Quantbot Technologies LP Trims Position in SolarEdge Technologies, Inc. (NASDAQ:SEDG)

Quantbot Technologies LP reduced its holdings in SolarEdge Technologies, Inc. (NASDAQ:SEDG) by 52.2% during the 3rd quarter, Holdings Channel reports. The fund owned 83,103 shares of the semiconductor company’s stock after selling 90,712 shares during the period. Quantbot Technologies LP’s holdings in SolarEdge Technologies were worth $1,904,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

A number of other hedge funds and other institutional investors have also recently made changes to their positions in the business. Yelin Lapidot Holdings Management Ltd. grew its position in SolarEdge Technologies by 5.1% during the 2nd quarter. Yelin Lapidot Holdings Management Ltd. now owns 11,654 shares of the semiconductor company’s stock worth $294,000 after purchasing an additional 564 shares during the period. Louisiana State Employees Retirement System raised its position in SolarEdge Technologies by 2.5% during the second quarter. Louisiana State Employees Retirement System now owns 28,800 shares of the semiconductor company’s stock valued at $727,000 after acquiring an additional 700 shares in the last quarter. Bank Hapoalim BM lifted its holdings in SolarEdge Technologies by 2.5% in the third quarter. Bank Hapoalim BM now owns 33,573 shares of the semiconductor company’s stock valued at $769,000 after acquiring an additional 812 shares during the period. California State Teachers Retirement System boosted its position in SolarEdge Technologies by 1.6% in the 1st quarter. California State Teachers Retirement System now owns 51,728 shares of the semiconductor company’s stock worth $3,672,000 after purchasing an additional 827 shares in the last quarter. Finally, International Assets Investment Management LLC purchased a new position in shares of SolarEdge Technologies during the 2nd quarter valued at approximately $28,000. Institutional investors and hedge funds own 95.10% of the company’s stock.

SolarEdge Technologies Stock Up 8.5 %

SEDG stock opened at $14.86 on Friday. SolarEdge Technologies, Inc. has a one year low of $10.24 and a one year high of $103.15. The firm has a market cap of $861.14 million, a PE ratio of -0.51 and a beta of 1.59. The firm’s 50 day moving average price is $16.95 and its 200-day moving average price is $26.59. The company has a debt-to-equity ratio of 0.39, a quick ratio of 1.46 and a current ratio of 2.34.

SolarEdge Technologies (NASDAQ:SEDG) last announced its quarterly earnings results on Wednesday, November 6th. The semiconductor company reported ($15.33) EPS for the quarter, missing the consensus estimate of ($1.55) by ($13.78). The business had revenue of $260.90 million during the quarter, compared to analyst estimates of $272.80 million. SolarEdge Technologies had a negative net margin of 158.19% and a negative return on equity of 65.79%. The business’s revenue for the quarter was down 64.0% on a year-over-year basis. During the same period last year, the company earned ($1.03) EPS. On average, equities research analysts anticipate that SolarEdge Technologies, Inc. will post -19.05 EPS for the current year.

Analysts Set New Price Targets

Several analysts recently commented on the stock. UBS Group dropped their price target on shares of SolarEdge Technologies from $26.00 to $18.00 and set a “neutral” rating on the stock in a research report on Friday, November 8th. Bank of America lowered SolarEdge Technologies from a “neutral” rating to an “underperform” rating and cut their price target for the company from $21.00 to $14.00 in a research note on Thursday, November 7th. StockNews.com raised SolarEdge Technologies to a “sell” rating in a report on Friday, November 8th. JPMorgan Chase & Co. cut their price objective on SolarEdge Technologies from $35.00 to $29.00 and set an “overweight” rating for the company in a research report on Wednesday, October 23rd. Finally, Deutsche Bank Aktiengesellschaft decreased their target price on SolarEdge Technologies from $40.00 to $25.00 and set a “hold” rating on the stock in a research report on Friday, August 9th. Nine analysts have rated the stock with a sell rating, nineteen have issued a hold rating and two have given a buy rating to the company. According to data from MarketBeat, SolarEdge Technologies currently has a consensus rating of “Hold” and a consensus price target of $22.79.

Insiders Place Their Bets

In other news, Chairman More Avery purchased 156,000 shares of the firm’s stock in a transaction on Monday, November 11th. The shares were bought at an average cost of $13.65 per share, for a total transaction of $2,129,400.00. Following the completion of the purchase, the chairman now directly owns 244,478 shares of the company’s stock, valued at approximately $3,337,124.70. This trade represents a 176.32 % increase in their ownership of the stock. The purchase was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this link. 0.67% of the stock is currently owned by insiders.

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.