Sphera Funds Management LTD. Buys Shares of 375,000 SolarEdge Technologies, Inc. (NASDAQ:SEDG)

Sphera Funds Management LTD. purchased a new position in shares of SolarEdge Technologies, Inc. (NASDAQ:SEDG - Free Report) in the 4th quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The firm purchased 375,000 shares of the semiconductor company's stock, valued at approximately $5,100,000. Sphera Funds Management LTD. owned approximately 0.65% of SolarEdge Technologies as of its most recent filing with the Securities and Exchange Commission (SEC).

Other hedge funds have also made changes to their positions in the company. Millstone Evans Group LLC acquired a new stake in shares of SolarEdge Technologies during the fourth quarter worth $27,000. Jones Financial Companies Lllp boosted its holdings in SolarEdge Technologies by 401.2% in the fourth quarter. Jones Financial Companies Lllp now owns 2,441 shares of the semiconductor company's stock valued at $33,000 after acquiring an additional 1,954 shares during the last quarter. Y.D. More Investments Ltd boosted its holdings in SolarEdge Technologies by 251.8% in the fourth 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 during the last quarter. R Squared Ltd acquired a new position in SolarEdge Technologies in the fourth quarter valued at $61,000. Finally, Resona Asset Management Co. Ltd. acquired a new position in SolarEdge Technologies in the fourth quarter valued at $133,000. Institutional investors and hedge funds own 95.10% of the company's stock.

SolarEdge Technologies Stock Down 5.7%

SolarEdge Technologies stock traded down $1.26 during midday trading on Monday, hitting $20.76. The stock had a trading volume of 6,184,606 shares, compared to its average volume of 4,475,887. 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 stock has a market cap of $1.23 billion, a P/E ratio of -0.67 and a beta of 1.50. SolarEdge Technologies, Inc. has a 12 month low of $10.24 and a 12 month high of $53.58. The business has a fifty day moving average price of $15.16 and a 200 day moving average price of $14.77.

SolarEdge Technologies (NASDAQ:SEDG - Get Free Report) last announced its quarterly earnings data on Tuesday, May 6th. The semiconductor company reported ($1.14) earnings per share 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%. SolarEdge Technologies's quarterly revenue was up 7.4% on a year-over-year basis. During the same period in the previous year, the company earned ($1.90) earnings per share. Research analysts predict that SolarEdge Technologies, Inc. will post -4.54 EPS for the current year.

Wall Street Analysts Forecast Growth

A number of research analysts recently weighed in on the company. BMO Capital Markets cut SolarEdge Technologies from a "market perform" rating to an "underperform" rating and lifted their target price for the company from $13.00 to $15.00 in a report on Thursday, February 20th. Royal Bank of Canada lifted their target price on SolarEdge Technologies from $14.00 to $15.00 and gave the company a "sector perform" rating in a report on Thursday, February 20th. Wells Fargo & Company reduced their target price on SolarEdge Technologies from $19.00 to $15.00 and set an "equal weight" rating on the stock in a report on Wednesday, May 7th. Roth Mkm lifted their target price on SolarEdge Technologies from $17.00 to $20.00 and gave the company a "neutral" rating in a report on Friday, February 21st. Finally, Guggenheim reiterated a "sell" rating and issued a $5.00 target price 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 given a hold rating, two have issued a buy rating and one has given a strong buy rating to the stock. According to MarketBeat, the company currently has an average rating of "Hold" and an average target price of $16.44.

Insider Activity at SolarEdge Technologies

In other news, Chairman More Avery acquired 30,000 shares of the stock in a transaction that occurred on Tuesday, March 4th. The stock was purchased 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 directly owns 274,478 shares in the company, valued at $3,760,348.60. This represents a 12.27% increase in their ownership of the stock. The acquisition was disclosed in a legal filing with the SEC, which can be accessed through the SEC website. 0.67% of the stock is owned by corporate insiders.

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.