SIR Capital Management L.P. Makes New $2.57 Million Investment in SolarEdge Technologies, Inc. (NASDAQ:SEDG)

SIR Capital Management L.P. bought a new position in SolarEdge Technologies, Inc. (NASDAQ:SEDG - Free Report) during the fourth quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The firm bought 188,900 shares of the semiconductor company's stock, valued at approximately $2,569,000. SIR Capital Management L.P. owned about 0.33% of SolarEdge Technologies as of its most recent SEC filing.

A number of other hedge funds and other institutional investors also recently bought and sold shares of SEDG. Millstone Evans Group LLC bought a new stake in SolarEdge Technologies in the fourth quarter valued at $27,000. Jones Financial Companies Lllp boosted its stake in SolarEdge Technologies by 401.2% during the 4th quarter. Jones Financial Companies Lllp now owns 2,441 shares of the semiconductor company's stock valued at $33,000 after purchasing an additional 1,954 shares during the period. Y.D. More Investments Ltd grew its position in 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 worth $53,000 after purchasing an additional 2,770 shares during the last quarter. R Squared Ltd acquired a new stake in shares of SolarEdge Technologies in the fourth quarter valued at approximately $61,000. Finally, Resona Asset Management Co. Ltd. bought a new stake in shares of SolarEdge Technologies during the fourth quarter valued at approximately $133,000. 95.10% of the stock is currently owned by institutional investors and hedge funds.

SolarEdge Technologies Stock Down 4.8%

Shares of SEDG traded down $0.98 during trading hours on Wednesday, reaching $19.67. The company's stock had a trading volume of 1,984,041 shares, compared to its average volume of 4,477,669. The company has a 50 day moving average of $15.27 and a two-hundred day moving average of $14.81. 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 firm has a market cap of $1.16 billion, a price-to-earnings ratio of -0.63 and a beta of 1.50. SolarEdge Technologies, Inc. has a 1-year low of $10.24 and a 1-year high of $53.58.

SolarEdge Technologies (NASDAQ:SEDG - Get Free Report) last announced its quarterly earnings data on Tuesday, May 6th. The semiconductor company reported ($1.14) EPS for the quarter, beating analysts' consensus estimates of ($1.26) by $0.12. SolarEdge Technologies had a negative net margin of 192.13% and a negative return on equity of 95.05%. The firm had revenue of $219.48 million for the quarter, compared to the consensus estimate of $205.39 million. During the same period in the previous year, the firm posted ($1.90) earnings per share. The firm's revenue was up 7.4% on a year-over-year basis. As a group, research analysts predict that SolarEdge Technologies, Inc. will post -4.54 EPS for the current fiscal year.

Wall Street Analysts Forecast Growth

A number of equities analysts recently issued reports on the company. Piper Sandler increased their price objective on SolarEdge Technologies from $9.00 to $10.00 and gave the stock an "underweight" rating in a report on Thursday, February 20th. The Goldman Sachs Group lifted their price objective on shares of SolarEdge Technologies from $21.00 to $31.00 and gave the company a "buy" rating in a research note on Thursday, February 20th. Royal Bank of Canada raised their target price on shares of SolarEdge Technologies from $14.00 to $15.00 and gave the company a "sector perform" rating in a research note on Thursday, February 20th. Susquehanna reduced their price target on shares of SolarEdge Technologies from $17.00 to $12.00 and set a "neutral" rating for the company in a research note on Monday, April 14th. Finally, JPMorgan Chase & Co. lowered their price objective on shares of SolarEdge Technologies from $20.00 to $18.00 and set an "overweight" rating on the stock in a research note on Wednesday, May 7th. 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 company. According to MarketBeat.com, SolarEdge Technologies has a consensus rating of "Hold" and a consensus target price of $16.44.

Insider Transactions at SolarEdge Technologies

In other SolarEdge Technologies news, Chairman More Avery bought 30,000 shares of the stock in a transaction on Tuesday, March 4th. The shares were purchased at an average cost of $13.70 per share, with a total value of $411,000.00. Following the completion of the transaction, the chairman now directly owns 274,478 shares of the company's stock, valued at $3,760,348.60. This represents a 12.27% increase in their position. The purchase was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Company 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.