Sphera Management Technology Funds Ltd Buys Shares of 60,000 SolarEdge Technologies, Inc. (NASDAQ:SEDG)

Sphera Management Technology Funds Ltd purchased a new position in shares of SolarEdge Technologies, Inc. (NASDAQ:SEDG - Free Report) during the 4th quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The firm purchased 60,000 shares of the semiconductor company's stock, valued at approximately $816,000. Sphera Management Technology Funds Ltd owned approximately 0.10% of SolarEdge Technologies at the end of the most recent quarter.

A number of other hedge funds have also added to or reduced their stakes in the company. Two Sigma Advisers LP grew its position in SolarEdge Technologies by 1.6% in the fourth quarter. Two Sigma Advisers LP now owns 1,160,400 shares of the semiconductor company's stock valued at $15,781,000 after acquiring an additional 18,300 shares during the last quarter. Two Sigma Investments LP increased its position in SolarEdge Technologies by 1.3% during the 4th quarter. Two Sigma Investments LP now owns 1,254,397 shares of the semiconductor company's stock worth $17,060,000 after purchasing an additional 16,258 shares in the last quarter. Tidal Investments LLC boosted its position in SolarEdge Technologies by 28.9% in the fourth quarter. Tidal Investments LLC now owns 82,304 shares of the semiconductor company's stock valued at $1,119,000 after buying an additional 18,442 shares in the last quarter. Teza Capital Management LLC increased its holdings in shares of SolarEdge Technologies by 59.1% during the fourth quarter. Teza Capital Management LLC now owns 50,052 shares of the semiconductor company's stock worth $681,000 after buying an additional 18,602 shares in the last quarter. Finally, SIR Capital Management L.P. bought a new position in shares of SolarEdge Technologies in the 4th quarter valued at $2,569,000. 95.10% of the stock is owned by institutional investors.

SolarEdge Technologies Stock Up 5.7%

SEDG stock opened at $22.02 on Monday. SolarEdge Technologies, Inc. has a twelve month low of $10.24 and a twelve month high of $53.58. The firm has a market capitalization of $1.30 billion, a PE ratio of -0.71 and a beta of 1.50. The company has a quick ratio of 1.46, a current ratio of 1.95 and a debt-to-equity ratio of 0.56. The stock has a 50-day simple moving average of $15.06 and a two-hundred day simple moving average of $14.75.

SolarEdge Technologies (NASDAQ:SEDG - Get Free Report) last issued its earnings results 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 company had revenue of $219.48 million for the quarter, compared to the consensus estimate of $205.39 million. SolarEdge Technologies had a negative net margin of 192.13% and a negative return on equity of 95.05%. The firm's revenue for the quarter was up 7.4% on a year-over-year basis. During the same period in the previous year, the firm earned ($1.90) earnings per share. On average, equities analysts predict that SolarEdge Technologies, Inc. will post -4.54 EPS for the current fiscal year.

Analyst Upgrades and Downgrades

Several equities analysts have commented on the company. Piper Sandler increased their target price on SolarEdge Technologies from $9.00 to $10.00 and gave the company an "underweight" rating in a research report on Thursday, February 20th. Canaccord Genuity Group lifted their price target on shares of SolarEdge Technologies from $14.00 to $16.50 and gave the stock a "hold" rating in a report on Wednesday, May 7th. The Goldman Sachs Group increased their price objective on SolarEdge Technologies from $21.00 to $31.00 and gave the company a "buy" rating in a report on Thursday, February 20th. Guggenheim reaffirmed a "sell" rating and set a $5.00 target price on shares of SolarEdge Technologies in a report on Wednesday, April 23rd. Finally, Barclays increased their price target on SolarEdge Technologies from $10.00 to $11.00 and gave the company an "underweight" rating in a research note on Wednesday, April 16th. Twelve investment analysts have rated the stock with a sell rating, thirteen have given a hold rating, two have given a buy rating and one has assigned a strong buy rating to the company. According to data from MarketBeat, the company currently has a consensus rating of "Hold" and an average target price of $16.44.

Insider Activity

In other SolarEdge Technologies news, Chairman More Avery purchased 30,000 shares of the company's stock in a transaction that occurred on Tuesday, March 4th. The stock was bought at an average price of $13.70 per share, with a total value of $411,000.00. Following the completion of the purchase, the chairman now directly owns 274,478 shares of the company's stock, valued at $3,760,348.60. The trade was a 12.27% increase in their position. The purchase was disclosed in a filing with the SEC, which is available at this hyperlink. Insiders own 0.67% of the company's stock.

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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