over-year basis. During the same period last year, the business posted ($1.03) earnings per share. On average, equities analysts expect that SolarEdge Technologies, Inc. will post -23.19 earnings per share for the current fiscal year.

Wall Street Analysts Forecast Growth

A number of equities research analysts have recently issued reports on SEDG shares. Truist Financial reduced their price objective on SolarEdge Technologies from $15.00 to $14.00 and set a “hold” rating for the company in a report on Thursday, January 16th. Canaccord Genuity Group boosted their price objective on SolarEdge Technologies from $16.00 to $18.00 and gave the stock a “hold” rating in a report on Tuesday, January 7th. Glj Research upgraded SolarEdge Technologies from a “strong sell” rating to a “strong-buy” rating in a report on Tuesday, December 17th. Roth Mkm reduced their price objective on SolarEdge Technologies from $20.00 to $12.00 and set a “neutral” rating for the company in a report on Thursday, November 7th. Finally, BMO Capital Markets reduced their price objective 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. Eight research analysts have rated the stock with a sell rating, eighteen have given a hold rating, three have issued a buy rating and one has assigned a strong buy rating to the company’s stock. According to data from MarketBeat.com, SolarEdge Technologies currently has a consensus rating of “Hold” and an average target price of $20.84.

Insider Buying and Selling

In related news, Chairman More Avery bought 156,000 shares of the business’s stock in a transaction dated Monday, November 11th. The shares were purchased at an average price of $13.65 per share, with a total value of $2,129,400.00. Following the purchase, the chairman now owns 244,478 shares of the company’s stock, valued at approximately $3,337,124.70. This trade represents a 176.32 % increase in their position. The acquisition was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. 0.67% of the stock is owned by corporate insiders.

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.