SolarEdge Technologies, Inc. $SEDG Shares Newly Purchased by Bank of America Corp DE

Key Points

• Bank of America purchased 223,516 SolarEdge shares in the second quarter, valued at approximately $13.1 million, giving it a 0.36% stake. Institutional investors collectively own 95.1% of the company.
• SolarEdge reported quarterly revenue of $346.2 million, up 19.6% year over year, and earnings of $0.05 per share, beating analyst expectations. However, the company continues to report negative margins and return on equity.
• Analyst sentiment remains cautious, with a consensus “Reduce” rating and an average price target of $39.20; ratings include two Buys, eleven Holds, and five Sells.

Bank of America Corp DE purchased a new position in shares of SolarEdge Technologies, Inc. (NASDAQ:SEDG - Free Report) in the second quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The fund purchased 223,516 shares of the semiconductor company's stock, valued at approximately $13,062,000. Bank of America Corp DE owned 0.36% of SolarEdge Technologies as of its most recent filing with the Securities and Exchange Commission.

A number of other institutional investors also recently bought and sold shares of SEDG. State of Wyoming lifted its stake in SolarEdge Technologies by 32.9% in the 1st quarter. State of Wyoming now owns 1,237 shares of the semiconductor company's stock worth $63,000 after purchasing an additional 306 shares in the last quarter. Allworth Financial LP purchased a new stake in SolarEdge Technologies in the 2nd quarter valued at $31,000. Swiss National Bank raised its holdings in shares of SolarEdge Technologies by 0.9% during the 1st quarter. Swiss National Bank now owns 118,200 shares of the semiconductor company's stock worth $6,034,000 after acquiring an additional 1,100 shares during the period. Bayforest Capital Ltd boosted its position in shares of SolarEdge Technologies by 19.2% during the 2nd quarter. Bayforest Capital Ltd now owns 7,680 shares of the semiconductor company's stock valued at $449,000 after acquiring an additional 1,235 shares during the last quarter. Finally, EFG International AG acquired a new position in shares of SolarEdge Technologies during the 2nd quarter valued at about $123,000. 95.10% of the stock is owned by hedge funds and other institutional investors.

SolarEdge Technologies Stock Up 2.4%

SolarEdge Technologies stock opened at $32.68 on Friday. The stock has a market capitalization of $2.01 billion, a PE ratio of -7.26 and a beta of 1.44. SolarEdge Technologies, Inc. has a twelve month low of $28.21 and a twelve month high of $81.25. The company has a 50 day moving average of $35.93 and a 200-day moving average of $46.04. The company has a quick ratio of 1.38, a current ratio of 2.03 and a debt-to-equity ratio of 0.85.

SolarEdge Technologies (NASDAQ:SEDG - Get Free Report) last announced its quarterly earnings data on Wednesday, August 5th. The semiconductor company reported $0.05 earnings per share for the quarter, beating the consensus estimate of ($0.02) by $0.07. SolarEdge Technologies had a negative return on equity of 29.17% and a negative net margin of 20.29%.The firm had revenue of $346.20 million during the quarter, compared to analysts' expectations of $341.15 million. During the same period in the previous year, the firm earned ($0.81) EPS. The company's quarterly revenue was up 19.6% compared to the same quarter last year. On average, equities research analysts anticipate that SolarEdge Technologies, Inc. will post -1.2 EPS for the current fiscal year.

Wall Street Analyst Weigh In

Several research firms have commented on SEDG. The Goldman Sachs Group cut their price target on SolarEdge Technologies from $34.00 to $30.00 and set a "sell" rating on the stock in a research report on Thursday, August 6th. TD Cowen reduced their price target on shares of SolarEdge Technologies from $85.00 to $75.00 and set a "buy" rating for the company in a research report on Monday, July 20th. Morgan Stanley decreased their price target on shares of SolarEdge Technologies from $35.00 to $33.00 and set an "equal weight" rating for the company in a research note on Friday, September 11th. UBS Group raised shares of SolarEdge Technologies from a "neutral" rating to a "buy" rating and raised their price objective for the stock from $36.00 to $42.00 in a research report on Wednesday, August 26th. Finally, Royal Bank Of Canada lifted their price objective on shares of SolarEdge Technologies from $24.00 to $30.00 and gave the company a "sector perform" rating in a research note on Friday, September 11th. Two equities research analysts have rated the stock with a Buy rating, eleven have given a Hold rating and five have issued a Sell rating to the stock. According to MarketBeat.com, SolarEdge Technologies has a consensus rating of "Reduce" and a consensus target price of $39.20.

SolarEdge Technologies Profile

SolarEdge Technologies, Inc develops smart energy technology for solar power generation, energy storage and energy management. The company is best known for its DC-optimized inverter system, which uses power optimizers attached to individual solar modules to improve energy harvesting and provide module-level monitoring. Its platform is designed to support residential, commercial and utility-scale photovoltaic installations.

The company's product portfolio includes power optimizers, inverters, monitoring and management software, batteries and energy storage systems, and related solutions for backup power and electric vehicle charging.

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