Point72 Asset Management L.P. Purchases Shares of 1,316,850 SolarEdge Technologies, Inc. (NASDAQ:SEDG)

Point72 Asset Management L.P. purchased a new stake in shares of SolarEdge Technologies, Inc. (NASDAQ:SEDG - Free Report) during the fourth quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The firm purchased 1,316,850 shares of the semiconductor company's stock, valued at approximately $17,909,000. Point72 Asset Management L.P. owned approximately 2.27% of SolarEdge Technologies at the end of the most recent quarter.

Several other hedge funds and other institutional investors also recently made changes to their positions in SEDG. Millstone Evans Group LLC bought a new stake in shares of SolarEdge Technologies during the 4th quarter valued at about $27,000. Jones Financial Companies Lllp boosted its holdings in shares of SolarEdge Technologies by 401.2% during the 4th quarter. Jones Financial Companies Lllp now owns 2,441 shares of the semiconductor company's stock worth $33,000 after buying an additional 1,954 shares in the last quarter. Y.D. More Investments Ltd increased its stake in shares of SolarEdge Technologies by 251.8% in the 4th quarter. Y.D. More Investments Ltd now owns 3,870 shares of the semiconductor company's stock valued at $53,000 after acquiring an additional 2,770 shares in the last quarter. R Squared Ltd acquired a new position in shares of SolarEdge Technologies during the 4th quarter valued at $61,000. Finally, Resona Asset Management Co. Ltd. bought a new position in SolarEdge Technologies during the fourth quarter worth $133,000. 95.10% of the stock is currently owned by institutional investors.

Analyst Ratings Changes

A number of research firms recently weighed in on SEDG. Morgan Stanley reissued an "underweight" rating and set a $10.00 price target on shares of SolarEdge Technologies in a research report on Wednesday, April 23rd. Barclays upped their target price on SolarEdge Technologies from $10.00 to $11.00 and gave the stock an "underweight" rating in a research note on Wednesday, April 16th. The Goldman Sachs Group raised their price target on SolarEdge Technologies from $21.00 to $31.00 and gave the company a "buy" rating in a report on Thursday, February 20th. Wells Fargo & Company lowered their target price on shares of SolarEdge Technologies from $19.00 to $15.00 and set an "equal weight" rating on the stock in a research note on Wednesday, May 7th. Finally, Guggenheim reissued a "sell" rating and issued a $5.00 price target on shares of SolarEdge Technologies in a report on Wednesday, April 23rd. Twelve equities research analysts have rated the stock with a sell rating, thirteen have assigned a hold rating, two have assigned a buy rating and one has issued a strong buy rating to the stock. According to data from MarketBeat.com, SolarEdge Technologies presently has a consensus rating of "Hold" and a consensus target price of $16.44.

SolarEdge Technologies Price Performance

Shares of NASDAQ:SEDG traded down $0.11 during trading on Tuesday, hitting $20.65. 4,584,003 shares of the stock were exchanged, compared to its average volume of 4,487,360. The company has a market cap of $1.22 billion, a PE ratio of -0.66 and a beta of 1.50. The company has a current ratio of 1.95, a quick ratio of 1.46 and a debt-to-equity ratio of 0.56. The company has a fifty day moving average price of $15.27 and a two-hundred day moving average price of $14.81. SolarEdge Technologies, Inc. has a 12-month low of $10.24 and a 12-month high of $53.58.

SolarEdge Technologies (NASDAQ:SEDG - Get Free Report) last released its earnings results on Tuesday, May 6th. The semiconductor company reported ($1.14) EPS for the quarter, beating 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 95.05% and a negative net margin of 192.13%. The business's quarterly revenue was up 7.4% compared to the same quarter last year. During the same period in the prior year, the firm posted ($1.90) earnings per share. On average, analysts forecast that SolarEdge Technologies, Inc. will post -4.54 EPS for the current year.

Insider Transactions at SolarEdge Technologies

In related news, Chairman More Avery bought 30,000 shares of the stock in a transaction dated Tuesday, March 4th. The stock was bought at an average cost of $13.70 per share, with a total value of $411,000.00. Following the completion of the acquisition, the chairman now owns 274,478 shares of the company's stock, valued at $3,760,348.60. This trade represents a 12.27% increase in their ownership of the stock. The purchase was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this hyperlink. Insiders own 0.67% of the company's stock.

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.