Corton Capital Inc. Makes New $253,000 Investment in SolarEdge Technologies, Inc. (NASDAQ:SEDG)

Key Points

• Corton Capital Inc. has acquired a stake in SolarEdge Technologies worth approximately $253,000, representing 0.8% of its total holdings.
• As of the latest reporting, about 95.1% of SolarEdge's stock is owned by institutional investors, indicating strong institutional interest.
• SolarEdge Technologies reported a quarterly revenue of $219.48 million, surpassing analysts' expectations and indicating a 7.4% year-over-year increase.

Corton Capital Inc. bought a new position in SolarEdge Technologies, Inc. (NASDAQ:SEDG - Free Report) in the first quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The firm bought 15,657 shares of the semiconductor company's stock, valued at approximately $253,000. SolarEdge Technologies comprises 0.8% of Corton Capital Inc.'s holdings, making the stock its 29th biggest position.

A number of other large investors have also bought and sold shares of SEDG. Point72 Asset Management L.P. bought a new position in shares of SolarEdge Technologies in the fourth quarter worth $17,909,000. Migdal Insurance & Financial Holdings Ltd. lifted its stake in SolarEdge Technologies by 10,038.2% during the first quarter. Migdal Insurance & Financial Holdings Ltd. now owns 1,109,225 shares of the semiconductor company's stock worth $17,945,000 after purchasing an additional 1,098,284 shares during the last quarter. Ion Asset Management Ltd. bought a new stake in SolarEdge Technologies during the fourth quarter worth about $12,005,000. Grantham Mayo Van Otterloo & Co. LLC lifted its stake in SolarEdge Technologies by 14.9% during the fourth quarter. Grantham Mayo Van Otterloo & Co. LLC now owns 4,953,698 shares of the semiconductor company's stock worth $67,370,000 after purchasing an additional 641,915 shares during the last quarter. Finally, Legal & General Group Plc lifted its stake in SolarEdge Technologies by 67.6% during the fourth quarter. Legal & General Group Plc now owns 1,269,298 shares of the semiconductor company's stock worth $17,262,000 after purchasing an additional 512,035 shares during the last quarter. 95.10% of the stock is owned by hedge funds and other institutional investors.

SolarEdge Technologies Stock Performance

Shares of NASDAQ SEDG traded down $0.48 during midday trading on Thursday, hitting $25.33. 1,954,234 shares of the stock traded hands, compared to its average volume of 4,863,812. The firm has a 50-day moving average of $22.05 and a two-hundred day moving average of $17.63. The firm has a market capitalization of $1.50 billion, a P/E ratio of -0.84 and a beta of 1.62. The company has a debt-to-equity ratio of 0.62, a quick ratio of 1.39 and a current ratio of 2.04. SolarEdge Technologies, Inc. has a one year low of $10.24 and a one year high of $32.45.

SolarEdge Technologies (NASDAQ:SEDG - Get Free Report) last posted its quarterly earnings data on Tuesday, May 6th. The semiconductor company reported ($1.14) EPS for the quarter, topping the consensus estimate of ($1.26) by $0.12. The firm had revenue of $219.48 million during the quarter, compared to analyst estimates of $205.39 million. SolarEdge Technologies had a negative return on equity of 127.53% and a negative net margin of 182.81%. SolarEdge Technologies's revenue was up 7.4% on a year-over-year basis. During the same period in the prior year, the business posted ($1.90) EPS. On average, equities analysts forecast that SolarEdge Technologies, Inc. will post -4.54 EPS for the current fiscal year.

Wall Street Analysts Forecast Growth

A number of equities research analysts have recently weighed in on SEDG shares. BNP Paribas raised SolarEdge Technologies to a "strong sell" rating in a research note on Wednesday, July 16th. The Goldman Sachs Group reissued a "neutral" rating and issued a $27.00 target price on shares of SolarEdge Technologies in a research note on Wednesday, July 9th. Glj Research lowered SolarEdge Technologies from a "hold" rating to a "strong sell" rating and set a $6.90 target price for the company. in a research note on Tuesday, June 17th. KeyCorp raised SolarEdge Technologies from an "underweight" rating to a "sector weight" rating in a research note on Tuesday, July 8th. Finally, Susquehanna boosted their price target on SolarEdge Technologies from $14.00 to $26.00 and gave the company a "neutral" rating in a report on Monday, July 21st. Eleven equities research analysts have rated the stock with a sell rating and eighteen have assigned a hold rating to the company's stock. According to data from MarketBeat, SolarEdge Technologies presently has a consensus rating of "Hold" and a consensus price target of $17.92.

SolarEdge Technologies Company 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.