Guinness Asset Management LTD Sells 9,223 Shares of SolarEdge Technologies, Inc. (NASDAQ:SEDG)

by · The Markets Daily

Guinness Asset Management LTD lowered its stake in shares of SolarEdge Technologies, Inc. (NASDAQ:SEDG – Free Report) by 8.4% during the 3rd quarter, according to its most recent filing with the SEC. The firm owned 99,990 shares of the semiconductor company’s stock after selling 9,223 shares during the period. Guinness Asset Management LTD owned approximately 0.17% of SolarEdge Technologies worth $2,291,000 as of its most recent SEC filing.

Several other hedge funds and other institutional investors have also bought and sold shares of SEDG. International Assets Investment Management LLC bought a new position in shares of SolarEdge Technologies in the 2nd quarter worth approximately $28,000. GAMMA Investing LLC raised its stake in SolarEdge Technologies by 90.0% during the 1st quarter. GAMMA Investing LLC now owns 610 shares of the semiconductor company’s stock worth $43,000 after acquiring an additional 289 shares during the period. Versant Capital Management Inc raised its stake in SolarEdge Technologies by 1,066.7% during the 1st quarter. Versant Capital Management Inc now owns 700 shares of the semiconductor company’s stock worth $50,000 after acquiring an additional 640 shares during the period. EntryPoint Capital LLC bought a new stake in SolarEdge Technologies during the 1st quarter worth approximately $64,000. Finally, Hexagon Capital Partners LLC raised its stake in SolarEdge Technologies by 120.8% during the 1st quarter. Hexagon Capital Partners LLC now owns 1,115 shares of the semiconductor company’s stock worth $79,000 after acquiring an additional 610 shares during the period. Institutional investors own 95.10% of the company’s stock.

SolarEdge Technologies Stock Performance

NASDAQ SEDG traded up $1.28 during trading hours on Friday, reaching $19.46. The stock had a trading volume of 3,495,523 shares, compared to its average volume of 3,263,983. The stock has a fifty day moving average of $22.24 and a 200 day moving average of $37.64. The stock has a market cap of $1.12 billion, a P/E ratio of -2.16 and a beta of 1.56. SolarEdge Technologies, Inc. has a 52-week low of $17.12 and a 52-week high of $130.38. The company has a debt-to-equity ratio of 0.32, a quick ratio of 2.45 and a current ratio of 5.10.

SolarEdge Technologies (NASDAQ:SEDG – Get Free Report) last issued its earnings results on Wednesday, August 7th. The semiconductor company reported ($1.79) EPS for the quarter, missing analysts’ consensus estimates of ($1.60) by ($0.19). The firm had revenue of $265.41 million during the quarter, compared to analysts’ expectations of $264.31 million. SolarEdge Technologies had a negative net margin of 33.86% and a negative return on equity of 18.00%. SolarEdge Technologies’s quarterly revenue was down 73.2% on a year-over-year basis. During the same quarter in the prior year, the company earned $2.06 EPS. Sell-side analysts predict that SolarEdge Technologies, Inc. will post -8.56 earnings per share for the current year.

Analyst Ratings Changes

A number of research firms have commented on SEDG. TD Cowen decreased their target price on shares of SolarEdge Technologies from $50.00 to $35.00 and set a “buy” rating on the stock in a research note on Thursday, August 8th. Mizuho cut their price objective on shares of SolarEdge Technologies from $40.00 to $35.00 and set an “outperform” rating for the company in a report on Thursday, September 19th. Scotiabank cut their price objective on shares of SolarEdge Technologies from $46.00 to $41.00 and set a “sector perform” rating for the company in a report on Thursday, August 8th. Glj Research lowered shares of SolarEdge Technologies from a “strong-buy” rating to a “strong sell” rating in a report on Tuesday. Finally, Canaccord Genuity Group cut their target price on shares of SolarEdge Technologies from $38.00 to $27.00 and set a “hold” rating for the company in a report on Thursday, August 8th. Six analysts have rated the stock with a sell rating, twenty-five have assigned a hold rating and four have assigned a buy rating to the company. According to data from MarketBeat, the company presently has a consensus rating of “Hold” and an average price target of $46.81.

View Our Latest Analysis on SolarEdge Technologies

SolarEdge Technologies Company Profile

(Free Report)

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.

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