New York State Common Retirement Fund Makes New Investment in SolarEdge Technologies, Inc. (NASDAQ:SEDG)

Key Points

• The New York State Common Retirement Fund acquired 41,054 shares of SolarEdge Technologies, valued at approximately $664,000, increasing its stake to about 0.07%.
• Despite posting earnings of ($1.14) per share, SolarEdge exceeded analyst estimates, with a revenue of $219.48 million for the quarter, surpassing predictions of $205.39 million.
• Wall Street analysts have mixed opinions on SolarEdge, with target prices ranging from $17.00 to $27.00 and a consensus rating of "Hold".

New York State Common Retirement Fund acquired a new position in shares of SolarEdge Technologies, Inc. (NASDAQ:SEDG - Free Report) in the 1st quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The firm acquired 41,054 shares of the semiconductor company's stock, valued at approximately $664,000. New York State Common Retirement Fund owned about 0.07% of SolarEdge Technologies as of its most recent SEC filing.

Several other hedge funds have also recently bought and sold shares of SEDG. Fifth Third Bancorp lifted its position in SolarEdge Technologies by 93.7% during the first quarter. Fifth Third Bancorp now owns 1,633 shares of the semiconductor company's stock worth $26,000 after acquiring an additional 790 shares during the last quarter. Resona Asset Management Co. Ltd. acquired a new stake in SolarEdge Technologies during the fourth quarter worth approximately $133,000. Mercer Global Advisors Inc. ADV bought a new position in shares of SolarEdge Technologies during the fourth quarter worth approximately $145,000. KLP Kapitalforvaltning AS bought a new position in shares of SolarEdge Technologies during the fourth quarter worth approximately $146,000. Finally, GAMMA Investing LLC increased its holdings in shares of SolarEdge Technologies by 71.9% during the first quarter. GAMMA Investing LLC now owns 9,047 shares of the semiconductor company's stock worth $146,000 after purchasing an additional 3,783 shares during the period. 95.10% of the stock is currently owned by institutional investors and hedge funds.

SolarEdge Technologies Stock Performance

Shares of SolarEdge Technologies stock opened at $27.23 on Friday. The company has a quick ratio of 1.39, a current ratio of 2.04 and a debt-to-equity ratio of 0.62. SolarEdge Technologies, Inc. has a twelve month low of $10.24 and a twelve month high of $32.45. The stock has a market cap of $1.61 billion, a price-to-earnings ratio of -0.90 and a beta of 1.62. The company's fifty day moving average is $21.61 and its 200 day moving average is $17.33.

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

Wall Street Analyst Weigh In

Several brokerages have recently commented on SEDG. UBS Group raised their target price on shares of SolarEdge Technologies from $17.00 to $20.00 and gave the stock a "neutral" rating in a report on Tuesday, June 10th. Susquehanna raised their target price on shares of SolarEdge Technologies from $14.00 to $26.00 and gave the stock a "neutral" rating in a report on Monday, July 21st. BNP Paribas Exane cut shares of SolarEdge Technologies from a "neutral" rating to an "underperform" rating and set a $17.00 target price on the stock. in a report on Wednesday, July 16th. Jefferies Financial Group raised their target price on shares of SolarEdge Technologies from $10.00 to $18.00 and gave the stock an "underperform" rating in a report on Monday, July 14th. Finally, The Goldman Sachs Group reaffirmed a "neutral" rating and set a $27.00 target price on shares of SolarEdge Technologies in a report on Wednesday, July 9th. Eleven investment analysts have rated the stock with a sell rating and eighteen have assigned a hold rating to the stock. According to MarketBeat.com, SolarEdge Technologies presently has a consensus rating of "Hold" and a consensus price target of $17.92.

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.

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